Total Casualty. (a) In the event that the entire Project shall be substantially destroyed or damaged by fire or other casualty, any Owner may elect either (i) to rebuild or restore the improvements located on its respective Element, or (ii) to raze all improvements on its respective Element (or to raze some of the improvements and restore the remainder of the improvements) and in connection therewith, shall take all action required by good construction practices to insure that such razing shall be done in a safe manner and that the Element shall be left in a safe, secure condition.
Total Casualty. The term “Total Casualty” shall mean any fire or other casualty which renders the Facility Unsuitable for its Permitted Uses.
Total Casualty. The term “Total Casualty” shall mean any fire or other casualty which results in damage to any Community and its contents to the extent that Landlord determines in its reasonable discretion that it would be commercially impractical or uneconomical to undertake to repair and/or replace such Community to substantially the same condition as existed previously.
Total Casualty. If, during the Term, the Premises or the Building are fully damaged or destroyed by fire, flood, or other casualty, Landlord will present to Tenant, within 30 days of the date of casualty, Landlord’s written proposal to reconstruct the Building and/or Premises. If the Landlord cannot certify, in writing, that it will complete the reconstruction of the Building and/or Premises within 24 months of the date of casualty, Tenant shall have the right to terminate the Lease within 30 days of such determination, and, provided Tenant is current on all Rent and other charges due under the terms of this Lease, Tenant shall have no further payment obligations to Landlord under this Lease (except those Lease obligations which by their express terms survive the termination of the Lease). If Tenant does not within such 30-day period exercise its right to terminate the Lease, the Lease will remain in full force and effect, and the Rent will not be reduced by reason of any portion of the Premises, Building and/or the Property being unusable or inaccessible and Landlord will proceed to make the Necessary Repairs.
Total Casualty. The term “Total Casualty” means any fire or other casualty which results in damage to the Facility and/or its contents, and in the reasonable judgment of Manager or Owner, (i) the out-of-pocket expenses (whether or not covered by insurance proceeds) of the “Repair and/or Replacement” exceeds $2,000,000.00 (excluding any required insurance deductibles) and (ii) the “Repair and/or Replacement” would take longer than one year to
Total Casualty. Since the date of this Agreement, no Hotel Property shall have suffered a Total Casualty (as defined in the Management Agreements) with respect to which the Company and Purchaser Guarantor have not mutually agreed on a renovation or remediation plan within 30 days of such Total Casualty.
Total Casualty. In the event the demised premises are hereafter destroyed or rendered unfit for their accustomed uses by fire or explosion (except where caused by Tenant's negligence), or tornado, earthquake, or any casualty, to the extent of more than eighty percent (80%) (based on the cost to replace the premises damaged or destroyed as compared with the market value of the improvements on the demised premises immediately prior to such fire or other casualty, as shown by the certificate of a reputable building contractor, satisfactory to both Landlord and Tenant, or if no satisfactory building contractor be agreed upon then a certificate of an architect who is a member of the local society of the American Institute of Architects), and the insurance proceeds are insufficient to replace the building or unavailable for a period of sixty (60) days or longer, then Landlord shall have the right to terminate this Lease effective as of the date of such casualty, by giving to the Tenant, within ninety (90) days after the happening of such casualty, written notice of such termination; if said notice be given within said ninety (90) day period, this Lease shall terminate, as aforesaid, rent shall abatx xxxm the happening of such casualty, and Landlord shall promptly repay to Tenant any rent theretofore paid in advance which has not been earned at the date of such casualty. In the event said notice be not given within said ninety (90) day period, this Lease shall not terminate, but Landlord shall, at its own expense, promptly repair and rebuild said premises and restore the same to substantially the condition in which they were immediately prior to the happening of such casualty, and rent shall abatx xxxm the date of such casualty until said premises are so repaired, rebuilt and restored. Nothing herein shall, however, affect any rent received by virtue of carrying business interruption insurance. Notwithstanding the foregoing, should such damage occur within the last twenty-four (24) months of the term of this Lease or should more than fifty percent (50%) of the total ground floor area of the demised premises be damaged or destroyed by fire or other casualty, Landlord may terminate this Lease by giving Tenant thirty (30) days written notice of its election to do so, but such notice must be given within sixty (60) days following the date of the casualty. Provided, however, Tenant shall have the right to exercise any option to renew the Lease. In such event Landlord's right to termi...
