Tenant shall promptly restore all damage to tenant improvements or alterations installed by Tenant or pay the cost of such restoration to Landlord if Landlord elects to do the restoration of such improvements. If this lease is not terminated following Major Damage, or if damage occurs which is not Major Damage, Landlord shall promptly restore the Premises to the condition existing just prior to the damage.
In case of Major Damage, Landlord may elect to terminate this lease by notice in writing to the Tenant within 30 days after such date. 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 percent of the pre-damage value of the Building to repair, or which is not covered by insurance. Loss or Damage means any loss or damage to the Vehicle, including that caused by theft of the Vehicle or by adverse weather events, that requires repair or replacement including the loss of use of the Vehicle (demurrage), legal expenses, assessment fees, towing and recovery costs, storage, service charges and any appraisal fees of the Vehicle Severe property damage does not mean economic loss caused by delays in production. Severe property damage means substantial physical damage to property, damage to the treatment facilities which would cause them to become inoperable, or substantial and permanent loss of natural resources which can reasonably be expected to occur in the absence of a bypass.
Nonconforming Goods means only the following: (i) product shipped is different than identified in Buyer's purchase order or (ii) product's label or packaging incorrectly identifies its contents. Structural damage means a covered building, regardless of the date of its construction, has experienced the following. Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $500,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than ninety (90) days to repair. Property damage means physical injury to, destruction of, or loss of use of tangible property. Catastrophic Damage as used hereunder is major change or damage to In- cluded Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:ĭirect Damage has the meaning given to it in clause 26.2 įinished Goods means units of a manufactured product awaiting sale.
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