Casualty Damage means any damage or destruction of property owned by Landlord or Tenant and resulting from fire, earthquake, or any other identifiable event of a sudden, unexpected or unusual nature (each, a “Casualty”).
Casualty Damage is defined in Section 10.1.1 of the Standard Lease Provisions
Casualty Damage. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In the event the Landlord decides in its discretion not to repair or restore the Premises or in the event any mortgagee of Landlord's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Premises, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within thirty (30) days after the date of such damage. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, Landlord shall allow Tenant an abatement of rent during the time and to the extent the Premises are unfit for occupancy. In the event that Landlord shall determine that restoration of the Premises: (i) will take longer than sixty (60) days; or (ii) in the event such restoration is not, in fact, completed within sixty (60) days, then in any such event either of Landlord or Tenant shall be entitled to cancel this Lease by written notice to such effect. In the event of any casualty to the Premises, which renders the Premises unfit for occupancy, the rent payable by Tenant hereunder shall, equitably abate from the date of such casualty until xxx completion of Landlord's required restoration or until the date of cancellation of this Lease.
Examples of Casualty Damage in a sentence
System Owner will maintain Property and Casualty Damage Coverage in the amount of the aggregate replacement value of all System Assets.
Any such Casualty Damage occurring prior to such time shall be restored, repaired, replaced and rebuilt by Landlord.
He held therefore that there were no equitable considerations that overlay Ms Ma’s legal entitlements as a minority shareholder in STIC.
No Casualty Damage shall permit Tenant to terminate this Lease and Tenant waives any rights now or hereafter conferred upon Tenant by present or future law or otherwise to quit or surrender this Lease or the Demised Premises to Landlord in connection with any Casualty Damage.
The foregoing provisions of this Article XIII apply only to Casualty Damage occurring after the Lease Commencement Date.
More Definitions of Casualty Damage
Casualty Damage is hereby deleted in its entirety and the following shall be substituted therefor in its entirety:
Casualty Damage means any fire or other casualty damage to the Premises or Building.
Casualty Damage. As defined in subparagraph 36(a).
Casualty Damage has the meaning set forth in Section 9.1(a) of this Lease. "Casualty Notice" has the meaning set forth in Section 9.1(a) of this Lease.
Casualty Damage means an event in which the Leased Premises or other portions of the Building is damaged or destroyed by fire or other casualty. Within three (3) days after an event of Casualty Damage occurs, TTPU shall: (i) inform Lessor's designated property management contact via telephone; and (ii) give Lessor written notice via overnight or electronic mail ("Casualty Notice") which describes the Casualty Damage in detail, includes photographs of the Casualty Damage sufficient to reasonably convey to Lessor the scope and extent of the damage, and, if applicable, states the extent to which TTPU reasonably believes that the Leased Premises have been rendered untenable due to the Casualty Damage. Lessor will evaluate the Casualty Damage and prepare an estimate of the cost to repair Lessor's Work or Lessee Improvement Work (the "Estimated LW Repair Cost") and Lessor will evaluate the Casualty Damage and prepare an estimate of the cost to repair the Lessor’s Work or Lessee Improvement Work.
Casualty Damage shall have the meaning set forth in Section 15(a).
Casualty Damage. For the purpose of computation with respect to Paragraph 24. (Casualty Damage) of the Master Lease, the "Premises" as described herein are deemed to be approximately 17,353 square feet.