FIRE OR CASUALTY definition

FIRE OR CASUALTY. Major damage" means damage by fire or other casualty to the Building or the Premises which causes the Premises or any substantial portion of the Building to be unusable, or which will cost more than 25 percent of the pre-damage value of the Building to repair, or which is not covered by insurance. In case of major damage, Landlord may elect to terminate this lease by notice in writing to Tenant within 30 days after such date. If this lease is not terminated following Major Damage, or if damage occurs which is not Major Damage, Landlord shall promptly restore the Premises to the condition existing just prior to the damage. Tenant shall properly restore all damage to tenant improvements or alterations installed by Tenant or pay the cost of such restoration to Landlord if Landlord elects to do the restoration of such improvements. Rent shall be reduced from the date of damage until the date restoration work being performed by Landlord is substantially complete, with the reduction to be in proportion to the area of the Premises not usable by Tenant.
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FIRE OR CASUALTY. Major Damage" means damage by fire or other casualty to the Building or the Premises which causes the Premises or any substantial portion of the Building to be unusable, or which will cost more than 25 per cent of the pre-damage value of the Building to repair, or which is not covered by insurance. In case of major damage, Landlord may elect to terminate this lease by notice in Page 4 Please Initial ------- ------- Landlord Tenant writing to Tenant within 30 days of such date. If this lease is not terminated following major damage, or if damage occurs which is not major damage, Landlord shall promptly restore the Premises to the condition existing just prior to the damage. Tenant shall promptly restore all damage to tenant improvements or alterations installed by Tenant or pay the cost of such restoration to Landlord if Landlord elects to do the restoration of such improvements. Rent shall be reduced from the date of damage until the date restoration work being performed by Landlord is substantially complete, with the reduction to be in proportion to the area of the Premises not usable by Tenant.
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Examples of FIRE OR CASUALTY in a sentence

  • FIRE OR CASUALTY............................................................

  • LANDLORD IS NOT REPONSIBLE FOR, AND WILL NOT PROVIDE, FIRE OR CASUALTY INSURANCE FOR THE TENENAT’S PERSONAL PROPERTY.

  • FIRE OR CASUALTY .................................................

  • THE LANDLORD IS NOT RESPONSIBLE FOR AND WILL NOT PROVIDE FIRE OR CASUALTY INSURANCE FOR TENANT’S PERSONAL PROPERTY.

  • FIRE OR CASUALTY PARAGRAPH 12 In the event the Premises, or access to them, are wholly or partially destroyed by fire or other casualty covered by the form of property insurance maintained by Landlord, Landlord shall rebuild, repair or restore the Premises and access thereto to substantially the same condition as when the same were furnished to Tenant, excluding any improvements installed by Tenant, and the Lease shall continue in full force and effect.

  • LANDLORD SHALL EXERCISE ITS OPTION PROVIDED HEREIN BY WRITTEN NOTICE TO TENANT WITHIN SIXTY (60) DAYS OF SUCH FIRE OR CASUALTY.

  • TENANT, HOWEVER, SHALL NOT HAVE THE RIGHT TO TERMINATE THIS LEASE IN THE EVENT THAT THE FIRE OR CASUALTY IN QUESTION WAS CAUSED BY THE NEGLIGENCE OR INTENTIONAL MISCONDUCT OF TENANT.

  • FIRE OR CASUALTY......................................................................

  • IF THE BUILDING, IMPROVEMENTS OR OTHER PORTIONS OF THE PREMISES ARE RENDERED PARTIALLY OR WHOLLY UNTENANTABLE FROM FIRE OR OTHER CASUALTY, AND IF SUCH DAMAGE CANNOT, IN LANDLORD'S REASONABLE ESTIMATION, BE MATERIALLY RESTORED WITHIN ONE HUNDRED EIGHTY (180) DAYS OF SUCH DAMAGE, THEN LANDLORD MAY, IN ITS SOLE OPTION, TERMINATE THIS LEASE AS OF THE DATE OF SUCH FIRE OR CASUALTY.

  • FIRE OR CASUALTY OR EMINENT DOMAIN.....................................