Casualty Damage definition

Casualty Damage means any damage or destruction of property owned by Landlord or Tenant and resulting from fire, earthquake, or any other identifiable event of a sudden, unexpected or unusual nature (each, a “Casualty”).

Casualty Damage is defined in Section 10.1.1 of the Standard Lease Provisions

Casualty Damage. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In the event the Landlord decides in its discretion not to repair or restore the Premises or in the event any mortgagee of Landlord's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Premises, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within thirty (30) days after the date of such damage. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, Landlord shall allow Tenant an abatement of rent during the time and to the extent the Premises are unfit for occupancy. In the event that Landlord shall determine that restoration of the Premises: (i) will take longer than sixty (60) days; or (ii) in the event such restoration is not, in fact, completed within sixty (60) days, then in any such event either of Landlord or Tenant shall be entitled to cancel this Lease by written notice to such effect. In the event of any casualty to the Premises, which renders the Premises unfit for occupancy, the rent payable by Tenant hereunder shall, equitably abate from the date of such casualty until xxx completion of Landlord's required restoration or until the date of cancellation of this Lease.

Examples of Casualty Damage in a sentence

• Notwithstanding the foregoing, either party may terminate this Lease if the Casualty Damage occurred during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage.

• Commencing on the date of the Casualty Damage, Monthly Base Rent, Monthly Taxes, and the Monthly FOE shall be abated from the date of Casualty Damage through the period of repair and restoration in the proportion of the Premises, if any, which is not usable by Tenant.

• Tenant shall promptly give Notice to Landlord of any Casualty Damage affecting the Premises or Tenant’s access thereto.

• From and after the Effective Date and through and including the Closing Date, Seller shall operate and manage the Property in the same manner in which it is being operated as of the Effective Date, and shall maintain the Property substantially in its same repair and working order, reasonable wear and tear and Casualty Damage, and Eminent Domain (as defined in Section 14 hereof) excepted.

• Tenant shall not, however, be required to repair (or pay for the repair of) any Casualty Damage except to the extent such repairs are the obligation of Tenant under Article 16.

More Definitions of Casualty Damage

Casualty Damage means any fire or other casualty damage to the Premises or Building.

Casualty Damage has the meaning given to such term in Section 12.16(b).

Casualty Damage. For the purpose of computation with respect to Paragraph 24. (Casualty Damage) of the Master Lease, the "Premises" as described herein are deemed to be approximately 17,353 square feet.

Casualty Damage. As defined in subparagraph 36(a).

Casualty Damage has the meaning set forth in Section 9.1(a) of this Lease. "Casualty Notice" has the meaning set forth in Section 9.1(a) of this Lease.

Casualty Damage means an event in which the Leased Premises or other portions of the Building is damaged or destroyed by fire or other casualty. Within three (3) days after an event of Casualty Damage occurs, TTPU shall: (i) inform Lessor's designated property management contact via telephone; and (ii) give Lessor written notice via overnight or electronic mail ("Casualty Notice") which describes the Casualty Damage in detail, includes photographs of the Casualty Damage sufficient to reasonably convey to Lessor the scope and extent of the damage, and, if applicable, states the extent to which TTPU reasonably believes that the Leased Premises have been rendered untenable due to the Casualty Damage. Lessor will evaluate the Casualty Damage and prepare an estimate of the cost to repair Lessor's Work or Lessee Improvement Work (the "Estimated LW Repair Cost") and Lessor will evaluate the Casualty Damage and prepare an estimate of the cost to repair the Lessor’s Work or Lessee Improvement Work.

Casualty Damage shall have the meaning set forth in Section 15(a).