Unsuitable for its Intended Use definition
Unsuitable for its Intended Use means a state or condition of the Facility as a whole, such that (i) following any damage or destruction involving the Facility, such Facility cannot reasonably be expected to be restored to substantially the same condition as existed immediately before such damage or destruction, within eighteen (18) months following such damage or destruction or such other longer period of time as to which business interruption insurance is available to fully cover Rent and other costs related to the Facility following such damage or destruction; or (ii) as the result of a partial taking by Condemnation, the Facility or Improvements, as the case may be, cannot be operated, in the good faith judgment of Landlord and Tenant, on a commercially practicable basis for its Intended Use, taking into account, among other relevant factors, the number of usable units, the amount of square footage or the revenues affected by such damage or destruction or partial taking.
Unsuitable for its Intended Use. A state of any Store such that by reason of damage or destruction, or a partial taking by Condemnation, such Store cannot, following restoration thereof (to the extent commercially practical), be operated on a commercially practicable basis for its use for the operation of Sears store, taking into account, among other relevant factors, the amount of square footage (excluding the Recapture Space) and the estimated revenue affected by such damage or destruction.
Unsuitable for its Intended Use. With respect to any Demised Premises, such Demised Premises being, following a Condemnation, of a size or in a state such that Tenant cannot (in its commercially reasonable judgment) (a) restore at least 80% of the Gross Leasable Square Footage of such Demised Premises as nearly as possible to its condition immediately prior to such Condemnation, or (b) continue to operate such Demised Premises on a commercially practicable basis in accordance with the then applicable Permitted Use, in compliance with all applicable Property Requirements and in a manner generally consistent with the manner in which such Demised Premises was operated prior to such Condemnation.
Examples of Unsuitable for its Intended Use in a sentence
If (i) the whole of the Leased Property shall be taken by Condemnation or (ii) a Condemnation of less than the whole of the Leased Property renders the entire Leased Property Unsuitable for its Intended Use then this Lease shall automatically terminate as of the Date of Taking.
Notwithstanding the foregoing, in the event that a period of two (2) years or less remains on the Term, Tenant may elect to terminate this Lease upon the occurrence of a Casualty in which the Property as a whole is rendered Unsuitable for its Intended Use by Notice to Landlord within thirty (30) days following the date of such Casualty which termination shall be effective on the last day of the calendar month in which such Notice is given.
More Definitions of Unsuitable for its Intended Use
Unsuitable for its Intended Use. A state of any Bank Branch such that by reason of damage or destruction, or a partial taking by Condemnation, such Bank Branch cannot, following restoration thereof (to the extent commercially practical), be operated on a commercially practicable basis for its use for the operation of a retail bank and related ancillary uses, taking into account, among other relevant factors, the amount of square footage and the estimated revenue affected by such damage or destruction.
Unsuitable for its Intended Use. A state of any Bank Branch such that by reason of damage or destruction, or a partial taking by Condemnation, such Bank Branch cannot, following restoration thereof (to the extent commercially practical), be operated on a commercially practicable basis for its use for the operation of a retail bank and related ancillary uses, taking into account, among other relevant factors, the amount of square footage and the estimated revenue affected by such damage or destruction. “U.S. Person”: A “United States person” as defined in the Code. “Utility Charges”: All fees, costs, expenses and charges for electricity, power, gas, oil, water, sanitary and storm sewer, septic system refuse collection, security, and other utilities and services used or consumed in connection with the applicable Property during the Term. “Wire Transfer”: As defined in Section 3.3.