Substantial Casualty Clause Samples
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Substantial Casualty. During the Last Two Years of the Primary Term or Any Extended Term. If an insured Casualty shall, in Lessee's good-faith judgment, affect all or a substantial portion of the Premises during the last two years of the Primary Term or an Extended Term, if any, and shall render the Premises unsuitable for restoration for continued use and occupancy in Lessee's business, then Lessee may, not later than 150 days after such Casualty, deliver to Lessor (i) notice of its intention to terminate this Lease on the next rental payment date which occurs not less than 60 days after the delivery of such notice (the "Casualty Termination Date"), (ii) a certificate of an authorized officer of Lessee describing the event giving rise to such termination and stating that Lessee has determined that such Casualty has rendered the Premises unsuitable for restoration for continued use and occupancy in Lessee's business, and (iii) documentation to the effect that termination of this Lease will not be in violation of any agreement then in effect with which Lessee is obligated to comply pursuant to this Lease. Upon payment by Lessee of all Basic Rent, additional rent and other sums then due and payable hereunder to and including the Casualty Termination Date, this Lease shall terminate on the Casualty Termination Date except with respect to obligations and liabilities of Lessee hereunder, actual or contingent, which have arisen on or prior to the Casualty Termination Date, and the Net Proceeds shall belong to Lessor.
Substantial Casualty. If prior to the Closing any Mall shall suffer any Substantial Casualty, Purchaser shall nevertheless be required to close title to all Malls hereunder. In the event of any such Substantial Casualty Equitable shall provide prompt written notice thereof to Purchaser, and Purchaser shall give written notice to Equitable within twenty (20) business days after Purchaser receives Equitable's written notice that Purchaser elects on the Closing Date either (i) to purchase all of the Malls, in which event Section 12.3 shall apply, or (ii) to purchase all of the Malls other than the Mall affected by such Substantial Casualty, in which event the Purchase Price payable at the Closing shall be reduced by that portion thereof which is allocated to the damaged Mall, as agreed by Equitable and Purchaser (the "Allocated Price") and Purchaser shall remain obligated to purchase the damaged Mall as hereinafter provided. If Purchaser shall make the election set forth in clause (ii) above, (a) the Closing shall take place as to all of the Malls other than the damaged Mall, (b) Escrow Agent shall retain in escrow pursuant to the terms of this Agreement that portion of the Deposit which bears the same proportion thereto as the Allocated Price bears to the Purchase Price (or the Letter(s) of Credit held by Equitable shall be reduced to such aggregate amount), (c) Equitable shall proceed with reasonable diligence to repair and restore the damaged Mall substantially to its condition immediately prior to such Substantial Casualty at Equitable's sole cost and expense, (d) Equitable shall be entitled to all insurance proceeds payable by reason of such Substantial Casualty, and (e) upon completion of such repair and restoration, Equitable and Purchaser shall consummate the sale of the affected Mall on the terms and conditions set forth in this Agreement applicable thereto.
Substantial Casualty. If the Facilities are materially damaged or rendered materially untenantable by fire or other casualty, whether occurring on the Premises alone or in the Facilities, or if the Facilities are so damaged or so rendered untenantable by fire or other casualty that the repair, restoration or rebuilding of the Facilities would require more than ninety (90) days for completion, the Village may decide to either rebuild the Facilities or terminate this Agreement.
Substantial Casualty. In the event the Leased Property shall be damaged by fire, earthquake, other elements or other casualty during the Term and the Board of Directors of Tenant shall reasonably determine in good faith that the Leased Property has been rendered unsuitable for continued use in Tenant's business and may not be restored on an economically feasible basis (a "Substantial Casualty"), Tenant shall give notice to Landlord (the "Notice") within six (6) months following such Substantial Casualty of its election to either (A) purchase the Leased Property from Landlord pursuant to Section 8.04(b)(i) or (B) convey to Landlord a Substitute Property (as defined below) pursuant to Section 8.04(b)(ii).
Substantial Casualty. If: (i) in the commercially reasonable determination of Landlord the Premises should be totally destroyed by fire or other casualty, or if in the commercially reasonable determination of Landlord the Premises should be damaged so that rebuilding cannot reasonably be completed substantially within twelve (12) months after ▇▇▇▇▇▇▇▇’s receipt of written notification by Tenant of the destruction, or (ii) the Premises are damaged or destroyed by casualty not covered by Landlord’s insurance, or (iii) if any lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Premises, then Landlord will give written notice to Tenant of such determination (the “Notice of Right to Terminate”) within 60 days after such casualty. If Landlord issues a Notice of Right to Terminate, either Landlord or Tenant may terminate this Lease by giving written notice to the other within twenty (20) days after Landlord’s delivery of the Notice of Right to Terminate, in which case this Lease shall terminate effective as of the date of the written termination notification and neither party shall have any further obligations under this Lease except for those which expressly survive termination of this Lease.
Substantial Casualty. 48 9. Condemnation ..................................................... 48 9.1
Substantial Casualty. Notwithstanding any other provision of this Agreement to the contrary, in the event of substantial casualty damage to the ▇▇▇▇▇ House or Carriage Barn, Grantor may request the approval of Grantee not to restore the ▇▇▇▇▇▇ ▇▇▇▇▇ House or Carriage Barn pursuant to this Agreement. If Grantee determines that the extent or nature of such casualty damage would prevent restoration in a manner which would protect the remaining Protected Features, then Grantee may grant such approval and Grantor may elect not to restore the ▇▇▇▇▇ House or Carriage Barn pursuant to this Agreement. In the event of such approval not to restore, before any remaining portion of the ▇▇▇▇▇ House or Carriage Barn is relocated or otherwise altered, Grantor shall allow Grantee to enter onto and into the Premises for the purpose of choosing and removing for posterity any such Protected Features, or portions thereof, together with the materials in which such features are set, that Grantee desires to salvage.
Substantial Casualty. The term "Substantial Casualty" means any Casualty that, in Tenant's reasonable judgment, renders a Property unsuitable for the then current use of such Property at the time of the Casualty.
Substantial Casualty. Should a substantial portion of the space or the Marina be damaged by fire, flood or other casualty or be taken by eminent domain, the ▇▇▇▇▇▇ ▇▇▇ elect to terminate this agreement upon written notice given to Boat Owner. If such casualty or taking renders the space or the access thereto substantially unsuitable for their intended use, a just and proportionate abatement of rent shall be made, and the Boat Owner may elect to terminate this agreement upon written notice given to Marina if ▇▇▇▇▇▇ fails to give Boat Owner written notice within thirty (30) days of intention to restore the space and access, or ▇▇▇▇▇▇ fails to restore the space and access to a condition suitable for their intended use within sixty (60) days of said casualty or taking.
Substantial Casualty. Such term shall have the meaning defined in Article XI.