Examples of Major Damage in a sentence
If the Leased Space or a portion of it is subject to Major Damage during the final three years of the Term, Tenant has the right, for a period of 60 days beginning on the date of the occurrence, to elect not to restore the affected Improvements as otherwise required under this Agreement by giving the Commissioner written notice of the election, in which event this Agreement will, as to the portion of the Leased Space, terminate upon the notice.
In case of Major Damage, Landlord may elect to terminate this Lease by notice in writing to Tenant within ninety (90) days after such date.
In the event of a such Major Damage or Demolition Determination, this Agreement shall, as between the Grantor and the Grantee be deemed impossible to accomplish and either Grantee or Grantor shall seek to release the Agreement in whole pursuant to the procedures established by the Act, including approval by the Massachusetts Historical Commission following its public hearing to determine that such release is in the public interest.
Major Damage" means damage by fire or other casualty to the Building or the Premises which causes the Premises or any substantial portion of the Building to be unusable, or which will cost more than 25% of the pre-damage value of the Building to repair, or which is not covered by insurance.
If Improvements to the Licensed Space are damaged, in whole or in part, by fire or other casualty, and there is no Major Damage (as defined below) to the portion of the Park infrastructure served by the damaged Improvements, Licensee must repair the damage to the Improvements as soon as reasonably possible at Licensee's expense.