Common use of Less than Major Damage Clause in Contracts

Less than Major Damage. If by fire or other casualty the Premises are damaged or partially destroyed to the extent of substantially less than twenty-five percent (25%) of the replacement cost thereof and the unexpired Lease Term, including any previously exercised renewal option is more than two years and the provisions of Section 18.(a) above are not applicable, then Landlord will restore the Premises.

Appears in 3 contracts

Samples: Office Lease (Talk Com), Office Lease (Colonial Direct Financial Group Inc), Office Lease (Vfinance Inc)

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Less than Major Damage. If by fire or other casualty the Premises are damaged or partially destroyed to the extent of substantially less than twenty-five fifty percent (2550%) of the replacement cost thereof and the unexpired Lease Term, including any previously exercised renewal option is more than two (2) years and the provisions of Section 18.(a) above are not applicable, then Landlord will restore the PremisesPremises in a reasonable period of time.

Appears in 1 contract

Samples: Office Lease (Universal Insurance Holdings, Inc.)

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