Substantial Casualty. If prior to the Closing any Mall shall suffer any Substantial Casualty, Purchaser shall nevertheless be required to close title to all Malls hereunder. In the event of any such Substantial Casualty Equitable shall provide prompt written notice thereof to Purchaser, and Purchaser shall give written notice to Equitable within twenty (20) business days after Purchaser receives Equitable's written notice that Purchaser elects on the Closing Date either (i) to purchase all of the Malls, in which event Section 12.3 shall apply, or (ii) to purchase all of the Malls other than the Mall affected by such Substantial Casualty, in which event the Purchase Price payable at the Closing shall be reduced by that portion thereof which is allocated to the damaged Mall, as agreed by Equitable and Purchaser (the "Allocated Price") and Purchaser shall remain obligated to purchase the damaged Mall as hereinafter provided. If Purchaser shall make the election set forth in clause (ii) above, (a) the Closing shall take place as to all of the Malls other than the damaged Mall, (b) Escrow Agent shall retain in escrow pursuant to the terms of this Agreement that portion of the Deposit which bears the same proportion thereto as the Allocated Price bears to the Purchase Price (or the Letter(s) of Credit held by Equitable shall be reduced to such aggregate amount), (c) Equitable shall proceed with reasonable diligence to repair and restore the damaged Mall substantially to its condition immediately prior to such Substantial Casualty at Equitable's sole cost and expense, (d) Equitable shall be entitled to all insurance proceeds payable by reason of such Substantial Casualty, and (e) upon completion of such repair and restoration, Equitable and Purchaser shall consummate the sale of the affected Mall on the terms and conditions set forth in this Agreement applicable thereto. 12.2
Substantial Casualty. If the Premises are damaged by fire or other casualty, Lessee shall promptly notify Lessor thereof. If the Building or any part thereof shall be damaged by fire or other casualty to the extent that substantial alteration or reconstruction of the Building shall, in Lessor's sole opinion, be required (whether or not the Premises shall have been damaged), or if such casualty renders more than fifty (50%) percent of the rentable area of the Premises unusable by Lessee for the operation of its business in the Premises, or if as a result of such casualty any mortgagee of the Building requires that insurance proceeds payable in connection with such casualty be used to retire the mortgage debt, then, except as set forth in Section 12.5, Lessor may, at its option, terminate this Lease by notifying Lessee in writing of such termination within sixty (60) days after the date of such damage, in which event this Lease shall terminate on the date set forth in such notice. If such casualty renders more than fifty (50%) percent of the rentable area of the Premises unusable by Lessee for the operation of its business in the Premises, in the reasonable determination of Lessee, then Lessee may terminate this Lease by written notice thereof to Lessor within sixty (60) days after the date of such damage, or if, after such casualty, Lessor is excused from restoring the Premises under Section 12.5 and notifies Lessee that it will not restore the Premises, then Lessee may terminate this Lease by written notice thereof to Lessor within thirty (30) days after receipt of such notice by the Lessee. In the event that this Lease is terminated pursuant to this Section 12.4, Rent shall be abated, to the extent the Premises are unusable for the Permitted Uses, from and after the date of such damage to the date of such termination of this Lease, and no further Rent shall accrue or be payable after the date of such termination.
Substantial Casualty. If the Facilities are materially damaged or rendered materially untenantable by fire or other casualty, whether occurring on the Premises alone or in the Facilities, or if the Facilities are so damaged or so rendered untenantable by fire or other casualty that the repair, restoration or rebuilding of the Facilities would require more than ninety (90) days for completion, the Village may decide to either rebuild the Facilities or terminate this Agreement.
Substantial Casualty. In the event the Leased Property shall be damaged by fire, earthquake, other elements or other casualty during the Term and the Board of Directors of Tenant shall reasonably determine in good faith that the Leased Property has been rendered unsuitable for continued use in Tenant's business and may not be restored on an economically feasible basis (a "Substantial Casualty"), Tenant shall give notice to Landlord (the "Notice") within six (6) months following such Substantial Casualty of its election to either (A) purchase the Leased Property from Landlord pursuant to Section 8.04(b)(i) or (B) convey to Landlord a Substitute Property (as defined below) pursuant to Section 8.04(b)(ii).
Substantial Casualty. The term “Substantial Casualty” means any Casualty that, in Tenant’s reasonable judgment, renders a Property unsuitable for the then current use of such Property at the time of the Casualty.
Substantial Casualty. 17 1.94 Substantial Condemnation.....................................................17 1.95 Subtenant....................................................................17 1.96
Substantial Casualty. Notwithstanding any other provision of this Agreement to the contrary, in the event of substantial casualty damage to the Xxxxxxx-Xxxxx House, Grantor may request the approval of Grantee not to restore the Xxxxxxx- Xxxxx House pursuant to this Agreement. If Grantee, in its sole discretion, determines that the extent or nature of such casualty damage would prevent restoration in a manner which would protect the remaining Protected Features, then Grantee may grant such approval and Grantor may elect not to restore the Xxxxxxx-Xxxxx House pursuant to this Agreement. In the event of such approval not to restore, before any remaining portion of the Xxxxxxx-Xxxxx House is relocated or otherwise altered, Grantor shall allow Grantee to enter onto and into the Premises for the purpose of choosing and removing for posterity any such Protected Features, or portions thereof, together with the materials in which such features are set, that Grantee desires to salvage, and thereupon all casualty insurance proceeds shall be released as directed by Grantor.
Substantial Casualty. If (i) the Premises shall be damaged by fire, earthquake, other elements or other casualty during the Term and the Board of Directors of Tenant shall reasonably determine in good faith that the Premises has been rendered unsuitable for continued use in Tenant’s business, or (ii) during the last twelve (12) months of the Term, the Premises is damaged by fire, earthquake, other elements or other casualty and the amount of the damage is greater than twenty-five percent (25%) of the replacement cost of the Premises (excluding costs of footings, foundations, excavation and paving) (each a “Substantial Casualty”), then Tenant may terminate this Lease by delivery of written notice of termination to Landlord within ninety (90) days after the Substantial Casualty occurs. Notwithstanding the foregoing, Tenant shall be entitled to terminate this Lease pursuant to this Section 8.04(b) if and only if the insurance proceeds resulting from such casualty event (which are to be paid in full to Landlord in conjunction with such termination of this Lease by Tenant) are sufficient to fully restore the damaged or destroyed portion of the Premises (or, if the insurance proceeds from such casualty event are not sufficient to fully restore the damaged or destroyed portion of the Premises, then Tenant shall have the right to terminate this Lease by paying to Landlord an amount equal to the difference between the insurance proceeds resulting from such casualty event and the amount sufficient to fully restore the damaged or destroyed portion of the Premises). Upon such termination, Tenant shall surrender the Premises to Landlord, and neither party shall have any further obligations or liabilities under this Lease (except for such obligations and liabilities as would survive the normal expiration of the Term, all of which shall survive such early termination). Upon the termination of this Lease in accordance with the provisions of this Section 8.04(b), all insurance proceeds shall belong to and shall be payable to Landlord, and Tenant shall have no right or claim with respect to such insurance proceeds. In the event of any termination of this Lease under the provisions of this Section 8.04(b), this Lease shall terminate at the end of the calendar month in which the notice of termination is given.
Substantial Casualty. Such term shall have the meaning defined in Article XI.
Substantial Casualty. If the Premises are damaged by fire or other casualty, Tenant shall promptly notify Landlord and Overlandlord thereof. If the Main Lease is terminated due to any fire or casualty during the Lease Term, then this Sublease shall terminate
