Major Destruction Clause Samples
The Major Destruction clause defines the rights and obligations of parties in the event that a significant portion of a property or asset is destroyed or rendered unusable. Typically, this clause outlines the threshold for what constitutes "major" destruction, such as a percentage of the property affected, and details the procedures for repair, restoration, or possible termination of the agreement. Its core practical function is to provide a clear framework for handling severe damage, thereby reducing uncertainty and potential disputes between parties when catastrophic events occur.
Major Destruction. In the event of a Major Destruction of the Leased Property, Rent shall not ▇▇▇▇▇ and subject to the Secured Loan Documents, Landlord may in its Sole Discretion elect within thirty (30) days after the date of such event, to terminate this Lease (subject to the Tenant’s right to extend the Lease as provided for in the definition of Major Destruction), in which event this Lease shall be deemed to have terminated. In such an event, all insurance proceeds shall be the sole and absolute property of Landlord.
Major Destruction. Notwithstanding any of the foregoing provisions of this Article, should there be a Major Destruction of the Shopping Center at any time after the Effective Date, Landlord shall have the right to terminate this Lease on written notice to Tenant within ninety (90) days after such destruction. In no event shall Landlord terminate this Lease unless it terminates the leases of all Shopping Center tenants similarly affected by the casualty.
Major Destruction. Notwithstanding any of the foregoing provisions of this Article to the contrary, in the event that, (i) the Premises are damaged or destroyed to the extent of more than twenty-five percent (25%) of their replacement cost, or (ii) the damage is such that the Premises cannot be repaired and restored within ninety (90) days after the casualty, then County shall have the right to terminate this Lease upon thirty (30) days’ prior written notice to Lessee.
Major Destruction. If the Landlord Casualty Notice reflects that Landlord has deemed a Casualty not of a nature that it can be restored within one hundred eighty (180) days (a "Major Destruction"), Landlord shall have not longer than two hundred and forty (240) days from the date Landlord received the Tenant Casualty Notice within which to make a written election as to whether to restore the Premises. In the event of a Major Destruction, this Lease shall remain in full force and effect except that Tenant shall be entitled to a reduction in Base Monthly Rent payable hereunder in proportion to the portion of the Premises which is rendered unusable by Tenant in the conduct of its business during the period of time the portion of the Premises is unusable. Landlord, shall, except as otherwise provided in Section 17.2 below, promptly restore, repair, replace and rebuild the same to at least as good an order and condition that the same were in prior to the Casualty, with such changes or alterations (made in conformity with Section 14 hereof) as may be reasonably acceptable to Tenant or required by legal requirements. Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Premises, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "
Major Destruction. Notwithstanding any of the foregoing provisions of this Article 23, should there be a Major Destruction of the Center at any time during the Term, Landlord shall have the right to terminate this Lease by written notice to Tenant, which notice shall be given within one hundred twenty (120) days following the date of such Major Destruction (in which case such termination shall then take effect on the date specified in Landlord’s termination notice).
Major Destruction. Notwithstanding any of the foregoing provisions of this Article XVIII, if either the Project or the Premises are damaged to an extent of more than thirty-three and one-third percent (33-1/3%) of the full replacement cost of the Project or the Premises (as the case may be) as of the date of destruction, or is totally destroyed, Landlord shall have the right to terminate this Lease by giving notice of such termination to Tenant within ninety (90) days after such destruction.
Major Destruction. Notwithstanding any of the foregoing provisions of this Article 18, should there be a partial or total destruction of the Property at any time after the Effective Date, Landlord shall have the right to terminate this Lease on written notice to Tenant within thirty (30) days after such destruction.
Major Destruction. If all or any portion of the Leased Premises is so damaged or destroyed as to materially impair Lessee's operation of the Leased Premises or the results of operations therefrom, either party may terminate this Archon Lease by written notice to the other within thirty (30) days after such damage or destruction. Any such termination shall be effective as of the date of such notice.
Major Destruction. In the event that the Premises are totally destroyed or so damaged by fire or other casualty, not occurring through fault or negligence of the Tenant or those employed by or acting for Tenant, that the same cannot, in Landlord's reasonable opinion, be repaired or restored within 120 days of the date of destruction, this Lease shall absolutely cease and terminate as of the date of such casualty. In such event, Tenant will be liable for Minimum Rent and Additional Rent up to and including the date of such casualty.
Major Destruction. If all or any portion of the Hotel is so damaged or destroyed as to materially impair Lessee’s operation of the Hotel or the results of operations therefrom, either party may terminate this Lease by written notice to the other within thirty (30) days after such damage or destruction. Any such termination shall be effective as of the date of such notice.