Uninsured Casualty definition

Uninsured Casualty means damage to or destruction of the Premises from a cause not actually insured against, or from a cause actually insured against but for which the insurance proceeds paid or made available to Landlord are for any reason insufficient to rebuild or restore the Premises under then-existing building codes to the condition existing immediately prior to the damage or destruction, or from a cause actually insured against but for which the insurance proceeds are not paid or made available to Landlord within sixty (60) days of the event of damage or destruction.

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Uninsured Casualty means Physical Damage to a Property which is either not covered by casualty insurance, or not covered in an amount sufficient to restore such Physical Damage to the Property.

Uninsured Casualty means damage or destruction to improvements on the Premises which is not an Insured Casualty.

Examples of Uninsured Casualty in a sentence

If between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed due to a Major Uninsured Casualty, Seller may elect in writing, within five (5) days after the Casualty Notice Date, to terminate this Agreement.
Notwithstanding the foregoing, Landlord shall have no right to terminate this Lease with respect to an Uninsured Casualty if the cost of rebuilding or restoring the damage caused thereby is equal to or less than Two Hundred Fifty Thousand Dollars ($250,000).
If, however, the cost to repair and restore an Uninsured Casualty exceeds the Threshold Amount, Landlord may either: (i) perform such repairs and restoration at its expense, in which case this Lease will remain in full force and effect, or (ii) terminate this Lease by giving written notice to Tenant within sixty (60) days after Landlord becomes aware of the occurrence of the Uninsured Casualty.
If an Uninsured Casualty occurs and the cost to repair and restore the same does not exceed the Threshold Amount, Landlord will promptly perform such repairs and restoration and the costs thereof shall be shared equally between Landlord and Tenant.
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.

More Definitions of Uninsured Casualty

Uninsured Casualty means damage or destruction to improvements on the Premises caused by flood or earthquake (notwithstanding that there may be some insurance coverage) or any other event (except the negligence or willful misconduct of Tenant) which is not an Insured Casualty.

Uninsured Casualty has the meaning set forth in Section 10.1.7.

Uninsured Casualty means a Casualty which (a) is not insured under Landlord’s all risks policy described in Section 10(b) above, or (b) would not have been insured under such a policy had Landlord maintained such policy in effect.

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.

Uninsured Casualty means damage to or destruction of the Premises from a cause not actually insured against, or not required to be insured against, or from a cause actually insured against but for which the insurance proceeds paid or made available to Landlord are for any reason insufficient to rebuild or restore the Premises under then existing building codes to substantially the condition existing immediately prior to the damage or destruction, or from a cause actually insured against but for which the insurance proceeds are not paid or made available to Landlord within ninety (90) days of the event of damage or destruction; provided, however, a casualty shall not be deemed an “Uninsured Casualty” by reason of the application of a deductible under an insurance policy otherwise covering such casualty.

Uninsured Casualty means damage to or destruction of the Premises from a cause (i) not actually insured against and not required by this Lease to be insured against, or (ii) from a cause actually insured against but for which the insurance proceeds paid or made available to Landlord, together with the amount of Landlord’s deductible applicable to such damage or destruction, are for any reason insufficient to rebuild or restore the damage to the Premises and Building under then-existing building codes to the condition existing immediately prior to the damage or destruction, or (iii) from a cause actually insured against, but for which the insurance proceeds are not paid or made available to Landlord within ninety (90) days of the event of damage or destruction, even though Landlord maintained the insurance required by this Lease, but only so long as Landlord has used commercially reasonable efforts to compel the insurance proceeds to be made available.

Uninsured Casualty means any of the following: (A) a risk that is not covered by Landlord's insurance, (B) a risk that would not be insured under the standard form of "All Risk" insurance policy that a commercially reasonable and prudent owner/manager of a first class office building in the vicinity of the Building would carry and maintain for such office building property, and (C) a risk for which Landlord's insurance deductibles are in excess of customary deductibles for other buildings in San Francisco comparable to the Building. Subject to the provisions of this definition, the determination of Operating Expenses shall be made by Landlord in accordance with generally accepted accounting principles and practices consistently applied.