Example ContractsClausesCasualty
Casualty
Casualty contract clause examples

Casualty. Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

Casualty. Seller assumes all risks and liability for damage to or injury occurring to the Property by fire, storm, accident, or any other casualty or cause until the Closing has been consummated. If the Property suffers any damage equal to or in excess of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00) prior to the Closing from fire or other casualty, Purchaser may on or before 30 days after Purchaser’s receipt of notice thereof either (a) terminate this Agreement, in which event the Earnest Money shall be refunded to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller, and neither party shall have any further right or obligation hereunder, other than the Surviving Obligations (provided, however, that Purchaser shall not be entitled to terminate this Agreement or obtain a refund of the Earnest Money if, within 15 days of the date the Property is damaged, Seller shall be able to demonstrate reasonably to Purchaser that Seller can repair such damage and proceed with construction of the Improvements so that Completion of the Work occurs prior to the Outside Completion Date, or (b) consummate the Closing, in which latter event all of Seller’s right, title and interest in and to the proceeds of any insurance covering such damage, and including any and all rent loss insurance proceeds relating to the period from and after the Closing Date, shall be assigned to Purchaser at the Closing and Purchaser shall receive a credit against the Purchase Price at Closing in an amount equal to the sum of (i) Seller’s deductible under its insurance policy and (ii) the amount of any uninsured or underinsured loss, and there shall be no other reduction in the Purchase Price. If the Property suffers any damage less than Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00) prior to the Closing, Purchaser will consummate the Closing and accept the assignment of the proceeds of any insurance covering such damage, including any and all rent loss insurance proceeds relating to the period from and after the Closing Date, plus receive a credit against the Purchase Price in an amount equal to the sum of (i) Seller’s deductible under its insurance policy and (ii) the amount of any uninsured or underinsured loss, and there shall be no other reduction in the Purchase Price.

Casualty . If any part of the Property is damaged or destroyed by fire or other casualty after the Effective Date, Seller must restore the Property to its previous condition as soon as reasonably possible and not later than ninety (90) days from Effective Date. If, without fault, Seller is unable to do so, Buyer may (i) terminate this Agreement and the Deposits will be refunded to Buyer, or (ii) accept at Closing the Property in its damaged condition, an assignment of any insurance proceeds Seller is entitled to receive along with the insurer’s consent to the assignment and a credit to the Purchase Price in the amount of any unpaid deductible under insurance policy for the loss.

Casualty. If during the Term of this Lease, any portion of the Premises, access to the Premises or any part of the Building which is essential to the use of the Premises is damaged or destroyed, then, within sixty (60) days of the date of such casualty (as such period shall be extended due to Tenant Delays and Force Majeure Delays), Landlord shall obtain an estimate from a reputable third-party contractor (in Landlord's reasonable discretion) (the “Restoration Estimate”) for the time period required in order to restore the Premises and/or Building to the condition immediately preceding the occurrence of such damage or destruction (the "Estimated Restoration Period"). In the event such Restoration Estimate provides that the Premises and/or Building cannot be restored within fifteen (15) months from the date of such damage or destruction, then either Landlord or Tenant shall be permitted to terminate this Lease by providing written notice to the other party within thirty (30) days after receipt of such Restoration Estimate. In the event the Restoration Estimate provides that the Premises and/or Building can be restored within fifteen (15) months from the date of such damage or destruction, and Landlord receives insurance proceeds sufficient to restore such damage (provided, however, to the extent Landlord failed to carry the insurance required hereunder then Landlord shall not be permitted to avoid its restoration obligations hereunder due to failure to receive adequate insurance proceeds), then this Lease shall remain in full force and effect and Landlord shall promptly commence to repair and restore the damage or destruction to substantially the same condition as existed prior to such damage and shall complete such repair and restoration with due diligence in compliance with all then existing Applicable Laws. In the event this Lease is not terminated as set forth above and Landlord fails to substantially complete the restoration work within sixty (60) days beyond the Estimated Restoration Period (subject to extension for Tenant Delays and Force Majeure Delays), then Tenant shall have the option to terminate this Lease upon at least thirty (30) days prior written notice to Landlord, by providing such written notice to Landlord following the expiration of such sixty (60) day period (as the same may be extended as set forth above) but prior to the date that Landlord actually substantially completes such restoration work; provided, however, that if Landlord substantially completes the restoration work prior to the effective date of such termination, then Tenant's election to terminate this Lease shall be deemed to be null and void and this Lease shall continue in full force and effect. Notwithstanding the foregoing, if (1) any Mortgagee of the Building will not allow the application of insurance proceeds for repair and restoration; or (2) the damage or destruction is not covered in full by Landlord's Insurance required by Paragraph 16 (or would have been covered in full had Landlord carried the insurance required under Paragraph 16), subject to the deductible, or (3) the damage or destruction occurs within the last twelve (12) months of the Term of this Lease or any extension hereof, then Landlord may, in its sole discretion, terminate this Lease by delivery of notice to Tenant within 30 days of the date Landlord learns of the damage. In the event the damage or destruction to the Premises occurs during the last twelve (12) months of the Term of this Lease, and provided that such damage or destruction shall have damaged the Premises or a portion thereof necessary to Tenant's occupancy for the uses permitted under this Lease and as a result of such damage the Premises are unfit for occupancy, then Tenant shall be permitted to

Casualty. (a) If the Building or the Premises shall be partially or totally damaged or destroyed, or rendered Untenantable as a result of fire or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided below, then (i) Landlord shall repair and restore (A) the Base Building Systems serving the Premises up to the point of connection to the Premises and the core and shell of the Building, including, without limitation, the columns, beams, floor slabs, ceiling slabs and perimeter walls of the Premises and the curtain wall and foundation of the Building and the means of access to the Building and the Premises to substantially the same condition as existing immediately prior to the Casualty, (B) the Premises (excluding all Improvements other than Landlord Insured Property and Tenant’s Property therein), and (C) Landlord Insured Property ((A), (B) and (C), collectively, “Landlord’s Restoration Work”) with reasonable dispatch (but, subject to the last sentence of this Section 7.05(a), Landlord shall not be required to perform the same on an overtime or premium pay

Casualty” has the meaning ascribed to such term in Section 11.3.

Casualty; Eminent Domain. In the event of a fire or other casualty affecting the Building or the Subleased Premises, or of a taking of all or a part of the Building or Subleased Premises under the power of eminent domain: (i) Sublandlord shall not have any obligation to repair or restore the Subleased Premises or any Alterations or personal property; (ii) Subtenant shall be entitled only to a proportionate abatement of Monthly Base Rent, Additional Rent and other charges to the extent Sublandlord receives a corresponding abatement of rent under the Overlease during the time and to the extent the Subleased Premises are unfit for occupancy for the purposes permitted under this Sublease and not occupied by Subtenant as a result thereof; (iii) Subtenant shall not, by reason thereof, have a right to terminate this Sublease unless the Overlease shall be terminated; and (iv) Sublandlord reserves the right to terminate the Overlease and this Sublease in connection with any right granted to it under the Overlease whether or not the Subleased Premises is damaged or the subject of a taking. In the event Overlandlord or Sublandlord exercises the right to terminate the Overlease as the result of any such fire, casualty or taking, Sublandlord shall provide Subtenant with a copy of the relevant termination notice and this Sublease shall terminate on the date upon which the Overlease terminates. If the Subleased Premises or any part of the Main Premises necessary for the use and enjoyment of the Subleased Premises is damaged by fire or other casualty, then either Sublandlord or Subtenant shall have the right to terminate this Sublease upon thirty (30) days' written notice to the other if the estimated time to complete restoration (as set forth in the Overlandlord's Restoration Estimate described in the Overlease) exceeds twelve (12) months.

Casualty” has the meaning ascribed to such term in Section 11.3.

Casualty” has the meaning set forth in Section 5.2.

Casualty: Fire, earthquake, flood, explosion, the elements, riot or any other event of a sudden, unexpected, or unusual nature.

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