Razing definition
Examples of Razing in a sentence
Landlord may apply all or part of the Springing Security Deposit to any unpaid rent or other charges due from Tenant or to cure any other defaults of Tenant, or to fulfill Tenant’s obligations with respect to the Razing Covenant (as defined in Section 6.06 below).
Notwithstanding the foregoing, in no event shall this Lease be terminated in such event and Tenant shall continue to pay the required monthly installments of Rent and comply with all other applicable provisions of this Lease; provided, however, that in such event Landlord and Tenant may mutually agree to terminate this Lease once Tenant has fulfilled its obligations under the Razing Covenant, as provided above in this Section 7.01(f).
If Tenant fails to fulfill its obligations under the Razing Covenant (whether following an Event of Default or at the expiration of this Lease), and in the absence of any Non-Razing Agreement, Landlord agrees to use the Security Deposit to remove the Building and restore the Property to the condition existing as of the Date of Lease, consistent with the Razing Covenant.
In the event the Improvements are razed and the Premises are restored to the condition in which they existed on the Commencement Date, this Lease shall automatically terminate thirty (30) days after completion of the Razing and Restoration of the Premises.
Landlord may apply all or part of the Springing Security Table of Contents Deposit to any unpaid rent or other charges due from Tenant or to cure any other defaults of Tenant, or to fulfill Tenant’s obligations with respect to the Razing Covenant (as defined in Section 6.06 below).
Subject to the terms of paragraph 37 (Razing of Conference Center, Administration Building and Tunnel) below, for so long as the Lessee (or an affiliate of the Lessee) utilizes the kitchen and cafeteria areas of the Conference Center per agreement with Lessor, or a lessee of the Conference Center, the Lessor shall, at Lessor's expense, keep the underground tunnel connecting the Conference Center to the Power Plant, and also connecting to the Premises, in good condition and repair.
If the Proceeds received by the Trustee shall not be sufficient to pay the entire cost of Restoration or Razing and Restoration of the Premises, Tenant shall pay the amount of any such deficiency.
Under no circumstances shall Landlord be obligated to make any payment, reimbursement or contribution towards the cost of the Restoration or Razing and Restoration of the Premises.
Razing means the removal from the Premises of all fixtures and improvements, including demolition and removal of all basements and foundations, filling all excavations, and compacting the soil sufficient for the construction of buildings in the future, returning the surface to grade, and leaving the Premises safe and free from debris and hazards.
Upon receipt by the Trustee of evidence satisfactory to it that the Restoration or Razing is complete and paid for in full, Trustee shall pay to Tenant any remaining balance of the Proceeds.