Vacate or Abandon definition

Vacate or Abandon or “Vacated or Abandoned” means that the Lessee has suspended or terminated its development and construction activities within a Phase, or in the commencement of the next Phase to be developed on the Premises, for a continuous period in excess of twelve (12) months, unless such suspension or termination is caused by Unavoidable Delay, or economic or market conditions beyond the Lessee’s control provided, for greater certainty, on Substantial Completion of the Development there shall be no further obligation of the Lessee to carry on development and construction activities on the Lands.
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Related to Vacate or Abandon

  • Succeeded Appointment means any Appointment for which a Succession Time has occurred.

  • Section 13 Event means any event described in clause (i), (ii) or (iii) of Section 13(a) hereof.

  • Removal Notice shall have the meaning specified in Section 2.07(b).

  • Premises Total Destruction means damage or destruction to the Premises, other than Lessee Owned Alterations and Utility Installations and Trade Fixtures, which cannot reasonably be repaired in six (6) months or less from the date of the damage or destruction. Lessor shall notify Lessee in writing within thirty (30) days from the date of the damage or destruction as to whether or not the damage is Partial or Total.

  • Removal Event has the meaning set forth in Section 12.12 hereof.