Total Destruction means any damage to or destruction of the Improvements or any part thereof which, in the reasonable estimation of the Beneficiary shall require the expenditure of an amount in excess of Forty Million Dollars ($40,000,000) to restore the Improvements to substantially the same condition of the Improvements immediately prior to such damage or destruction.
Total Destruction of the Premises shall mean damage or destruction to the Premises, for which the repair cost is twenty-five percent (25%) or more of the then replacement cost of the Premises (including tenant improvements), excluding the value of the land. In the event of a Partial Destruction of the Premises, Lessor shall immediately pursue completion of all repairs necessary to restore the Premises to the condition which existed immediately prior to said Partial Destruction. Said restoration work (including any demolition required) shall be completed by Lessor, at Lessor’s sole cost, within sixty (60) days of the occurrence of said Partial Destruction or within an extended time frame as may be authorized, in writing, by County. The Partial Destruction of the Premises shall in no way render this Lease and/or any option to purchase, granted herein, null and void; however, rent payable by County under the Lease shall be abated in proportion to the extent County’s use and occupancy of the Premises is adversely affected by said Partial Destruction, demolition, or repair work required thereby. Should Lessor fail to complete necessary repairs, for any reason, within sixty (60) days, or other time frame as may be authorized by County, County may, at County’s sole option, terminate the Lease or complete necessary repair work and deduct the cost thereof, including labor, materials, and overhead from any rent thereafter payable. In the event of Total Destruction of the Premises or the Premises being legally declared unsafe or unfit for occupancy, this Lease and/or any option granted herein shall in no way be rendered null and void and Lessor shall immediately instigate action to rebuild or make repairs, as necessary, to restore the Premises (including replacement of all tenant improvements) to the condition which existed immediately prior to the destruction. All rent payable by County shall be abated until complete restoration of the Premises is accepted by County. In the event Lessor refuses to diligently pursue or is unable to restore the Premises to an occupiable condition (including replacement of all tenant improvements) within 180 days of the occurrence of said destruction or within an extended time frame as may be authorized, in writing, by County, County may, at County’s sole option, terminate this Lease or complete the restoration and deduct the entire cost thereof, including labor, materials, and overhead from any rent payable thereafter. Further, Lessor, at County’s requ...
Total Destruction of the Premises shall mean damage or destruction to the Premises, for which the repair cost is twenty-five percent (25%) or more of the then replacement cost of the Premises (including tenant improvements), excluding the value of the land.
Examples of Total Destruction in a sentence
All Owners shall be assessed a Special Charge (for a Partial Destruction Not Affecting Cottages, a Partial Taking Not Affecting Cottages, a Total Affecting Cottages or a Total Destruction.
More Definitions of Total Destruction
Total Destruction means any damage to or destruction of the Improvements or any part thereof which, in the reasonable estimation of the Mortgagee shall require the expenditure of an amount in excess of fifty percent (50%) of the replacement value of the Property to restore the Improvements to substantially the same condition of the Improvements immediately prior to such damage or destruction.
Total Destruction means damage or destruction to the Premises to the extent that the cost of repair is fifty percent (50%) or more of the fair market value of the Premises immediately prior to such damage or destruction. If at any time during the Term there is a Total Destruction, Landlord may, at Landlord’s option, either (i) repair such damage in which event this Lease shall continue in full force and effect, or (ii) either Landlord or Tenant may terminate this Lease as of the date of such Total Destruction.
Total Destruction is defined in Section 10.01; “Total Taking” is defined in Section 10.01; “Transfer” includes:
Total Destruction. As defined in Section 12.2(a).
Total Destruction the meaning specified in Section 19.3 hereof.
Total Destruction means damage to the Premises to the extent that they cannot be used for the use authorized under Section E of the Basic Lease Terms. The term "Partial Destruction" shall mean damage to the Premises which does not render the Premises unusable for the use authorized in Section E of the Basic Lease Terms. Lessee shall notify Lessor immediately of any event of Total Destruction or Partial Destruction of the Premises. In the event of Partial Destruction of the Premises, Lessee, at Lessee's expense and without any abatement of Rentals, shall restore the Premises to their condition before the Partial Destruction. Such restoration shall include restoration of Lessor's improvement(s), (normal wear and tear excepted), unless Lessor notifies Lessee within ten (10) days after receipt of-Lessee's notice of Partial Destruction not to restore such improvement(s). If Lessor gives such notice, Lessee shall remove such improvement(s) and debris and clean up the Premises. In the event of Total Destruction of the Premises, this Lease shall terminate thirty (30) days after the date of the Total Destruction or upon completion of removal of debris and cleanup of the Premises if such removal and cleanup are completed sooner. If such removal and cleanup are not completed within thirty (30) days after the date of Total Destruction, Lessor shall have the right to perform such removal and cleanup as provided in Section 18 of the General Lease Terms. Unless the Total Destruction was caused by the act or omission of Lessee or any of its employees, agents or invitees, Rentals shall axxxx as of the date of Total Destruction. Lessee shall remove all debris and leave the Premises in a neat and clean condition. Lessee waives the provisions of California Civil Code Sections 1932(2) and 1933(4)
Total Destruction means such damage to the Premises as renders the same unfit for use by Tenant for Tenant’s business, which cannot reasonably be repaired within One Hundred Eighty (180) days of the date of the destruction to the state where Tenant could use substantially all of the Premises for Tenant’s business. The certificate of Landlord’s Advisor certifying that Total Destruction has or has not occurred shall be binding and conclusive upon both Landlord and Tenant for the purposes hereof. LSE – 20200827 – META FINAL