Total Destruction means any damage to or destruction of the Improvements or any part thereof which, in the reasonable estimation of the Beneficiary shall require the expenditure of an amount in excess of Forty Million Dollars ($40,000,000) to restore the Improvements to substantially the same condition of the Improvements immediately prior to such damage or destruction.
Total Destruction of the Premises shall mean damage or destruction to the Premises, for which the repair cost is twenty-five percent (25%) or more of the then replacement cost of the Premises (including tenant improvements), excluding the value of the land. In the event of a Partial Destruction of the Premises, Lessor shall immediately pursue completion of all repairs necessary to restore the Premises to the condition which existed immediately prior to said Partial Destruction. Said restoration work (including any demolition required) shall be completed by Lessor, at Lessor’s sole cost, within sixty (60) days of the occurrence of said Partial Destruction or within an extended time frame as may be authorized, in writing, by County. The Partial Destruction of the Premises shall in no way render this Lease and/or any option to purchase, granted herein, null and void; however, rent payable by County under the Lease shall be abated in proportion to the extent County’s use and occupancy of the Premises is adversely affected by said Partial Destruction, demolition, or repair work required thereby. Should Lessor fail to complete necessary repairs, for any reason, within sixty (60) days, or other time frame as may be authorized by County, County may, at County’s sole option, terminate the Lease or complete necessary repair work and deduct the cost thereof, including labor, materials, and overhead from any rent thereafter payable. In the event of Total Destruction of the Premises or the Premises being legally declared unsafe or unfit for occupancy, this Lease and/or any option granted herein shall in no way be rendered null and void and Lessor shall immediately instigate action to rebuild or make repairs, as necessary, to restore the Premises (including replacement of all tenant improvements) to the condition which existed immediately prior to the destruction. All rent payable by County shall be abated until complete restoration of the Premises is accepted by County. In the event Lessor refuses to diligently pursue or is unable to restore the Premises to an occupiable condition (including replacement of all tenant improvements) within 180 days of the occurrence of said destruction or within an extended time frame as may be authorized, in writing, by County, County may, at County’s sole option, terminate this Lease or complete the restoration and deduct the entire cost thereof, including labor, materials, and overhead from any rent payable thereafter. Further, Lessor, at County’s requ...
Total Destruction of the Premises shall mean damage or destruction to the Premises, for which the repair cost is twenty-five percent (25%) or more of the then replacement cost of the Premises (including tenant improvements), excluding the value of the land.
Examples of Total Destruction in a sentence
If Total Destruction occurs, this Lease will terminate 30 days following the destruction.
In the event of Partial Damage, Total Destruction, or a Hazardous Substance Condition for which Lessee is not responsible under this Lease, the Basic Rent payable by Lessee for the period required for the repair, remediation, or restoration of the damage will be abated in proportion to the degree to which Lxxxxx’s use of the Premises is impaired.
More Definitions of Total Destruction
Total Destruction means any damage to or destruction of the Improvements or any part thereof which, in the reasonable estimation of the Mortgagee shall require the expenditure of an amount in excess of fifty percent (50%) of the replacement value of the Property to restore the Improvements to substantially the same condition of the Improvements immediately prior to such damage or destruction.
Total Destruction means damage or destruction to the Premises to the extent that the cost of repair is fifty percent (50%) or more of the fair market value of the Premises immediately prior to such damage or destruction. If at any time during the Term there is a Total Destruction, Landlord may, at Landlord’s option, either (i) repair such damage in which event this Lease shall continue in full force and effect, or (ii) either Landlord or Tenant may terminate this Lease as of the date of such Total Destruction.
Total Destruction. As defined in Section 12.2(a).
Total Destruction the meaning specified in Section 19.3 hereof.
Total Destruction means such damage to the Leased Premises that renders same unfit for use by the Tenant for the Tenant's business and which cannot reasonably be repaired within four (4) months of the date of the destruction to the state wherein the Tenant could use substantially all of the Leased Premises for its business. A certificate of the Landlord's Architect certifying that "Total Destruction" has occurred shall be binding and conclusive upon both the Landlord and the Tenant for the purposes hereof.
Total Destruction means damage or destruction to the Project that involves estimated Restoration costs of more than 50% of the actual replacement value of the improvements constituting the Project immediately prior to such damage or destruction, such estimates to be in the good faith judgment of the Borrower (as evidenced by a certificate of an Authorized Borrower Representative delivered to the Trustee and consented to by the Owners during the Initial Fixed Rate Period).
Total Destruction means damage to an extent of more than one-third (1/3) of the cost of replacement of the Premises above the foundation. If the Lease is terminated pursuant to Section 6.3, then all insurance proceeds with respect to the Premises will be paid to Landlord, with the exception that the insurance proceeds paid for Tenant’s furniture, fixtures, and equipment will be paid to Tenant. Further, the Base Annual Rent must be paid by Tenant up to the date the Lease is so terminated, and any Base Annual Rent paid with respect to the period following the termination will be paid to Tenant.