Casualty Clause Sample Clauses

POPULAR SAMPLE Copied 3 times
Casualty Clause. (a) If at any time during the Term of this Lease, the Leased Premises, the Common Areas, including the Parking Areas, the Buildings or any systems or equipment serving the Leased Premises, the Common Areas or the Buildings (collectively, the “Damaged Property”) is damaged by fire, earthquake, flood or by any other casualty of any kind or nature (a “Casualty”) then, except as hereinafter provided, Landlord shall proceed to rebuild or restore the Damaged Property at Landlord’s sole cost and expense; provided that, in no event, shall Damaged Property include, nor shall Landlord or Tenant have any obligation to rebuild or restore, any of Tenant’s furniture, furnishings, equipment, trade fixtures or other property owned by Tenant. If, in the reasonable opinion of Landlord’s architect as evidenced by a written letter of certification delivered to Tenant not more than forty-five (45) days following the Casualty, the Damaged Property cannot be repaired so as to make the Leased Premises and the Parking Areas tenantable within two hundred seventy (270) days from the date of notice of Landlord’s architect’s opinion, then Tenant shall have the right to terminate this Lease as to such property by notifying Landlord in writing of such termination within thirty (30) days of receipt of Landlord’s architect’s opinion. Any failure by Tenant to deliver such termination notice to Landlord by such thirtieth (30th) day shall constitute a waiver of Tenant’s right to terminate this Lease pursuant to this Section 6.3(a) as a result of such Casualty. (b) Landlord may elect to terminate this Lease as to an affected property on account of a Casualty by delivering written notice to Tenant within forty-five (45) days after a Qualified Damage; provided that Landlord also terminates all other similarly affected tenant leases that Landlord has a right to terminate as a result of such Casualty. As used herein, a “Qualified Damage” shall mean any one or more of the following:
View SourceView Similar (27)
Casualty Clause if the improvements on the Property are damaged by casualty before closing and the estimated loss of repair is less than 10% of the purchase price, then Seller shall repair the damage. If the estimated cost of repair is greater than 10% of the purchase price, or if repairs cannot be completed by closing, then the parties will bargain in good faith to renegotiate the contract. If renegotiation is unsuccessful, then either Buyer or Seller may cancel this contract.
View SourceView Similar (6)
Casualty Clause. This Contract shall be subject to the Illinois Uniform Vendor and Purchaser Act as currently in effect. Seller shall keep adequate insurance including fire and other extended coverage, on improvements on the Real Estate until possession is delivered to Purchaser. Purchaser may purchase additional insurance even though he is not in possession. Purchaser shall be responsible for insurance coverage upon taking possession of the Real Estate.
View SourceView Similar (3)
Casualty Clause. Seller shall bear the risk of loss or damage to the Property prior to Closing. If all or a material part of the Property is damaged or destroyed prior to closing, this Agreement shall terminate and be of no further force and effect, and Seller shall return the ▇▇▇▇▇▇▇ Money to Purchaser.
View SourceView Similar (2)
Casualty Clause. Seller shall bear the risk of loss and damage to the subject property prior to closing or possession, whichever first occurs. In the event all or a material part of the subject property is damaged or destroyed prior to closing or possession, whichever first occurs, this contract shall terminate and be of no further force and effect, unless the subject property can be restored to its present condition on or before the closing date. Seller shall keep adequate insurance, including fire and other extended coverage, on improvements on the subject property until title has passed to Purchaser or possession is delivered to Purchaser, whichever first occurs. Purchaser shall be responsible for insurance coverage upon taking title to or possession of the subject property, whichever occurs first.
View Source
Casualty Clause. 31 Section 6.04
View Source
Casualty Clause. (a) In the event of a fire or other casualty in the Premises, Building or Real Property, Tenant shall immediately give notice of such event in or affecting the Premises to Landlord. If the Premises shall be partially destroyed by fire or other casualty so as to render the Premises untenantable in whole or in part, or such fire or other casualty in the Building or Real Property deprives Tenant of the beneficial use and enjoyment of the Premises, then the Base Rent, Operating Expense Payment and Tenant’s Tax Payment shall ▇▇▇▇▇ as to the portion of the Premises rendered untenantable until such time as the Premises and the Building and Real Property, to the extent necessary for the beneficial use and enjoyment of the Premises, are made tenantable, as reasonably determined by Landlord and Tenant, and, in the event they are unable to agree, then the determination of the same shall be referred to the AAA for Expedited Arbitration (as hereinafter defined). In the event of total or substantial damage or destruction of the Premises or the remainder of the Building from any cause, Landlord may, at its option, decide whether to rebuild. If Landlord shall decide to rebuild, then this Lease shall remain in full force and effect during such rebuilding period (except that Rent shall be abated as aforesaid) and Landlord shall rebuild promptly and diligently. In no event shall Landlord be obligated to expend toward any such restoration an amount in excess of the net insurance proceeds it actually receives (after deducting all of Landlord’s costs of obtaining such insurance proceeds including, without limitation, attorneys’ fees and disbursements). If Landlord shall decide not to rebuild, then all Base Rent and additional rent owed up to the time of such damage or destruction or termination shall be paid by Tenant and this Lease shall then cease and come to an end. Landlord shall give Tenant notice of its decisions or elections under this Section within sixty (60) days after any such damage or destruction. Notwithstanding anything contained in this Section, Landlord shall not be obligated to restore or rebuild the Initial Improvements. (b) In the event of total or substantial damage or destruction of the Premises or the remainder of the Building and Real Property due to fire or other casualty, then, unless Landlord shall have elected not to rebuild, Landlord and Tenant shall jointly designate an independent architect or engineer to survey such damage or destruction and, wit...
View Source
Casualty Clause. 19 13.1 Partial Abatement Rent; Repair; Option to Terminate.............19 13.2
View Source

Related to Casualty Clause

  • Penalty Clause a. Non-execution of supply order - For the reasons of failure to supply partially or completely within 30 days, if the Procurement cell has to buy the items from the RC 2 (L-2), RC 3 (L-3) or approved local vendor firm, the rate difference in cost will be recovered from ▇▇ ▇▇▇▇▇▇ i.e. L1 /Billing Agency as appointed by the Rate Contract Holder. The difference amount will be deducted from the forthcoming bills of the supplier pertaining to any product. Repeated failure (Three times) to supply in part or in full may amount to termination of rate contract for the product (s) and forfeiture of Performance Security. Reasons of failure to supply the material will be communicated by the firm to the Procurement cell timely. b. Late delivery clause -The date & time of the delivery as stipulated in the supply order shall be deemed to be the essence of the contract and delivery must be completed no later than the date(s) as specified in the supply order. Unsupplied items of each supply order which will not be supplied during stipulated time period of 30 days should be treated as cancelled and will be procured from RC-2/RC-3 or approved local vendor and difference amount deducted from forthcoming bills of RC1 (L1)/Billing Agency as appointed by the Rate Contract Holder. c. Non production of item – Difference in the value between existing source and source from where supplies are being obtained for remaining tendered quantity will be recovered from the billing agency.

  • Indemnity Clause CONTRACTOR agrees to indemnify, save harmless, and release DISTRICT, and all its officers, agents, volunteers, and employees from and against any and all loss, damages, injury, liability, suits, and proceedings arising out of the performance of this contract which are caused in whole or in part by the acts or negligence of CONTRACTOR's officers, agents, volunteers, or employees, but not for claims arising from DISTRICT's sole negligence. The parties agree that if there are any Limitations of CONTRACTOR's Liability, including a limitation of liability for anyone for whom CONTRACTOR is responsible, such Limitations of Liability will not apply to injuries to persons, including death, or to damages to property.

  • Severability Clause In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

  • Separability Clause In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  • Saving Clause If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof.