Substantial Destruction definition

Substantial Destruction means a structure which is damaged, whether voluntarily or involuntarily, to the extent that repairs to restore the structure to its original form and use would require the expenditure of 50 percent or more of the market value of the structure immediately before the time of the damage.

Substantial Destruction means the damage or destruction of the Building by any casualty to the extent that repair of such damage or destruction cannot be completed within one hundred eighty (180) days after the date of such damage or destruction, as reasonably determined by Landlord.

Substantial Destruction means the occurrence of any damage or destruction of the Property where the Estimated Cost of Restoration is 75% or more of the estimated Restored Value of the Property. “Partial Destruction” means the occurrence of any damage or destruction to the Property which is not a Substantial Destruction.

Examples of Substantial Destruction in a sentence

• If the Building is substantially destroyed or damaged (as determined by Tenant in its reasonable discretion) by fire or other casualty (“ Substantial Destruction”), then Tenant may, at its option, terminate this Lease by giving written notice of such termination to Landlord within sixty (60) days after the date of such casualty; provided, that this Lease shall terminate upon a termination of the Ground Lease in accordance with the terms thereof following the occurrence of any Substantial Destruction.

• In the event any or all of the District improvements located in or on the Leased Premises shall suffer either Partial or Substantial Destruction at any time during the Term hereof, the Rent due to be paid by Lessee shall be paid to the date of such destruction and shall then be abated to the extent that the Leased Premises are untenantable, so that Lessee shall only be obligated to pay Rent on those portions of the Leased Premises that are tenantable.

• If the Leased Premises are damaged by fire or other casualty, but not subject to Substantial Destruction as provided in Section 8.01, then such damaged part of the Leased Premises shall be reconstructed and restored, at Landlord’s expense to substantially the same condition as existed prior to the casualty; provided that, if Tenant has made any additional improvements pursuant to Section 6.03, Tenant shall reimburse Landlord for the cost of reconstructing the same.

• Whether there is a threshold of physical activity to improve health and prognosis is still controversial although several studies have shown that any physical activity may improve prognosis.

• Substantial Destruction means damage or destruction to Tenant Improvements in an amount equal to thirty percent (30%) or more of their replacement cost, as reasonably determined by Tenant.

More Definitions of Substantial Destruction

Substantial Destruction means damage or destruction of the Building Complex where the cost to repair or replace same exceeds forty percent (40%) of the replacement value of the Building Complex just prior to the damage or destruction.

Substantial Destruction shall, for purposes of this Mortgage, mean a casualty or loss or condemnation to the Mortgaged Premises which will close down more than 200 hotel rooms or more than 50% of the square footage of the Sands, in either event for a period of more than 120 days.

Substantial Destruction means damage and/or destruction of the Premises greater than fifty percent (50%) either in terms of reconstruction cost to fair market value or total square footage.

Substantial Destruction as used herein, shall be deemed to mean a destruction of improvements to such an extent that the then current estimated total costs of restoring the destroyed improvements to as good a condition of habitability and/or usability (for those certain uses herein authorized and intended therefore) as existed immediately prior to the occurrence of any such destruction shall exceed fifteen percent (15%) of the then current estimated total replacement costs of all of the improvements on the Leased Premises (excluding land and personal properties).

Substantial Destruction means any event of damage to or destruction of the Building (or of either of the buildings on Parcel A) which, in the opinion of the Architect, or an insurance adjustor or quantity surveyor qualified to practice in the Province of British Columbia and engaged by Lessee or by any Mortgagee or by any insurer of the Building, would require the repair or reconstruction of at least 50% of one of the Buildings;

Substantial Destruction means destruction of more than fifty percent (50%) of the Premises. Notwithstanding the foregoing, and regardless of whether or not insurance proceeds are available, if the Premises can be rebuilt within ninety (90) days after the date of destruction, Landlord may elect to rebuild the Premises at Landlord’s own expense, in which case, this Lease shall remain in full force and effect. Landlord shall notify Tenant of such election within thirty (30) days after the occurrence of total or Substantial Destruction. If the destruction was caused by an act or omission of Tenant, Tenant shall pay Landlord the difference between the actual cost of rebuilding and any insurance proceeds received by Landlord.

Substantial Destruction shall have the meaning set forth in SECTION 16.02.