Damage During Term Sample Clauses

Damage During Term. Notwithstanding any provisions of Section 14.1 appearing to the contrary, if damage to or destruction of the Leased Property occurring during the term of this Lease renders the Leased Property unsuitable for its Primary Intended Use, then either Lessor or Lessee (but in Lessee's case only if the Leased Property is rendered unsuitable for its Primary Intended Use for a period in excess of one (1) year), shall have the right to terminate this Lease by giving written notice to the other party, in Lessor's case at any time after the occurrence of such damage or destruction, or in Lessee's case within thirty (30) days after the expiration of such year, whereupon all accrued rent shall be paid immediately, and this Lease shall automatically terminate.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
Damage During Term. Notwithstanding any provisions of Section 14.1 appearing to the contrary, if damage to or destruction of the Leased Property occurring during the Term of this Lease renders the Leased Property Unsuitable for its Primary Intended Use,
Sample 1
Damage During Term. Except as set forth below, if the Premises are damaged during the term of this Lease, Lessee shall, at Lessee's expense, repair such damage as soon as reasonably possible, subject to delays due to force majeure, and this Lease shall continue in full force and effect. Subject to Section 6, any insurance proceeds received or to be received by Lessor or any mortgagee named as loss payee shall be made available to Lessee to effect such repair. Before any repair or restoration costing more than $100,000 (which amount shall be increased each January l/st/ by the increase in the CPI over the preceding year) is made, Lessee shall provide Lessor with information showing that the insurance proceeds, together with other funds available to Lessee, are adequate for the repair or restoration and that it is feasible to rebuild the Premises. In no event shall the rent due hereunder xxxxx as a result of any such damage unless this Lease is terminated as set forth below. Notwithstanding the foregoing, if the Building and other improvements on the Premises are substantially destroyed during the last two years of the Lease term (or during the last two years of any Option Period if Lessee has exercised any renewal option herein), Lessee shall have the option, exercisable by written notice given by Lessee within sixty (60) days of such destruction, to terminate this Lease, effective as of the date of destruction, without rebuilding the Premises by (i) assigning to Lessor all of its right, title and interest in any insurance proceeds on the Premises and (ii) paying to Lessor any coinsurance amounts and deductibles applicable thereto at the time the insurance proceeds are so paid. In addition, if the Building and other improvements on the Premises are substantially destroyed before the last two years of the Lease term (or the last two years of any Option Period if Lessee has exercised any renewal option herein), Lessee shall have the option, exercisable by written notice given by Lessee within sixty (60) days of such destruction, to (a) not rebuild the Premises and to place the insurance proceeds (together with an amount equal to all co-insurance and deductibles under the applicable policies) in escrow pursuant to an escrow agreement and with an escrow agent reasonably satisfactory to Lessor and Lessee, and (b) continue to pay the Basic Rent and additional rent to the Lessor until the end of the term of the Lease. Any interest earned on the insurance proceeds placed in escrow sha...
Sample 1

Related to Damage During Term

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Death During Active Service If the Executive dies while in the active service of the Company, the Company shall pay to the Executive's beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the Lifetime Benefits of Article 2.

  • Allocations During the Revolving Period During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Interest and pay or deposit from the Collection Account the following amounts as set forth below:

  • Death During Employment If the Executive dies during the term of employment and has not attained the age of seventy years, the Corporation and/or any third party insurance provided by the Corporation, through a coordination of benefits, shall pay the estate of the Executive a death benefit equal to two times the Executive's annual salary. In the event the Executive receives death benefits payable under any group life insurance policy issued to the Corporation, the Corporation's liability under this clause will be reduced by the amount of the death benefit paid under such policy. The Corporation shall pay any remaining death benefits to the estate of the Executive over the course of twelve (12) months in the same manner and under the same terms as the Executive would have been paid if he had still been working for the Corporation. No later than one (1) month from the date of death, the estate of the Executive will also be paid any accumulated vacation pay. Such payments pursuant to this paragraph shall constitute the full compensation of said Executive and he and his estate shall have no further claim for compensation by reason of his employment by the Corporation.

  • Allocations During Period of Liquidation During the period commencing on the first day of the Fiscal Year during which a Dissolution Event occurs and ending on the date on which all of the assets of the Company have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement (the “Liquidation Period”), the Unit Holders shall continue to share Profits, Losses, gain, loss and other items of Company income, gain, loss or deduction in the manner provided in Article III of this Agreement.

  • Allocations During the Controlled Accumulation Period During the Controlled Accumulation Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2022-4 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2022-4 Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2022-4 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a “Percentage Allocation”) shall be allocated to the Series 2022-4 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that if the sum of such Percentage Allocation and all preceding Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount during the Controlled Accumulation Period for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Damage Near End of Term If at any time during the last six (6) months of the term of this Lease there is damage for which the cost to repair exceeds one month's Base Rent, whether or not an Insured Loss, Lessor may, at Lessor's option, terminate this Lease effective sixty (60) days following the date of occurrence of such damage by giving written notice to Lessee of Lessor's election to do so within thirty (30) days after the date of occurrence of such damage. Provided, however, if Lessee at that time has an exercisable option to extend this Lease or to purchase the Premises, then Lessee may preserve this Lease by (a) exercising such option, and (b) providing Lessor with any shortage in insurance proceeds (or adequate assurance thereof) needed to make the repairs on or before the earlier of (i) the date which is ten (10) days after Lessee's receipt of Lessor's written notice purporting to terminate this Lease, or (ii) the day prior to the date upon which such option expires. If Lessee duly exercises such option during such period and provides Lessor with funds (or adequate assurance thereof) to cover any shortage in insurance proceeds, Lessor shall, at Lessor's expense repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. If Lessee fails to exercise such option and provide such funds or assurance during such period, then this Lease shall terminate as of the date set forth in the first sentence of this Paragraph 9.5.

  • Allocations During the Rapid Amortization Period During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Death During Payment of a Benefit If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

Time is Money Join Law Insider Premium to draft better contracts faster.