Casualty Damage definition

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

  • Section History: Early Form [C79, 81, § 562A.24] Referred to in § 648.19 562A.25 Fire of Casualty Damage 1.

  • In the event Landlord is unable to or otherwise fails to complete the necessary repairs or restorations to eliminate the Material Casualty Damage within 135 days after the date of the Material Casualty Damage (or such longer period approved by Tenant and Landlord in their mutual reasonable discretion), Tenant shall have the right to terminate this Lease upon written notice to Landlord at any time prior to the completion of the repairs or restorations.

  • Following any Material Casualty Damage, the Rent payable hereunder (including Tenant’s Share of Operating Expenses and Insurance Expenses) shall be abated to the extent any of the Premises are untenantable or the operation of Tenant’s activities at the Premises are adversely affected.

  • Within 30 days after the date of Material Casualty Damage, Landlord shall provide Tenant with a written estimate, confirming the amount of time Landlord reasonably expects to complete the necessary repairs or restorations to eliminate the Material Casualty Damage (“ Completion Estimate”).

More Definitions of Casualty Damage

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.
Casualty Damage has the meaning given to such term in Section 12.16(b).
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 any fire or other casualty damage to the Premises or Building.
Casualty Damage. As defined in subparagraph 36(a).
Casualty Damage shall have the meaning set forth in Section 15(a).
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.