Major Casualty Sample Clauses
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Major Casualty. If the Premises, or the Project, shall be so damaged by fire or other casualty as to render the Premises untenantable, and if such damage shall be so great that an architect selected by Landlord shall certify in writing to Landlord that the Premises, with the exercise of reasonable diligence, but without the payment of overtime or other premiums, cannot be made Tenantable within one hundred twenty (120) days from the happening of the fire or other casualty, or if insurance proceeds are not made available to Landlord for repair of such damages, then, in either event, this Lease may be terminated by Landlord as of the date of the occurrence of the fire or other casualty by giving thirty (30) days written notice to Tenant of such termination. Upon such notice of termination, Tenant shall surrender to Landlord the Premises and all interest therein under this Lease, and Landlord may re-enter and take possession of the Premises and remove Tenant therefrom. Landlord and Tenant shall be free and discharged from all obligations arising under this Lease after the date of such termination. If, however, the damages shall be such that Landlord's architect shall certify that the Premises can be made Tenantable within the one hundred twenty (120) day period from the happening of the fire or other casualty and insurance proceeds are made available to Landlord for repair of such damage or if Landlord does not terminate this Lease as set forth above, then, except as hereinafter provided, Landlord shall, with reasonable promptness, repair the damage so done except that Landlord shall not be required to repair, replace or restore any items which Tenant is obligated to repair or replace. Until such repair is substantially completed, the Base Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the reasonable conduct of its business or profession. There shall be no abatement of Base Rent by reason of any portion of the Premises being unusable for a period of fifteen (15) days or less. If the damage is due to the fault or negligence of Tenant or Tenant's employees, agents or invitees, there shall be no abatement of Base Rent.
Major Casualty. (a) If any loss, damage or destruction occurs, the cost of Restoration of which equals or exceeds the Major Casualty Amount determined as provided in Section 8.04(b), in addition to the requirements set forth in this Article 8 with respect to Restoration, Tenant shall comply with the terms of Section 11.02, Section 11.04, Section 11.05, Section 11.06, Section 11.07, Section 11.08, Section 11.11, Section 11.12 and Section 11.15 with respect to such Restoration.
(b) Notwithstanding that the cost of Restoration is less than Major Casualty Amount, such cost to be determined as provided in Section 8.04(b), to the extent that any portion of the Restoration involves: (i) material change or changes to the exterior of the Project, or (ii) a material change in the height, bulk or setback of the Project from the height, bulk or setback existing immediately prior to the damage or destruction, then Tenant shall furnish to the FCRHA at least thirty (30) days prior to commencement of the Restoration a complete set of Restoration Plans and Specifications for the Restoration, involving such work or such change, prepared by an Architect, subject to the FCRHA’s review and approval as provided in this Article 8.
(c) In the event Tenant shall desire to modify the Restoration Plans and Specifications which the FCRHA theretofore has approved pursuant to Sections 8.02 or Article 11, Tenant shall submit the proposed modifications to the FCRHA. The FCRHA shall review the proposed changes to determine whether or not they (i) conform to the requirements of Section 8.01 and (ii) provide for design, equipment, engineering and materials which are comparable in quality to those provided for in the approved plans and specifications, and shall approve such proposed changes if they do so conform and so provide. If the FCRHA determines that the proposed changes are not satisfactory in light of the above criteria, it shall so advise Tenant, specifying in what respect the plans and specifications, as so modified, do not conform to requirements above. Tenant shall revise the plans and specifications so as to meet the FCRHA’s objections and shall deliver same to the FCRHA for review within twenty (20) Business Days of the date of delivery of the FCRHA’s notice that the proposed changes are not satisfactory. If the FCRHA shall not have notified Tenant whether or not the proposed changes to the Restoration Plans and Specifications are satisfactory to the FCRHA in light of the above criteria within...
Major Casualty. In the event of any Major Casualty which either (1) is governed by Section 17.3(c) and Lessee does not elect to perform the Restoration Work, or (2) results in the termination of this Lease pursuant to Section 17.3(b), all Casualty Proceeds received therefor shall be payable in the following order of priority:
(i) First, to the payment of all out-of-pocket third party costs and expenses, including, without limitation, reasonable attorneys’ fees, costs and disbursements, reasonably incurred by Lessee and/or Lessor in collecting the Casualty Proceeds;
(ii) Second, Lessee shall next be entitled to reimbursement for any out-of-pocket third party costs reasonably incurred by Lessee for demolition, restoration and removal work or emergency-related work undertaken pursuant to Section 17.7(b), Section 17.7(c), or Section 17.8 below.
(iii) Third, to Lessor in an amount equal to the Full Insurable Replacement Value of the Improvements.
(iv) Fourth, Lessee shall receive the balance, if any, of the Casualty Proceeds.
Major Casualty. (a) If any loss, damage or destruction occurs, the cost of Restoration of which equals or exceeds Two Million Dollars ($2,000,000) in the aggregate, determined as provided in Section 8.04(b) (as such amount shall be adjusted on the fifth (5th) anniversary of the Commencement Date and on each fifth (5th) anniversary of the Commencement Date thereafter occurring during the Term, by the percent increase, if any, in the Consumer Price Index for the month in which the applicable anniversary date occurs over the Consumer Price Index for the month in which the Commencement Date occurs, in addition to the requirements set forth in this Article 8 with respect to Restoration, Tenant shall comply with the terms of Article 11 with respect to such Restoration.
(b) Notwithstanding that the cost of Restoration is less than Two Million Dollars ($2,000,000) (as such amount shall be increased as provided in Section 8.05(a)), such cost to be determined as provided in Section 8.04(b), to the extent that any portion of the Restoration involves
Major Casualty. If the Improvements are destroyed by fire or other casualty and the estimated cost of repairs as reasonably mutually determined by Buyer and Seller is more than Five Hundred Thousand Dollars ($500,000.00) (a “Major Casualty”), then Buyer or Seller may, as its sole and exclusive remedy, waiving all other remedies, terminate this Agreement by giving notice to the other Party within ten (10) days after the Major Casualty occurs, in which event, the Escrow Agent shall return the Deposit to Buyer, and the parties have no further rights, liabilities, or obligations under this Agreement (other than those that expressly survive termination). If neither Buyer nor Seller, within ten (10) days after the Major Casualty, terminates this Agreement as provided above, then both Seller and Buyer shall be deemed to have elected to terminate this Agreement pursuant to clause (i) above. If both Seller and Buyer elect to proceed to Closing, which election shall be made within ten (10) days after the Major Casualty occurs, then Closing will occur without reduction in the Purchase Price and:
(a) At Closing, Seller shall assign to Buyer all of its interests in all proceeds of property insurance awards relating to such Major Casualty (and Seller shall execute all reasonably required assignment or other instruments to confirm the foregoing), less any reasonable amounts actually paid by Seller to repair, restore, or clean up the Property affected by such Major Casualty; and
(b) At Closing, Seller shall assign to Buyer all of its interests in all proceeds of rental loss and business interruption insurance applicable to the period after the Closing Date relating to such Major Casualty (and Seller shall execute all reasonably required assignment or other instruments to confirm the foregoing); and
(c) Buyer will pay and reimburse Seller the amount of any deductible under the Seller’s property insurance policy and rental loss and business interruption insurance, if any, paid by the Seller before Closing; and
(d) Buyer will accept title to the Property with the Property affected by such Major Casualty in its damaged state; and
(e) Seller shall have no obligation to repair or restore any damaged or destroyed portions of the Property affected by such Major Casualty.
Major Casualty. If any of the Improvements are damaged by fire or any other casualty (the cost for repair of which is reasonably estimated to exceed the Damage Threshold Amount and are not substantially restored to the condition immediately prior to such casualty before the Closing Date, Buyer shall have the following elections: to acquire the Property in its then condition and pay the Purchase Price without regard to the casualty, in which event Seller shall pay over or assign to Buyer, on delivery of the deed, (i) all amounts recovered or recoverable by Seller on account of any insurance as a result of such casualty, less amounts reasonably expended by Seller for partial restoration; and (ii) an amount of money equal to Seller's deductible; or to terminate this Agreement in which event the Escrow Holder shall return the Deposit, this Agreement shall terminate and neither Seller nor Buyer shall have any recourse against the other.
Major Casualty. If the Improvements are damaged or destroyed by fire or other casualty to the extent that the damage cannot be restored within one hundred eighty (180) days (a “Major Casualty”), Buyer and Seller shall each have the right to terminate this Agreement by written notice to the other within fifteen (15) days after Seller’s notice to Buyer of such Major Casualty, whereupon such election to terminate by either Buyer or Seller (or both), Seller shall return the Deposit to Buyer and thereafter no party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation, or liability set forth herein expressly survives termination of this Agreement. If this Agreement is not terminated by either Buyer or Seller (or both) pursuant to this Section 9.1.1, Buyer shall be obligated to close the purchase and sale contemplated by this Agreement as scheduled and the Purchase Price shall be not be adjusted. In such case, Seller shall pay to Buyer at Closing an amount equal to the sum of (i) the unexpended insurance proceeds received by Seller prior to Closing on account of such Major Casualty, plus (ii) an amount equal to the deductible under its insurance policy/ies in respect of such Major Casualty. Notwithstanding the provisions of the preceding sentence, Seller shall not be obligated to repair or restore the Property except as otherwise provided in this Agreement.
Major Casualty. If the building on the Premises should be damaged or destroyed by fire or other peril, Tenant shall immediately give written notice thereof to Landlord. If the building on the Premises is totally or substantially destroyed by any peril covered by the insurance to be provided by Landlord under Paragraph 9A, above, or if it should be so damaged thereby that, in Landlord's estimation, rebuilding or repairs cannot be completed within two hundred seventy (270) days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. Notwithstanding such termination, Tenant shall remain liable to pay Landlord all rent and other sums accrued under this Lease prior to such termination plus prorata rent for any partial occupancy between the date of the casualty and the date of the termination notice or Tenant's vacating of the Premises, whichever is later.
Major Casualty. Any damage to the Stadium Complex caused by fire, storm, earthquake, tornado, flood, natural disaster or other sudden, unexpected or unusual occurrence that results in an Untenantable Condition.
Major Casualty. If all or substantially all of the Improvements are damaged or destroyed due to a Casualty such that the estimated cost of the Restoration Work that is not covered by insurance proceeds shall exceed fifty percent (50%) of the replacement cost of the Improvements (a “Major Casualty”), then Lessee shall have the right to terminate this Lease, but only in strict accordance with the requirements and procedures set forth in Section 17.7. In the event Lessee exercises such right to terminate, Lessee shall vacate and surrender the Premises to Lessor in the manner required by Section 17.7. In the event this Lease is terminated by Lessee pursuant to this Section 17.3(b), any Casualty Proceeds shall be divided between Lessor and Lessee in the manner provided in Section 17.5(d) below. If Lessee shall not elect to terminate this Lease due to such Major Casualty, then this Lease shall continue in full force and effect and the provisions of Section 17.3(a) shall apply.