Substantial Destruction definition
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.
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.
Examples of Substantial Destruction in a sentence
Since the date of this Agreement, no Substantial Destruction shall have occurred that is continuing.
More Definitions of Substantial Destruction
Substantial Destruction means to remove more than 60 percent of the existing exterior walls of a building or structure, as measured by the horizontal linear length of all exterior walls. Any partial removal of existing wall shall count towards the measurement of horizontal linear length the same as if the entire wall within that horizontal linear length was removed, except partial removal shall not include replacement of windows or doors when no beams or struts are removed. Walls shall include all structural components such as framing and foundations but shall not include the floor or roof and such wall components as insulation, or finish elements or surfaces (e.g., drywall or exterior paneling and siding).
Substantial Destruction means damage or destruction to the Property other than Tenant owned alterations, the repair cost of which damage or destruction is fifty percent (50%) or more of the then Replacement Cost of the Property, excluding Tenant owned alterations immediately prior to such damage or destruction. If Landlord’s insurance proceeds are sufficient to pay for the necessary repairs, and if the repairs can reasonably be made within one hundred eighty (180) days after Landlord receives such written notice from Tenant so that the damaged portion of the Property is completely restored to its condition prior to such casualty, Landlord shall forthwith cause such repairs to be made within such one hundred eighty (180) days and this Lease shall not terminate. While such repairs are being made, Landlord shall allow Tenant a fair reduction in rent in proportion to the extent the improvements are wholly or partially unfit for occupancy. If Landlord’s insurance proceeds are insufficient to pay for the necessary repairs or restoration, or the repairs or restoration cannot reasonably be made within one hundred eighty (180) days after Landlord receives such written notice from Tenant, this Lease shall terminate and the rent shall be paid to the date of such casually.
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 means such damage as, in the opinion of the architect or engineer retained by the Sub-Landlord requires substantial alteration or reconstruction of the demised premises or the means of ingress or egress thereto and therefrom, or such damage to the demised premises or means of ingress or egress as, in the opinion of the said architect or engineer, cannot be repaired within 6 months from the time of such damage. All provisions of this or any other paragraph with respect to damage or destruction may be made the subject and subordinate to the requirements of any registered mortgage, or debenture holder of Sub-Landlord.
Substantial Destruction means damage or destruction (i) to the extent of more than 50% of the cost of replacement of the Building, or (ii) which cannot be repaired or restored within the period set forth in subsection 14(i) below.
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;