Major Casualty. If the Premises, or the Project, shall be so damaged by fire or other casualty as to render the Premises untenantable, and if such damage shall be so great that an architect selected by Landlord shall certify in writing to Landlord that the Premises, with the exercise of reasonable diligence, but without the payment of overtime or other premiums, cannot be made Tenantable within one hundred twenty (120) days from the happening of the fire or other casualty, or if insurance proceeds are not made available to Landlord for repair of such damages, then, in either event, this Lease may be terminated by Landlord as of the date of the occurrence of the fire or other casualty by giving thirty (30) days written notice to Tenant of such termination. Upon such notice of termination, Tenant shall surrender to Landlord the Premises and all interest therein under this Lease, and Landlord may re-enter and take possession of the Premises and remove Tenant therefrom. Landlord and Tenant shall be free and discharged from all obligations arising under this Lease after the date of such termination. If, however, the damages shall be such that Landlord's architect shall certify that the Premises can be made Tenantable within the one hundred twenty (120) day period from the happening of the fire or other casualty and insurance proceeds are made available to Landlord for repair of such damage or if Landlord does not terminate this Lease as set forth above, then, except as hereinafter provided, Landlord shall, with reasonable promptness, repair the damage so done except that Landlord shall not be required to repair, replace or restore any items which Tenant is obligated to repair or replace. Until such repair is substantially completed, the Base Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the reasonable conduct of its business or profession. There shall be no abatement of Base Rent by reason of any portion of the Premises being unusable for a period of fifteen (15) days or less. If the damage is due to the fault or negligence of Tenant or Tenant's employees, agents or invitees, there shall be no abatement of Base Rent.
Major Casualty. (a) If any loss, damage or destruction occurs, the cost of Restoration of which equals or exceeds the Major Casualty Amount determined as provided in Section 8.04(b), in addition to the requirements set forth in this Article 8 with respect to Restoration, Tenant shall comply with the terms of Section 11.02, Section 11.04, Section 11.05, Section 11.06, Section 11.07, Section 11.08, Section 11.11, Section 11.12 and Section 11.15 with respect to such Restoration.
Major Casualty. (a) If any loss, damage or destruction occurs, the cost of Restoration of which equals or exceeds Two Million Dollars ($2,000,000) in the aggregate, determined as provided in Section 8.04(b) (as such amount shall be adjusted on the fifth (5th) anniversary of the Commencement Date and on each fifth (5th) anniversary of the Commencement Date thereafter occurring during the Term, by the percent increase, if any, in the Consumer Price Index for the month in which the applicable anniversary date occurs over the Consumer Price Index for the month in which the Commencement Date occurs, in addition to the requirements set forth in this Article 8 with respect to Restoration, Tenant shall comply with the terms of Article 11 with respect to such Restoration.
Major Casualty. If the building on the Premises should be damaged or destroyed by fire or other peril, Tenant shall immediately give written notice thereof to Landlord. If the building on the Premises is totally or substantially destroyed by any peril covered by the insurance to be provided by Landlord under Paragraph 9A, above, or if it should be so damaged thereby that, in Landlord's estimation, rebuilding or repairs cannot be completed within two hundred seventy (270) days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. Notwithstanding such termination, Tenant shall remain liable to pay Landlord all rent and other sums accrued under this Lease prior to such termination plus prorata rent for any partial occupancy between the date of the casualty and the date of the termination notice or Tenant's vacating of the Premises, whichever is later.
Major Casualty. If such damage or destruction results in a casualty loss to either the Cortona Property or the Encore Property, individually, (i) in an amount exceeding Two Million Five Hundred Thousand Dollars ($2,500,000), or (ii) that is an uninsured loss in an amount exceeding Two Hundred Fifty Thousand Dollars ($250,000) for which Seller has not agreed to credit Buyer, then, in any such event, Buyer shall have the right to terminate this Contract by written notice to Seller received within ten (10) days after Buyer has received notice of such Casualty (and, to the extent applicable, the Closing Date shall be extended to the day after the expiration of such ten (10) day period), whereupon Escrow Agent shall return the Deposit to Buyer and thereafter neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation, or liability set forth herein expressly survives termination of this Contract. If this Contract is not terminated pursuant to this Section 9.1.1, Seller shall not be obligated to repair or restore the Property except as otherwise provided herein. Buyer shall be obligated to Close on the purchase and sale contemplated by this Contract as scheduled without adjustment of the Purchase Price and Seller shall assign to Buyer at Closing all insurance proceeds payable under Seller’s insurance policies on account of such damage or destruction and, except to the extent the same are used to reimburse Seller for any restoration work approved by Buyer, pay to Buyer all such unallocated insurance proceeds previously paid plus an amount equal to the amount (but in no event greater than the amount of such casualty loss) that the insurer is entitled pursuant to the terms of the applicable insurance policy to deduct from the proceeds otherwise payable to Seller on account of such casualty loss; and Seller shall not be obligated to repair or restore the Property except as otherwise provided herein.
Major Casualty. If any of the Improvements are destroyed by fire or other casualty and the estimated cost of repairs as reasonably mutually determined by Buyer and the Seller Representative is more than One Million Dollars ($1,000,000.00) (a “Major Casualty”), then Buyer or Seller may, as its sole and exclusive remedy, waiving all other remedies, terminate this Agreement by giving notice to the other Party within ten (10) days after the Major Casualty occurs, in which event, the Escrow Agent shall return the Deposit to Buyer, and the parties shall have no further rights, liabilities, or obligations under this Agreement (other than those that expressly survive termination). If neither Buyer nor Seller, within ten (10) days after the Major Casualty, terminates this Agreement as provided above, then both Seller and Buyer shall be deemed to have elected to terminate this Agreement pursuant to clause (i) above. If both Seller and Buyer elect to proceed to Closing, which election shall be made within ten (10) days after the Major Casualty occurs, then Closing will occur without reduction in the Purchase Price and:
Major Casualty. If any of the Improvements are damaged by fire or any other casualty (the cost for repair of which is reasonably estimated to exceed the Damage Threshold Amount) and are not substantially restored to the condition immediately prior to such casualty before the Closing Date, Buyer shall have the following elections:
Major Casualty. If all or substantially all of the Improvements are damaged or destroyed due to a Casualty such that the estimated cost of the Restoration Work that is not covered by insurance proceeds shall exceed fifty percent (50%) of the replacement cost of the Improvements (a “Major Casualty”), then Lessee shall have the right to terminate this Lease, but only in strict accordance with the requirements and procedures set forth in Section 17.7. In the event Lessee exercises such right to terminate, Lessee shall vacate and surrender the Premises to Lessor in the manner required by Section 17.7. In the event this Lease is terminated by Lessee pursuant to this Section 17.3(b), any Casualty Proceeds shall be divided between Lessor and Lessee in the manner provided in Section 17.5(d) below. If Lessee shall not elect to terminate this Lease due to such Major Casualty, then this Lease shall continue in full force and effect and the provisions of Section 17.3(a) shall apply.
Major Casualty. In the event of any Major Casualty which either (1) is governed by Section 17.3(c) and Lessee does not elect to perform the Restoration Work, or (2) results in the termination of this Lease pursuant to Section 17.3(b), all Casualty Proceeds received therefor shall be payable in the following order of priority:
Major Casualty. If at any time prior to the Closing Date any portion of the Property is destroyed or damaged as a result of fire or any other casualty (“Casualty”) and the cost of repair is more than $500,000.00, Contributor shall promptly give written notice (“Casualty Notice”) thereof to Contributee. If the Property is the subject of a Casualty, Contributee shall have the right, at its sole option, of terminating this Agreement (by written notice to Contributor given within thirty (30) days after receipt of the Casualty Notice from Contributor). If Contributee does not terminate this Agreement, (i) any deductibles and the net proceeds of any insurance with respect to the Property paid to Contributor between the date of this Agreement and the Closing Date and not used by Contributor for repairs to the Property in connection with such Casualty shall be paid to Contributee at the time of Closing, and (ii) all unpaid claims and rights in connection with losses to the Property shall be assigned to Contributee at Closing without in any manner affecting the Consideration.
