Major Destruction definition

Major Destruction means any destruction (whether or not an Insured Casualty) (a) to the extent of more than twenty five percent (25%) of the full replacement cost of any of the Premises, the Building, the parking structures located at the Center or the Center, as the case may be, as of the date of destruction, (b) that will take in excess of one (1) year to complete repair and restoration, or (c) that occurs at any time during the last twenty four (24) months of the Term.
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Major Destruction means damage to the Improvements resulting in a cost of repair, replacement or rebuilding of such damaged portion of the Leased Property, as reasonably estimated by Landlord, that will exceed X.X.Xxx Million Dollars (U.S.$1,000,000.00), and at the time of such damage there remain less than two (2) years to the expiration of the Term of this Lease; provided, however, that if the Tenant is entitled to an Extension Term and agrees in writing that this Lease shall not be terminated at the end of the Term but shall be extended through the next Extension Term, then such damage shall not be deemed a “Major Destruction.”
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Major Destruction has the meaning set forth in Section 8.1.
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Examples of Major Destruction in a sentence

  • In the event of a Major Destruction of the Premises as a result of an Insured Casualty during the last two (2) years of the Lease Term, Landlord and Tenant shall each have the option to terminate this Lease on written notice to the other of exercise thereof within thirty (30) days after such occurrence.

  • In the event of a Major Destruction of the Premises as a result of an Uninsured Casualty during the last two (2) years of the Lease Term, Tenant shall have the option to terminate this Lease on written notice to Landlord of exercise thereof within thirty (30) days after such occurrence.

  • 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).

  • 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.

  • Within thirty (30) days of Landlord's receipt of the Tenant Casualty Notice, Landlord agrees to notify Tenant in writing (the "Landlord Casualty Notice") as to whether the Casualty is a Minor Destruction or a Major Destruction, as such terms are defined below.

  • 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.

  • Notwithstanding the foregoing or anything else contained herein or elsewhere, Tenant acknowledges and agrees that the disposition of all matters relating to Partial Destruction, Major Destruction or Expropriation shall be governed by the Secured Loan Documents, to the extent applicable.

  • 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 the event of a Major Destruction of the Leased Property, Rent shall not axxxx 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 the event of a Major Destruction of the Premises as a result of an Insured Casualty during the last two (2) years of the Lease Term, Landlord and Tenant shall each have the option to terminate the Lease on written notice to the other of exercise thereof within thirty (30) days after such occurrence.


More Definitions of Major Destruction

Major Destruction means any casualty or destruction (whether or not an Uninsured Casualty) or Hazardous Materials condition, to an extent of more than one-third (33-1/3%) of the full replacement cost of the Premises as of the date immediately prior to the casualty, or that results in the termination of the leases of tenants representing more than one-third (33-1/3%) of the leasable area of the Building. “Uninsured Casualty” means damage or destruction to any portion of the Shopping Center resulting from any flood, earthquake, act of war, nuclear reaction, nuclear radiation or radioactive contamination, the existence or migration of Hazardous Materials, or any or any other casualty of any kind or nature whatsoever not covered by the insurance Landlord is required to maintain under this Lease. In the event Landlord fails to so terminate this Lease, this Lease shall not terminate, Landlord shall proceed with the reconstruction of the Premises and shall be responsible for the costs of same to the extent insurance proceeds are unavailable.
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Related to Major Destruction

  • Major repair means either: (1) for a dispersal system, repairs required for an OWTS dispersal system due to surfacing wastewater effluent from the dispersal field and/or wastewater backed up into plumbing fixtures because the dispersal system is not able to percolate the design flow of wastewater associated with the structure served, or (2) for a septic tank, repairs required to the tank for a compartment baffle failure or tank structural integrity failure such that either wastewater is exfiltrating or groundwater is infiltrating.

  • Substantial Completion Date means the required date for Substantial Completion of the Project. The Substantial Completion Date can be adjusted only by written Change Order.

  • Substantial improvement means any combination of repairs, reconstruction, rehabilitation, addition, or other improvement of a structure, taking place during any one-year period for which the cost equals or exceeds 50 percent of the market value of the structure before the “start of construction” of the improvement. This term includes structures which have incurred “substantial damage”, regardless of the actual repair work performed. The term does not, however, include either: