partially damaged definition
partially damaged means damage which renders forty percent (40%) or less of the Premises untenantable. Notwithstanding the foregoing, in the event the Premises are rendered partially untenantable, Rent shall ▇▇▇▇▇ during the period of untenantability but only for the period of time and in the amount for which Rent reimbursement insurance proceeds are actually received by Landlord.
partially damaged means that the damage to the Premises or Building exceeds fifty percent (50%) of the replacement value of the Building or Premises. Landlord may elect to repair any damage to Tenant’s fixtures, equipment, or improvements. If the insurance proceeds received by Landlord are not sufficient to pay the entire cost of repair, or if the cause of the damage is not covered by the insurance policies which Landlord maintains under Subsection 7.1.2, Landlord may elect either to (a) repair the damage as soon as reasonably possible, in which case this Lease shall remain in full force and effect, or (b) terminate this Lease as of the date the damage occurred. Landlord shall notify Tenant within thirty (30) days after receipt of notice of the occurrence of the damage, whether Landlord elects to repair the damage or terminate the Lease. If the damage was due to an act or omission of Tenant, Tenant shall pay Landlord the difference between the actual cost of repair and any insurance proceeds received by Landlord. If Landlord elects to terminate this Lease, Tenant may elect to continue this Lease in full force and effect, in which case Tenant shall repair any damage to the Premises and the Building. Tenant shall pay the cost of such repairs, except that, upon satisfactory completion of such repairs, Landlord shall deliver to Tenant any insurance proceeds received by Landlord for the damage repaired by Tenant. Tenant shall give Landlord written notice of such election within ten (10) days after receiving Landlord’s termination notice. If the damage to the Premises occurs during the last year of the Lease Term, Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred, regardless of the sufficiency of any insurance proceeds and Landlord may retain all such proceeds. In such event, Landlord shall not be obligated to repair or restore the Premises and Tenant shall have no right to continue this Lease. Landlord shall notify Tenant of its election within thirty (30) days after receipt of notice of the occurrence of the damage. If Landlord does not elect to terminate the Lease due to damage or destruction occurring during the last year of the Lease Term, and if Landlord cannot repair such damage or destruction within one hundred twenty (120) days after the occurrence thereof, then Tenant shall have the right to terminate this Lease as of the date the damage occurred by delivering written notice thereof to Landlord within ten (10) days after delivery of...
partially damaged and "partial damage", as used in this Article XIV, shall have reference to damage of such a character which can reasonably be expected to be repaired, or the Demised Premises restored, within one hundred twenty (120) days from the time such repair or restoration work would be commenced. For purposes of this Section 14.6, the estimated time for repair or restoration shall be determined, in good faith, by Landlord's architect, without assumption of any delays caused by force majeure (as hereinafter defined), but with due regard to the specialized nature of Tenant's improvements and fixturing requirements.
More Definitions of partially damaged
partially damaged means: (a) damage to the extent of one third or less of the value of the buildings, improvements and personal property at the Hub. If the insurance proceeds made available to the Trustees are not sufficient to fully restore the premises, then the Trustees may terminate this agreement upon written notice to the HMAF and the Incubator in which event the parties shall have no further liability hereunder. In addition, notwithstanding anything in this section to the contrary, if, as a result of the partial destruction of the premises, the Trustees are unable to make full and productive economic use of the Hub and, in the Trustees’ reasonable determination, the full and complete restoration of the Hub will take in excess of one hundred eighty (180) days, then the Trustees may, upon written notice to the HMAF and the Incubator, within sixty (60) days after the partial destruction occurs, terminate this agreement, in which event the parties shall have no further obligations hereunder.
partially damaged means not more than 25% of the then cost of replacement of the Demised Premises or the Building, as the case may be.