LOSS OR CASUALTY Sample Clauses

LOSS OR CASUALTY. Provided no Event of Default then exists and Borrower certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the Resort if (I) in Lender's reasonable judgment: (A) restoration or repair and the continued operation of the Resort is economically feasible; (B) the value of Lender's security is not reduced; and (C) the casualty loss does not exceed the net insurance proceeds available for restoration or Borrower or the Association (as defined in the Declaration) provides a deposit in the amount of such excess or other evidence satisfactory to Lender the Borrower or the Association has the funds available to pay any excess costs of restoration; (D) the loss does not occur in the six (6) month period preceding the Maturity Date and (E) Lender's independent consultant certifies that the restoration of the Property can be completed at least ninety (90) days prior to the Maturity Date. Borrower shall pay or cause to be paid all amounts, in addition to the net insurance proceeds, necessary to pay in full the cost of the restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Lender hereunder that Lender shall have approved (X) all plans and specifications for any proposed repair or restoration; (Y) the construction schedule; and (Z) the architect's and general contractor's contracts for restoration. Lender may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof, and in compliance with all applicable laws, rules and regulations. At Lender's option, the net insurance proceeds shall be disbursed pursuant to a construction escrow acceptable to Lender. If an Event of Default then exists, or any of the conditions set forth in this subsection have not been met or satisfied, the net insurance proceeds shall be applied to the Loan in such order and manner as Lender may elect, whether or not due and payable, with any excess paid to Borrower. Anything to the contrary herein notwithstanding, for so long as any part of the Resort is subject to the Declaration, any and all insurance proceeds arising from any damage or destruction to the Resort and any and all awards and payments with respect to condemnation or conveyances in lieu thereof received by Lender shall be delivered
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LOSS OR CASUALTY. In the event of substantial damage to, or the destruction of, all or any part of the Property prior to the Closing Date, Purchaser may terminate this Agreement and receive a return of its Xxxxxxx Money Deposit, or, at its option, Purchaser may elect to closing the purchase and sale pursuant to this Agreement without deduction from the Purchase Price, in which event Seller shall use good faith efforts to provide to Purchaser any insurance proceeds received or to be received by Seller for damage to the Property on account of such fire or other casualty. Seller makes no representation that it does or will carry any such insurance, or if it does, the terms thereof.
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LOSS OR CASUALTY. Provided no Event of Default then exists ---------------- and Borrower certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the Resort if (i) in Lender's reasonable judgment: (a) restoration or repair and the continued operation of the Resort is economically feasible; (b) the value of Lender's security is not reduced; and (c) the casualty loss is $250,000 or less; and (ii) the loss does not occur in the six (6) month period preceding the Maturity Date and Lender's independent consultant certifies that the restoration of the property can be completed at least ninety (90) days prior to the Maturity Date. Borrower shall pay all amounts, in addition to the net insurance proceeds, necessary to pay in full the cost of the restoration or repair and shall deposit such amount with Lender or the Insurance Trustee if established by the Declaration, all in the discretion of Lender.
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LOSS OR CASUALTY. (i) Provided no Event of Default then exists and Borrower certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the Resort Improvements if (i) in Lender's reasonable judgment: (A) restoration or repair and the continued operation of the Resort Improvements is economically feasible; (B) the value of Lender's security is not reduced; and (C) the casualty loss is $250,000 or less; and (ii) the loss does not occur in the six (6) month period preceding the Maturity Date and Lender's Inspecting Engineer certifies that the restoration of the Resort Improvements can be completed at least ninety (90) days prior to the Maturity Date. Borrower shall pay all amounts, in addition to the net insurance proceeds, necessary to pay in full the cost of the restoration or repair and shall deposit such amount with Lender (or, if pursuant to the Timeshare Documentation a trustee shall otherwise be appointed for such purpose, such trustee), all in the discretion of Lender.
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LOSS OR CASUALTY. In the event of any fire or other casualty to or with respect to the improvements on or at the Property or Casino, or any other Collateral, Borrower and Guarantor shall give immediate written notice thereof to the insurance carrier(s)
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LOSS OR CASUALTY. The Project shall be conveyed in its present condition, ordinary wear and tear excepted. If the Project is damaged by fire or other casualty prior to the time of Closing, then by delivery to Seller of written notice of election within five days after receipt of written notice of such damage or other casualty, Buyer may elect to either (a) terminate this Agreement, or (b) to continue this Agreement in full force and effect, in which case Seller shall assign to Buyer at Closing any and all insurance proceeds resulting from such damage to the Project, not exceeding, however, the total purchase price, and Buyer shall take title to the Project subject to such damage. Notwithstanding the foregoing, in the event that the cost to repair any such damage or other casualty is reasonably estimated by Seller to be less than Three Hundred Thousand Dollars ($300,000), and provided further that insurance proceeds are made available to Buyer, then Buyer shall have no right to terminate this Agreement, Seller shall assign to Buyer at Closing any and all insurance proceeds, and Buyer is entitled to a credit of any deductible amount arising under Seller's insurance policy, and Buyer shall take title to the Property subject to such damage or other casualty. If Buyer fails to deliver written notice to Seller of Buyer's election hereunder within said five-day period, Buyer shall be deemed to have elected to continue the Agreement in full force and effect. Buyer shall be entitled to re-inspect the Project prior to Closing to determine whether any event of casualty has occurred since the last inspection by Buyer during the Inspection Period.
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LOSS OR CASUALTY. Provided no Event of Default then exists and Borrower certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the Resort if (i) in Agent's reasonable judgment: (A) restoration or repair and the
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Related to LOSS OR CASUALTY

  • Condemnation or Casualty Seller agrees to give Purchaser prompt written notice of any fire or other casualty occurring to all or any portion of the improvements at the Real Property and/or Personalty between the date hereof and the date of closing. If prior to the closing, there shall occur:

  • FIRE OR CASUALTY If the Leased Premises or Building are damaged by fire or other casualty, Landlord will to the extent that the insurance proceeds available to Landlord are adequate to fully pay the costs of such repair and restoration, promptly repair the damage and restore the following portions of the Leased Premises and Building to their condition existing immediately prior to the occurrence of the casualty: the roof, load-bearing demising walls, foundation, utility infrastructure originally provided by Landlord, exterior wall assemblies, exterior weather walls, subfloor, structural columns and beams, and the Leasehold Improvements made by Landlord pursuant to Paragraph 4 of this Lease. If the reasonable time for completing any such restoration or repair is longer than one hundred twenty (120) days, either party shall have the option to terminate this Lease by giving notice of termination to the other party, which notice shall be given within thirty (30) days after the date of the casualty or given by Tenant within thirty (30) days after notice from Landlord that restoration will take longer than one hundred twenty (120) days. In the event Landlord repairs and restores those portions of the Leased Premises and Building which it is required to repair or restore pursuant to this Paragraph 13, Tenant shall promptly make, at its sole cost and expense, all other repairs and replacements to the Leased Premises which are required to restore the Leased Premises to substantially the same condition existing immediately prior to such casualty. Notwithstanding anything to the contrary herein, if the damage or destruction to the Leased Premises occurs within one (1) year of the expiration of the then existing term of the Lease or if the damage or destruction to the Leased Premises or the Building is so substantial that it has destroyed the Leased Premises or said Building to the extent of fifty per cent (50%) or more of the replacement cost of either the Leased Premises or the Building, either Landlord or Tenant shall have the option to terminate the Lease by giving written notice to the other within thirty (30) days after the date of the casualty. The base rent shall xxxxx from the date of the casualty in proportion to the impairment of the use that Tenant can reasonably make of the Leased Premises until the Leased Premises are restored or until the Lease is terminated in accordance with this Paragraph 13, provided the insurance proceeds under Landlord’s Rent Loss insurance policy will cover the amount of the abatement. The Landlord shall not be liable for any inconvenience or interruption of the business of the Tenant occasioned by fire or other casualty. Notwithstanding anything to the contrary in this Lease, Landlord shall have no obligation to insure the Project, the Leased Premises, the Building, or any portions thereof or any contents, property or other items located thereon or therein, either presently or in the future.

  • Damage; Strike; Casualty Any material damage to, or loss, theft or destruction of, any Property, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 30 consecutive days beyond the coverage period of any applicable business interruption insurance, the cessation or substantial curtailment of revenue producing activities of the Borrower and its Subsidiaries, taken as a whole, and only if any such event or circumstance could reasonably be expected to have a Material Adverse Effect.

  • No Casualty No Loan Party has received any notice of, nor does any Loan Party have any knowledge of, the occurrence or pendency or contemplation of any Casualty Event affecting all or any material portion of its property.

  • Casualty Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

  • LOSS OR DAMAGE Lessee hereby assumes and shall bear the entire risk of any loss, theft, damage to, or destruction of, any unit of Equipment from any cause whatsoever from the time the Equipment is shipped to Lessee.

  • Damage by Fire or Other Casualty Tenant shall promptly notify Landlord of any damage or destruction of any portion of the Premises (a “Casualty”) and diligently repair or reconstruct such portion of the Premises to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the Casualty shall be paid directly to Landlord and, if an Event of Default has not occurred hereunder, may be used for the repair or reconstruction of the applicable portion of the Premises pursuant to Landlord’s disbursement requirements and subject to the provisions of the Facility Mortgage Documents and the release of insurance proceeds by the Facility Mortgagee, if any. If such proceeds are insufficient, Tenant shall provide the required additional funds; if they are more than sufficient, the surplus shall belong and be paid to Tenant. Except as expressly provided in the last sentence of this Section 18, Tenant shall not have any right under this Lease, and hereby waives all rights under applicable law, to xxxxx, reduce or offset Rent by reason of any damage or destruction of any portion of the Premises by reason of an insured or uninsured Casualty. If the Facility Mortgagee does not agree to release all of the insurance proceeds to reimburse Tenant and Landlord does not agree to reimburse Tenant up to the amount of such insurance proceeds in the event of a Casualty that renders the Facility unsuitable for its Permitted Use, Tenant shall have the right to terminate this Lease and remove the Facility from the Portfolio. Upon the removal of the Facility from the Portfolio, this Lease shall be of no further force or affect, except for any obligations or liability of any party hereunder that accrued on or prior to the date of the Casualty. In the event of a Casualty that does not render the Facility unsuitable for its Permitted Use, Tenant shall restore the Facility to substantially the same condition as existed immediately before the partial Casualty in accordance with the provisions of this Section 18, and the Rent shall be reduced on a pro rata basis based upon the number of beds removed from service and otherwise taking into consideration all relevant factors affecting the Facility resulting from such partial Casualty.

  • Loss or Destruction Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant Certificate and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement or bond satisfactory in form, substance and amount to the Company or, in the case of any such mutilation, upon surrender and cancellation of this Warrant Certificate, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant Certificate of like tenor.

  • Damage by Casualty If, during the Initial Term or any Renewal Term(s) or this Lease and in the sole judgment of Lessor, the Premises suffer damage by fire, explosion, or any other casualty (a) to the extent that the Premises cannot reasonably be repaired within 180 days after date of such damage; or, (b) to the extent the Premises cannot be economically repaired, then this Lease shall, at the option of Lessor, terminate as to that portion of the Premises so damaged without penalty to Lessor as of the date of such damage and the Rent allocated to that portion of the Premises so damaged shall cease as of the date of such damage, and Lessee shall forthwith surrender that portion of the damaged Premises to Lessor; provided, however, that this Lease shall continue in full force and effect as to the remainder of the Premises. If this Lease is not so terminated, then Lessee shall repair the Premises as soon as reasonably practicable, and Lessor shall assign any insurance proceeds to Lessee for the purpose of paying for such repairs, and in such event Tenant shall not be obligated to pay any rent for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. Rent shall xxxxx on a per diem basis. If the Premises are rendered partially untenantable, rent shall be equitably abated for the period from the date the Premises are rendered untenantable until the Premises are again fit and ready for Tenant's use and occupancy. It is further agreed that the period for reconstruction shall be extended for such time during which strikes, riots, civil commotion, governmental intervention, acts of God, or any other contingency beyond Lessee's control shall delay the construction. In case of such damage, whether this Lease is thereby terminated or not, Lessor shall not do anything to hinder or delay Lessee's work or repair, and will cooperate with Lessee in the performance of such repair or work. Lessor shall not be liable to Lessee for any business interruption, loss, liability, property damage, personal injury or inconvenience to Lessee, or Lessee's employees, agents or contractors by making repairs to any part of the Premises, or for any restoration to the Premises made by Lessee. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that any or all of the insurance proceeds be applied to such indebtedness, then Lessor shall have the right to terminate this Lease without penalty by delivering written notice of termination to Lessee, whereupon all rights and obligations hereunder shall cease and terminate.

  • Casualty Damage If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that, in Landlord's good faith estimation, the time required to repair and reconstruct the Building shall exceed one hundred eighty (180) days from the date of the casualty (whether or not the Premises shall have been damaged by such casualty), or in the event any mortgagee of Landlord's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt, or in the event of any material loss to the Building that would not be covered by fire and extended coverage insurance commonly carried for commercial properties such as the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days of the date of the casualty. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a proportional diminution of rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds.

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