FIRE OR CASUALTY definition

FIRE OR CASUALTY. Major Damage" means damage by fire or other casualty to the Building or the Premises which causes the Premises or any substantial portion of the Building to be unusable, or which will cost more than 25 percent of the pre-damage value of the Building to repair, or which is not covered by insurance. In case of Major Damage, Landlord may elect to terminate this lease by notice in writing to the Tenant within 30 days after such date. If this lease is not terminated following Major Damage, or if damage occurs which is not Major Damage, Landlord shall promptly restore the Premises to the condition existing just prior to the damage. Tenant shall promptly restore all damage to tenant improvements or alterations installed by Tenant or pay the cost of such restoration to Landlord if Landlord elects to do the restoration of such improvements. Rent shall be reduced from the date of damage until the date restoration work being performed by Landlord is substantially complete, with the reduction to be in proportion to the area of the Premises not useable by Tenant.
FIRE OR CASUALTY. Major damage" means damage by fire or other casualty to the Building or the Premises which causes the Premises or any substantial portion of the Building to be unusable, or which will cost more than 25 percent of the pre-damage value of the Building to repair, or which is not covered by insurance. In case of major damage, Landlord may elect to terminate this lease by notice in writing to Tenant within 30 days after such date. If this lease is not terminated following Major Damage, or if damage occurs which is not Major Damage, Landlord shall promptly restore the Premises to the condition existing just prior to the damage. Tenant shall properly restore all damage to tenant improvements or alterations installed by Tenant or pay the cost of such restoration to Landlord if Landlord elects to do the restoration of such improvements. Rent shall be reduced from the date of damage until the date restoration work being performed by Landlord is substantially complete, with the reduction to be in proportion to the area of the Premises not usable by Tenant.

Examples of FIRE OR CASUALTY in a sentence

  • FIRE OR CASUALTY ....................................................18 A.

  • FIRE OR CASUALTY TO BUILDING The Seller shall maintain, until Closing, to the extent such insurance is reasonably available, those insurance policies relating to the Premises which Seller presently holds.

  • FIRE OR CASUALTY DAMAGE.....................................................................34 40.

  • IF THE BUILDING, IMPROVEMENTS OR OTHER PORTIONS OF THE PREMISES ARE RENDERED PARTIALLY OR WHOLLY UNTENANTABLE FROM FIRE OR OTHER CASUALTY, AND IF SUCH DAMAGE CANNOT, IN LANDLORD'S REASONABLE ESTIMATION, BE MATERIALLY RESTORED WITHIN ONE HUNDRED EIGHTY (180) DAYS OF SUCH DAMAGE, THEN LANDLORD MAY, IN ITS SOLE OPTION, TERMINATE THIS LEASE AS OF THE DATE OF SUCH FIRE OR CASUALTY.

  • FIRE OR CASUALTY OR EMINENT DOMAIN.....................................

  • FIRE OR CASUALTY............................................................

  • FIRE OR CASUALTY OR EMINENT DOMAIN ...................................................................

  • FIRE OR CASUALTY....................................................

  • FIRE OR CASUALTY .................................................

  • LANDLORD SHALL EXERCISE ITS OPTION PROVIDED HEREIN BY WRITTEN NOTICE TO TENANT WITHIN SIXTY (60) DAYS OF SUCH FIRE OR CASUALTY.

Related to FIRE OR CASUALTY

  • Major Casualty means, in relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency;

  • Casualty shall have the meaning set forth in Section 6.2 hereof.

  • Insured Casualty has the meaning set forth in Section 5.1(x)(iv)(B).

  • Material Casualty has the meaning set forth in Section 14.1.1.

  • Eminent Domain means the taking of title to, or the temporary use of, the Project or any part thereof pursuant to eminent domain or condemnation proceedings, or any voluntary conveyance of any part of the Project during the pendency of, or as a result of a threat of, such proceedings.

  • Insurance and Condemnation Event means the receipt by any Credit Party or any of its Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective Property.

  • Condemnation means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof.

  • Earthquake insurance, if the Leased Property is currently, or at any time in the future, located within a major earthquake disaster area, in amount, and in such form and substance and with such limits and deductibles as are satisfactory to Landlord; and

  • Catastrophic Damage as used hereunder is major change or damage to In- cluded Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:

  • Accidental Damage means physical damage, breakage or failure of Your Covered Equipment due to an unforeseen and unintentional event occurring either due to handling (e.g., dropping the Covered Equipment or through liquid contact) or due to an external event (e.g., extreme environmental or atmospheric conditions). The damage must affect the functionality of Your Covered Equipment, which includes cracks to the display screen that affect the visibility of the display.

  • Condemnation Event means any act of taking by a public or quasi-public authority through condemnation, reverse condemnation or eminent domain.

  • Insurance and Condemnation Proceeds shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • Structural damage means a covered building, regardless of the date of its construction, has experienced the following.

  • Fire means the emission of flames from the vehicle. Sparks and arcing shall not be considered as flames.

  • General Liability means:Your legal liability in respect of Personal Injury and/or Property Damage and/or Advertising Injury caused by or arising out of an Occurrence happening in connection with the Business other than Products Liability.

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first priority Lien permitted by clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Loss Event means (A) an annual pre-tax loss at GS Inc. or (B) annual negative revenues in one or more reporting segments as disclosed in the Firm’s Form 10-K other than the Investing & Lending segment, or annual negative revenues in the Investing & Lending segment of $5 billion or more, provided in either case that you are employed in a business within such reporting segment.

  • Partial Loss means any Physical Damage loss which is not a Total Loss.

  • Interruption means a reduction in non-firm transmission service due to economic reasons pursuant to Tariff, Part II, section 14.7.

  • Casualty Loss means, with respect to any item of Equipment, the loss, theft, damage beyond repair or governmental condemnation or seizure of such item of Equipment.

  • Compulsory Acquisition means requisition for title or other compulsory acquisition, requisition, appropriation, expropriation, deprivation, forfeiture or confiscation for any reason of the Ship by any Government Entity or other competent authority, whether de jure or de facto, but shall exclude requisition for use or hire not involving requisition of title;