Casualty Damage means any damage or destruction of property owned by Landlord or Tenant and resulting from fire, earthquake, or any other identifiable event of a sudden, unexpected or unusual nature (each, a “Casualty”).
Casualty Damage is defined in Section 10.1.1 of the Standard Lease Provisions
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 the event the Landlord decides in its discretion not to repair or restore the Premises 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 uninsured loss to the Premises, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within thirty (30) days after the date of such damage. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Premises 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, Landlord shall allow Tenant an abatement of rent during the time and to the extent the Premises are unfit for occupancy. In the event that Landlord shall determine that restoration of the Premises: (i) will take longer than sixty (60) days; or (ii) in the event such restoration is not, in fact, completed within sixty (60) days, then in any such event either of Landlord or Tenant shall be entitled to cancel this Lease by written notice to such effect. In the event of any casualty to the Premises, which renders the Premises unfit for occupancy, the rent payable by Tenant hereunder shall, equitably abate from the date of such casualty until xxx completion of Landlord's required restoration or until the date of cancellation of this Lease.
Examples of Casualty Damage in a sentence
Notwithstanding the foregoing, either party may terminate this Lease if the Casualty Damage occurred during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage.
In the event of Casualty Damage not covered by this Section 6, the Sublease will be governed by Section 20 of the Primary Sublease.
System Owner will maintain Property and Casualty Damage Coverage in the amount of the aggregate replacement value of all System Assets.
Nothing contained herein shall be in derogation of the provisions of Article XV regarding Casualty Damage.
Tenant shall, at its sole cost and expense, repair such Casualty Damage substantially to its condition immediately prior to such fire or other casualty.
More Definitions of Casualty Damage
Casualty Damage means damage to, or destruction of, all or any portion of the Property by fire or any other casualty. Casualty Insurance shall mean a policy of fire and extended coverage insurance with coverage not less than the full replacement cost (as customarily defined by reputable insurers) of the Property. Refer to the definition of Additional Coverage Insurance with respect to any “casualty insurance” coverage in excess of the minimum amount required by this definition. Town shall mean the Town of Zionsville, Indiana. Cure Party Notice shall mean written notice delivered by a Town Party (or the Trustee on behalf of the Town Party) to the Cure Parties, which notice states either that: (a) there is a continuing Event of Default by Owner; or (b) Owner is in default with respect to the performance of its obligations hereunder, and the continuance of such default beyond the applicable cure period will result in an Event of Default. Event of Default shall have the meaning set forth in Subsection 6(a). Hazardous Materials shall mean any wastes, materials, or substances that are hazardous, toxic, or radioactive and are, or become, regulated by any environmental Law. Insurance Proceeds shall mean the Casualty Insurance proceeds recovered as a result of Casualty Damage. Laws shall mean all applicable: (a) laws, statutes, and/or ordinances; (b) governmental rules, regulations, and/or guidelines; and (c) judicial orders, consents, and/or decrees. Minimum Payment shall mean, for a given semi-annual period, the amount of Bond Debt Service for such semi-annual period, as set forth on Exhibit B. For the avoidance of doubt, the Minimum Payment amount shall be exclusive of Annual Fees, if applicable. Owner shall mean any person or entity owning fee simple title to any portion of the Property. On the date hereof, Company is the Owner. Project shall mean the construction on the Project Site of a mixed-use residential apartment building with lower level commercial uses and a parking garage, together with related improvements, equipment, and appurtenances. Project Secured Loan shall mean any loan that is secured by the Property. Project Secured Loan Documents shall mean the documents evidencing a Project Secured Loan. Project Site shall mean that certain real estate delineated as the “Project Site” on Exhibit A-1 and more particularly described on Exhibit A-2. Projected Applicable Rate shall mean, with respect to projections of TIF Revenues on Exhibit B, the rate projected to be the Ap...
Casualty Damage. For the purpose of computation with respect to Paragraph 24. (Casualty Damage) of the Master Lease, the "Premises" as described herein are deemed to be approximately 17,353 square feet.
Casualty Damage has the meaning set forth in Section 9.1(a) of this Lease. "Casualty Notice" has the meaning set forth in Section 9.1(a) of this Lease.
Casualty Damage means an event in which the Leased Premises or other portions of the Building is damaged or destroyed by fire or other casualty. Within three (3) days after an event of Casualty Damage occurs, TTPU shall: (i) inform Lessor's designated property management contact via telephone; and (ii) give Lessor written notice via overnight or electronic mail ("Casualty Notice") which describes the Casualty Damage in detail, includes photographs of the Casualty Damage sufficient to reasonably convey to Lessor the scope and extent of the damage, and, if applicable, states the extent to which TTPU reasonably believes that the Leased Premises have been rendered untenable due to the Casualty Damage. Lessor will evaluate the Casualty Damage and prepare an estimate of the cost to repair Lessor's Work or Lessee Improvement Work (the "Estimated LW Repair Cost") and Lessor will evaluate the Casualty Damage and prepare an estimate of the cost to repair the Lessor’s Work or Lessee Improvement Work.
Casualty Damage. As defined in subparagraph 36(a).
Casualty Damage means any fire or other casualty damage to the Premises or Building.
Casualty Damage has the meaning given to such term in Section 12.16(b).