Material Earthquake Damage definition

Material Earthquake Damage means damage or destruction of the Leased Property resulting from earthquake, the repair or restoration of which will cost in excess of an amount equal to One Million Five Hundred Thousand Dollars ($1,500,000) multiplied by a fraction, the denominator of which shall be the Index for the nearest month prior to the date of this Agreement and the numerator of which shall be the Index for the nearest month prior to the date of such earthquake.
Sample 1Sample 2Sample 3
Material Earthquake Damage means damage or destruction of the Leased Property resulting from earthquake, the repair or restoration of which will cost in excess of an amount equal to One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00) multiplied by a fraction, the denominator of which shall be the Index for the nearest month prior to the date of this Agreement and the numerator of which shall be the Index for the nearest month prior to the date of such earthquake. The parties agree that Tenant's right to terminate this Agreement on account of damage to the Leased Property due to an earthquake which occurs at a time when Tenant is not required to maintain earthquake insurance pursuant to Section 0, shall be governed solely by the provisions of this Section 10.3.2 and not by the provisions of Section 10.2.
Sample 1Sample 2Sample 3
Material Earthquake Damage shall have the meaning given such term in Section 10.3.2.
Sample 1Sample 2

Examples of Material Earthquake Damage in a sentence

  • Notwithstanding any provisions of Section 10.1 or 10.2 to the contrary, if (a) Material Earthquake Damage (as defined below) to the Leased Property occurs and (b) Tenant was not required to maintain insurance therefor pursuant to Section 9.1, Tenant shall have the right, by the giving of Notice thereof to Landlord within sixty (60) days after the date of the earthquake, to terminate this Agreement.


More Definitions of Material Earthquake Damage

Material Earthquake Damage means damage or destruction of the Leased Property resulting from earthquake, the repair or restoration of which will cost in excess of an amount equal to Three Million Dollars ($3,000,000.00) multiplied by a fraction, the denominator of which shall be the Index for the nearest month prior to the date of this Agreement and the numerator of which shall be the Index for the nearest month prior to the date of such earthquake. The parties agree that Tenant's right to terminate this Agreement on account of damage to the Leased Property due to earthquake which occurs at a time when Tenant is not required to maintain earthquake insurance pursuant to Section 9.1, shall be governed solely by the provisions of this Section 10.3.2 and not by the provisions of Section 10.2.
Sample 1

Related to Material Earthquake Damage

  • 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:

  • Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $500,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than ninety (90) days to repair.

  • windstorm means straight line winds of at least 80 miles per

  • Sabotage means deliberate damage, with malevolent intent, to a Category 1 or Category 2 quantity of radioactive material, a device that contains a Category 1 or Category 2 quantity of radioactive material, or the components of the security system.

  • Environmental Damage means any injury or damage to persons, living organisms or property (including offence to man’s senses) or any pollution or impairment of the environment resulting from the discharge, emission, escape or migration of any substance, energy, noise or vibration;

  • Property damage means physical injury to, destruction of or loss of use of tangible property.

  • Pandemic means any outbreaks, epidemics or pandemics relating to SARS-CoV-2 or COVID-19, or any evolutions or mutations thereof, and the governmental and other responses thereto.

  • Flooding means a volume of water that is too great to be confined within the banks or walls of the stream, water body or conveyance system and that overflows onto adjacent lands, thereby causing or threatening damage.

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

  • Flood or “Flooding” means a general and temporary condition of partial or complete inundation of normally dry land areas from:

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

  • Unavoidable means adverse impacts that remain after all appropriate and practicable avoidance and minimization have been achieved.

  • Material Loss means an uninsured: