Uninsured Casualty means Physical Damage to a Property which is either not covered by casualty insurance, or not covered in an amount sufficient to restore such Physical Damage to the Property.
Uninsured Casualty means damage to or destruction of the Premises from a cause not actually insured against, or from a cause actually insured against but for which the insurance proceeds paid or made available to Landlord are for any reason insufficient to rebuild or restore the Premises under then-existing building codes to the condition existing immediately prior to the damage or destruction, or from a cause actually insured against but for which the insurance proceeds are not paid or made available to Landlord within sixty (60) days of the event of damage or destruction.
Uninsured Casualty means damage or destruction to improvements on the Premises which is not an Insured Casualty.
Examples of Uninsured Casualty in a sentence
The Base Value for any Asset Group will be decreased by the Uninsured Casualty Adjustment.
Other than disputes as to Final Reports pursuant to Section 2.3(d), the Year 2000 Adjustment Amount under Section 3.4 or the Uninsured Casualty Adjustments under Section 2.2(i), which shall be governed by the foregoing, no other disputes under or in connection with this Agreement are required to be resolved by negotiation or arbitration under this Section 7.15.
If the relevant Parties are unable to reach agreement on (i) the Year 2000 Adjustment Amount under Section 3.4 or (ii) the Uninsured Casualty Adjustment under Section 2.2(i) within the fifteen (15) day period set forth in each such Section, the Parties shall, without further negotiation under this Section, submit the outstanding disputed items for resolution by the Arbitrator.
If the applicable Demised Property is not removed from this Lease in connection with an Uninsured Casualty or a End of Term Casualty, then Tenant shall complete the Restoration Work in accordance with Section 11.01, and, if insurance proceeds as a result of such casualty to the applicable Demised Property are insufficient to complete the Restoration Work, then Tenant shall be responsible for the payment of such amounts necessary to complete such Restoration Work.
If this Agreement terminates as result of an election by Buyer or Seller following a Major Uninsured Casualty the Deposit shall be immediately returned to Buyer.
More Definitions of Uninsured Casualty
Uninsured Casualty means a Casualty which (i) is not insured under Landlord's all risks policy described in Section 8.b. above, or (ii) would not have been insured under such a policy had Landlord maintained such policy in effect.
Uninsured Casualty has the meaning set forth in Section 10.1.7.
Uninsured Casualty will mean an event of damage or destruction for which the costs of Restoration (including the cost of any required code upgrades) exceeds One Million and No/100 Dollars ($1,000,000.00), as Indexed, plus, in all cases, the amount of any applicable policy deductible (except in the case of damage or destruction caused by earthquake, if Tenant is obligated to carry earthquake insurance pursuant to Section 17.1(a)(ii), the amount of the policy deductible shall be deemed to be the lesser of the amount of the policy deductible for non-earthquake damage under Tenant's property insurance policy maintained under Section 17.1(a)(ii) hereof as of the date of casualty, or the actual amount of the policy deductible) and which is not covered by available insurance proceeds payable under the policies of insurance that Tenant is required to carry under Section 17 hereof (or those insurance proceeds which would have been payable but for Tenant's default in its obligation to maintain insurance required to be maintained hereunder). Proceeds of insurance shall not be deemed "available" for purposes of this Section 12 to the extent that a Mortgagee, pursuant to the terms of its Mortgage if approved by Landlord under Section 36, retains or requires the application of such proceeds for purposes other than Restoration. Tenant shall provide Landlord with the Casualty Notice no later than ninety (90) days following the occurrence of such Major Damage or Destruction or Uninsured Casualty. If Tenant elects to Restore the Improvements, all of the provisions of Section 10 that are applicable to Subsequent Construction of the Improvements shall apply to such Restoration of the Improvements to the condition they were in prior to such Major Damage or Destruction as if such Restoration were Subsequent Construction.
Uninsured Casualty means a Casualty Event for which the Casualty Restoration Cost exceeds the sum of (i) One Million Dollars ($1,000,000), as Indexed plus (ii) the amount of any applicable policy deductible (except in the case of damage or destruction caused by earthquake, if Tenant is obligated to carry earthquake insurance pursuant to Article 14, the amount of the policy deductible shall be deemed to be the lesser of the amount of the policy deductible for non-earthquake damage under Tenant’s property insurance policy maintained under Article 14 as of the date of the Casualty Event, or the actual amount of the policy deductible) and which is not covered by available insurance proceeds payable under the policies of insurance that Tenant is required to carry under Article 14 hereof (or those insurance proceeds which would have been payable but for Tenant’s default in its obligation to maintain insurance required to be maintained hereunder). Proceeds of insurance shall not be deemed “available” hereunder to the extent that a Mortgagee, pursuant to the terms of its Mortgage permitted in accordance with Article 34, retains or requires the application of such proceeds for purposes other than Restoration.
Uninsured Casualty means damage or destruction to any portion of the Shopping Center resulting from any flood, earthquake, act of war, nuclear reaction, nuclear radiation or radioactive contamination, the existence or migration of Hazardous Materials, or any or any other casualty of any kind or nature whatsoever not covered by the insurance Landlord is required to maintain under this Lease. In the event Landlord fails to so terminate this Lease, this Lease shall not terminate, Landlord shall proceed with the reconstruction of the Premises and shall be responsible for the costs of same to the extent insurance proceeds are unavailable.
Uninsured Casualty means damage to or destruction of the Premises from a cause not actually insured against, or not required to be insured against, or from a cause actually insured against but for which the insurance proceeds paid or made available to Landlord are for any reason insufficient to rebuild or restore the Premises under then existing building codes to substantially the condition existing immediately prior to the damage or destruction, or from a cause actually insured against but for which the insurance proceeds are not paid or made available to Landlord within ninety (90) days of the event of damage or destruction; provided, however, a casualty shall not be deemed an “Uninsured Casualty” by reason of the application of a deductible under an insurance policy otherwise covering such casualty.
Uninsured Casualty means any of the following: (A) a risk that is not covered by Landlord's insurance, (B) a risk that would not be insured under the standard form of "All Risk" insurance policy that a commercially reasonable and prudent owner/manager of a first class office building in the vicinity of the Building would carry and maintain for such office building property, and (C) a risk for which Landlord's insurance deductibles are in excess of customary deductibles for other buildings in San Francisco comparable to the Building. Subject to the provisions of this definition, the determination of Operating Expenses shall be made by Landlord in accordance with generally accepted accounting principles and practices consistently applied.