Casualty definition lease

 

CASUALTY definition: 1. "Note" is defined in Section 2. Based on 2 documents. A Standard Clause containing casualty provisions for use in a commercial real estate lease to protect the parties if fire damage or other casualty losses to the premises occur during the lease term. A deductible casualty loss is subject to specific rules and complex calculations. Section 7-2A-302 — Title to and possession of goods. Payments received by a tenant for the cancellation of a lease are treated as an amount realized from the sale of property. From the lessor's point of view, the theoretical difference between a termination and a casualty is a layer of residual value commonly referred to as "upside". The casualty provision in the lease will generally include an “out” for either party, or both, in at least some cases where casualty has occurred. , during the last year). 1-105. ” ased on this definition, here are six actions a contracting party can take to ensure that lease termination does not result in lease litigation: 1. Casualty Damage means any damage or destruction of property owned by Landlord or Tenant and resulting from fire, earthquake, or any other identifiable event of a sudden, unexpected or unusual nature (each, a “Casualty”). In United States real estate, a bond lease, also called an absolute triple net lease, true triple net lease or even a hell-or-high-water lease is the most extreme form of the NNN lease, in which the tenant is responsible for every fathomable real estate risk related to the property and is responsible for every single property related expense, even in instances of a material casualty/condemnation. S. In this case, the court continued that trend, ruling that the pandemic was not a “casualty” that permits a tenant to abate its rent payments or cancel its lease. Explaining Casualty Loss term for dummies. 2 of the Loan Agreement. Based on 8 documents Chapter 83 LANDLORD AND TENANT Entire Chapter. Events similar to “fire, storm, or shipwreck are included in casualty. Katkov discusses a recent federal court decision in a case involving a landlord-tenant dispute regarding the Woolworth Building in St. —. or casualty, whichever is sooner, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the Mar 9, 2022 · The occurrence of damage or destruction near the end of the lease term; and. Casualty Repair means and refer to the repair and reconstruction of the damaged portion (s) of the Property, the Building and/or the Tenant Space to substantially the same condition in which they existed immediately prior to each Casualty Event. Such a loss is eligible for tax deductions if the taxpayer does not get complete coverage and sustains the losses in the taxable year. If any acts or occurrences of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, shall result in damage to or loss or destruction of the Mortgaged Property, Grantor will give prompt notice thereof to Beneficiary. Commercial leases commonly contain one or more provisions dealing with the subject of who is liable for wear and damage to the leased premises during the time of the lease. This also extends to home-based businesses, who often mistakenly believe their homeowner’s insurance covers their business needs. ” 2011 Ariz. (b) If after a casualty loss the rental premises are as a practical matter totally unusable for residential purposes and if the casualty loss is not caused by the negligence or fault of the tenant, a member of the tenant's family, or a guest or invitee of the tenant, either the landlord or the tenant may terminate the lease by giving written How to use casualty in a sentence. 1-103. also : an unavoidable circumstance that prevents the timely performance of a procedural act (as the filing of an answer) by a party or the party's lawyer compare excusable neglect. With businesses stil l fully Definition of Casualty in Oxford Advanced Learner's Dictionary. (=injured person) accidenté (e) m/f , blessé (e) m/f. Section 7-2A-305 — Sale or sublease of goods by lessee. Casualty insurance definition: insurance providing coverage against accident and property damages, as automobile, theft, liability, and explosion insurance, but not including life insurance, fire insurance, or marine insurance. : unavoidable accident. If (a) there are sufficient insurance proceeds or sufficient other A causal nexus exists if the result is a natural and reasonable outcome or consequence of the activity. definition 2: the loss of a member of the armed forces during a military conflict. 1. Cite. 2 (a) of the Lease. Tax indemnities, costs, interest Casualty is a term not subject to precise definition, but generally refers to an unforeseen and unpreventable loss or accident, such as damage caused by hurricane or fire, or a shipwreck. Section 7-2A-301 — Enforceability of lease contract. To date, the clause has received scant judicial attention, which invites some confusion about how to Mar 31, 2021 · One year into the pandemic, courts have almost uniformly found that COVID-19 does not permit commercial tenants to avoid their rent payment obligations. A landlord also should try to provide itself with a right to terminate the lease if a casualty occurs at the end of the term (e. Simply put, when property gets damaged, destroyed, or stolen, you have to pay to fix or replace it. obligation under the lease. Section 7-2A-304 — Subsequent lease of goods by lessor. Partner Eric Sherman and Associate Eric Dowell have authored this Law360 article addressing the application of Article 9 of the Real Estate Board of New York’s standard form commercial lease. Territorial Application of Article to Goods Covered by Certificate of Title; 26-1-2. other casualty as herein used, among other things, shall include Scope; Transactions Creating a Lease; Hybrid Transactions; 26-1-2. Given the hurricane's severity, many homes along the coast were unfortunately casualties of the Define Landlord's Casualty Insurance. The landlord claimed that Foot Locker failed to keep the building in good repair, and the court considered the measure of damages for the landlord’s claims. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. 1-106. Damage and Destruction Provision in a Commercial Lease. definition 1: a member of the armed forces removed from active duty as a result of being killed, wounded, captured, or missing in action. Casualty insurance – Line of insurance that includes a wide variety of unrelated coverages, including liability, auto, workers’ compensation, aviation, crime, and surety bonds. Upside is the difference between the residual the lessor booked in a lease and what it believed it could actually get for the equipment upon disposition. In equipment financing situations, the equipment serves as the key collateral supporting the Casualty Value means the greater of the aggregate Rent remaining to be paid for the balance of the lease term or the Fair Market Value of the Equipment immediately prior to the Casualty Loss. Casualty to identified goods Sec. maintenance was performed. Additionally, tenants are responsible for obtaining separate coverage to protect their personal property. Nov 21, 2023 · The definition section of a casualty insurance policy defines common terms found in the policy. Definition of casualty noun in Oxford Advanced American Dictionary. A casualty clause is standard in most commercial leases. A lease deed along with the delivery of possession creates a legal obligation upon a person. Jun 12, 2024 · noun. Rest. Lease and License. 221. Although such a A Commercial Lease Casualty Damage and Restoration-Related Clause is a commercial lease clause (within a commercial lease) that outlines the procedures, obligations, and rights of both the landlord and tenant in the event the leased property is damaged or destroyed by unforeseen events such as fires, natural disasters, or other forms of casualties. g. If the damage results from a sudden event beyond your control, you may be able to deduct A Real-Estate Lease Agreement (RELA) Casualty Damage and Restoration Article is a real-estate lease agreement article (in a RELA) that defines the rights, obligations, and procedures for both the landlord and the tenant in the event of casualty damage to the leased premises due to unforeseen but pre-specified events. Total or substantial damage to the entire commercial center or building. Casualty damage. Consider the following scenario, a new storm sewer is scheduled for construction along the road where mortgaged property is located. Common terms may include policyholder, peril, premium, and effective date. 28–24. Payments received by a landlord (lessor) for the cancellation of a lease are essentially a substitute for rental payments and are taxed as ordinary income in the year in which they are received. Casualty Event any damage to or any destruction of, or any condemnation or other taking by any Governmental Authority of any property of the Loan Parties. → The battle cost each side a quarter of a million casualties. Normally the seller will finance the down payment necessary to acquire a mortgage. An insurance policy is a Define No Casualty. a serviceman or servicewoman who is killed, wounded, captured, or missing as a result of enemy action. (a) The parties hereto shall grant and accept transfers, assignments, leases or subleases of the Properties as described in this Agreement, regardless of any casualty damage or other change in the condition of the Properties. similar words: captive, prisoner, victim. Face it, the casualty (or damage or destruction) clause is a provision that Rodney Dangerfield could appreciate--it gets no respect. . The terms will be different from lease to lease, and the party given the different types of rights will differ depending upon which party (landlord or tenant) is in what I call the “power Oct 1, 1997 · End of term casualty. A. Landlord and School hereby waive any recovery of damages against each other (including their employees, officers, directors, agents or representatives) for loss or damage to the Building(s), Premises, Improvements, betterments, fixtures, equipment, and any other Jul 7, 2022 · Casualty and theft losses are deductible losses arising from the destruction or loss of a taxpayer’s personal property due to a sudden or unforeseen event. Section 7-2A-221 — Casualty to identified goods. Casualty Repair is defined in paragraph 10 of this Lease. This type of insurance is vital Casualty can refer to both an unforeseen accident or disaster, as well as the resulting harm from said accident or disaster. Ground leases, whereby a commercial developer leases a parcel of land and constructs its improvements on the leased property, have long been used as a vehicle for the development of commercial real estate. a hospital department in which victims of accidents, violence, etc, are treated. Oct 10, 2022 · A mass casualty incident (MCI) is defined as “an event that overwhelms the local healthcare system, where the number of casualties vastly exceeds the local resources and capabilities in a short time. For a ground lease, either the landlord or tenant will obtain insurance for improvements. A “wear and tear” provision can be significant in a commercial lease dispute. "Non- Casualty Recoveries " means the proceeds of any recovery in respect of any Non - Casualty Loss from insurance, a Governmental Authority or otherwise. Loss shall relieve Lessee from its obligations to pay Rent except as provided in clause (b) below. casualty n (person killed in war) 전사자 명 : Mrs. Casualty; Lease Termination. , a commercial landlord claimed the lessee was obligated to replace the roof of a building at the end of a 20 year lease because the tenant contracted to pay for “repairs. n. Commercial property and casualty insurance is key for ensuring your business’ success both now and in the future. Casualty insurance includes vehicle insurance, liability insurance , theft insurance and Jun 8, 2021 · Standard casualty provisions in commercial leases often leave the term “casualty” undefined, loosely describing such events—which often result in a rent abatement or termination right—as a Steven P. Her son was a casualty of war. An unexpected event is one that is ordinarily unanticipated, occurring without the intent of the taxpayer suffering the loss. a military person lost through death, wounds, injury, sickness, internment, or capture or through being missing in action… See the full definition Define Casualty Termination Lease. Gray's first husband was a casualty of definition. ” Any MCI can rapidly exhaust available resources for not only the MCI but also the normal day-to-day tasks of the hospital. Sample 1 Sample 2 Sample 3. Casualty clauses govern what happens if there is damage to the building that makes it inaccessible or unusable in whole or in part. a person who is injured or killed in an accident. other casualty means casualty insured under a customary property damage insurance policy without modifications or endorsements, and does not include an event or occurrence involving Hazardous Substances or other environmental matters or similar events or occurrences. Casualty loss refers to property loss resulting from unforeseen, unusual, and sudden events. after a catastrophic casualty when the lease is silent on the subject, the parties’ practical concerns in drafting functional casualty provisions, and the threemajor issues that must be addressed by the casualty provisions in every lease —continuation of the lease term, restoration of the premises and related A Commercial Lease Casualty Damage and Restoration Clause is a commercial lease clause (within a commercial lease) that addresses the rights, obligations, and procedures for both the landlord and tenant if the leased property suffers damage or destruction from casualty damage (unforeseen events such as fires, natural disasters, or other casualties). 3. Police found the stolen car in a severe state of disrepair, making it a casualty of the criminal act. Definitions and Index of Definitions; 26-1-2. In addition, in the event that a HP Lease with respect to a Leased Property or a Sublease Feb 28, 2021 · Net Lease: A provision that requires the tenant to pay a portion or all of the taxes, fees and maintenance costs for the property in addition to rent. casualties. SECTION 63. After the conclusion of the thirteenth (13th) month of the Term or at any time upon an actual or constructive total loss of the Equipment, Lessee may prepay any amounts or obligations due under the Lease or this Lease Schedule (the "Casualty Value") in accordance with the Casualty Value Schedule, attached hereto as Schedule A. 1-219, then: Mass casualty plot/attack, which is defined as a violent plot or attack in which the perpetrator (s) intended to harm, or successfully harmed, four or more victims. App. Section 7-2A-303 — Alienability of interests, transfer of rights, etc. Rul. As mentioned above, most leases grant the owner the right to terminate in the event of a casualty. For an example of lease language you can use, see our Model Lease Clause: Minimize Risk and Interruption from Casualty [par. However, the landlord is responsible for taking care of the roof and structure. In a Triple Net (NNN) Lease, the tenant is responsible for paying for all costs related to: 1) property taxes; 2) maintenance; and 3) insurance, hence the “triple net. COMMON AREAS- Areas and facilities in or about a project (and not necessarily included within or contiguous to it) which casualty n (person wounded in war) (전쟁) 부상자, 다친 사람 명 : The battlefield was strewn with casualties, many of whom were calling out for help. How to use "casualty" in a sentence. Some of the key differences are a result of the equipment lessors’/lenders’ focus on the leased or financed equipment. Net lease requirements are most commonly used 3 days ago · casualty in British English. (ˈkæʒjʊəltɪ ) noun Word forms: plural -ties. Restoration Following Casualty. same Although the contract provisions in a ground leasecan be viewed through the lensof a more traditional commercial lease where a landlord owns the land and improvements and leases both to the tenant, the unique aspects of ground A lease deed, also known as a rental lease agreement, is a legal contract between an owner and an individual who wants to rent or lease a property. Call us today @ (561) 699-0399 to set-up an appointment to visit our Lantana, Florida office location. Non-Casualty Loss is defined in Section 9. 83. Background . Force majeure clauses, common in most commercial lease agreements, generally excuse, or temporarily delay, certain landlord or tenant lease obligations due to unforeseen circumstances beyond the parties’ control. This coverage can benefit commercial property owners, retail stores, manufacturers, and others. While these clauses may result in a reduction of rent or other remedy in favor of the tenant, these clauses are generally confined to circumstances in which the premises are physically damaged or destroyed. These casualty provisions favor the tenant but contain integrated drafting notes with helpful guidance and negotiating tips for landlords and tenants. Corp. The parties hereto mutually agree that if the Leased Premises are partially or totally destroyed by fire or other casualty covered by the fire and extended coverage insurance carried by Lessor, then Lessor may after thirty (30) days written notice to Lessee, at Lessor's option, repair and restore the Leased Jan 7, 2015 · Don't Become a Casualty of Lease Casualty Clauses. someone or something that is badly…. Origins. In its military sense, the term "casualty" includes all those who are killed in action or who die of wounds, as well as those who are wounded, listed as missing, or taken prisoner of war. This clause provides that certain sudden and substantial physical damages to the Premises would result in termination of the Lease if the Landlord does not restore the Premises within a stated or reasonable time. Document the Condition of the Premises at the Beginning of the Lease Proving either — as landlord — that your damages exceed normal Aug 7, 2023 · Casualty insurance is a broad category of coverage against loss of property, damage or other liabilities. If the premises are damaged or destroyed other than by the wrongful or negligent acts of the tenant so that the enjoyment of the premises is substantially impaired, the tenant may terminate the rental agreement and immediately vacate the premises. Examples of Landlord's Casualty Insurance in a sentence. Lease and License are another two terms that confuse a lot of people. None of these facts were dispositive in the case. 전쟁터는 부상자로 가득했으며, 그중 다수는 도움을 청하고 있었다. Takeaways. From mitigating costs during a major storm to protecting your reputation during a lawsuit, property and casualty insurance is a category of insurance policies that can cover a wide range of risks. These clauses usually cover who is Casualty Event means the damage, destruction or condemnation, as the case may be, of property of any Person or any of its Subsidiaries. → The casualties were taken to the nearest hospital. 63 Casualty damage. Whether people, places, or things, anything can be considered a casualty of a certain harm. Thus, the purchaser is Get the definition of Casualty Loss and understand what Casualty Loss means in Real Estate. (=dead person) victime f , mort (e) m/f. If a fire causes your business to burn down, that loss would be considered a casualty for insurance purposes. Jan 18, 2016 · This can be a tricky calculation but a Tenant should only pay for the property they can use. Apr 10, 2019 · Among the different lease types, Triple Net and Absolute Net Leases are most often confused. "Obligations" means all obligations (monetary or otherwise) of Lessee Commercial property and casualty insurance are crucial if you own, lease, or rent a space for your business operations. 31. definition. Aug 20, 2021 · The Lease was triple net (including the obligation to rebuild in the event of a casualty) and contained many traditional ground lease provisions including the obligation to construct a building and the right to finance the leasehold with leasehold mortgagee protections. Long-term ground leases of publicly owned property have also become a primary tool of governmental and quasi Nov 30, 2015 · Typically, the loan agreement includes casualty and condemnation provisions that simply provide all proceeds from such events go to the lender, which may be applied to paying down principal on the loan. Business interruption is often closely associated with damages and destruction as those events often interrupt the May 31, 2024 · A well-drafted equipment lease or equipment financing agreement differs substantially from documentation often used by traditional lenders in transactions secured by personal property. Pre-lease Casualty has the meaning indicated in subparagraph 2(A)(2)(a). Figure 1: Mass casualty Pre-hospital ‘FACE’ diagram disaster planThe pre-hospital disaster plan can be tested through disaster preparedness exercises or drills. Ground Lease Fundamentals. Shipp, PLLC is here to help you with all of your Landlord-Tenant needs. And an unusual event is one that is extraordinary and nonrecurring, not commonly occurring during the Lend-lease was the term popularly given to the US policy of extending material aid to the Allies before and after the United States entered World War II. Lease deeds should contain information, such as: Cancellation of a lease. someone who is injured or killed in an accident or war: 2. Sep 22, 2020 · Sources. When any Casualty Loss occurs, Lessee shall immediately notify Lessor and, at the option of Lessor, shall promptly (a) place such Equipment in good repair and working order; or (b) pay Lessor an amount equal to the Stipulated Loss Value of such Equipment and all other amounts Sep 17, 2021 · The Casualty Claim. Casualty Damage. Leases Subject to Other Statutes; 26-1-2. 1-104. Casualty. Limit Owner’s Right to Terminate. Casualty Value. However, if a Casualty Value Table is attached to the relevant Schedule its terms will control. , in which Foot Locker Foot Locker was the tenant under a lease from 1920. is defined in Section 13. tenant’s lease would have been renewed, but for a condemnation, and the tenant is other than one with a month to month lease that expires after the government has stepped into the landlord’s position,. Jan 5, 2024 · Key Takeaways. For example, in Dorian v. This Standard Clause favors the tenant but has integrated notes with important explanations and drafting and negotiating tips for both landlords and tenants. Limitation on Power of Parties to Consumer Lease to Choose Applicable Law and In wartime, you'll hear the word casualty used often for someone killed or injured. the lease. If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or IC 26-1-2. 2. In this case, the landlord must refund all unused rent and CASUALTY- Physical damage to real property, due to fire, the elements, accident or another cause. 8 F. ”. A Standard Clause containing casualty provisions for use in a retail lease to protect the parties if fire damage or other casualty losses to the premises occur during the lease term. Feb 7, 2024 · Casualty insurance clauses are important provisions in a lease agreement that outline how the parties will handle a casualty event affecting the leased property. Sample 1 Sample 2. Is your leased property suffering from casualty damage? The Law Office of Ryan S. However, damage or loss resulting from progressive deterioration of property through a steadily operating cause would not be a casualty loss. Based on 123 documents. S. → Truth was an early casualty of If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or Section 2A-219, then: Dec 1, 2016 · Action: Prepare a Casualty Repor t. A tenant whose business is dependent on location, Dec 3, 2019 · In a space lease for a multi-tenant building, the tenant contributes to the landlord’s insurance and the landlord then controls any casualty proceeds. Paul, Minn. in casualty See full entry Word Origin late Middle English (in the sense ‘chance, a chance occurrence’): from medieval Latin casualitas , from casualis , from casus ‘fall’, on the pattern of words such as penalty . Casualty Disposition means loss of or damage to, or condemnation or other taking of, any assets of the Borrower or any Subsidiary for which such Person receives insurance proceeds, proceeds of a condemnation award or other compensation. If after a casualty loss the rental premises are as a practical matter totally unusable for residential purposes and if the casualty loss is not caused by the negligence or fault of the tenant, a member of the tenant’s family, or a guest or invitee of the tenant, either the landlord or the tenant may terminate the lease by giving written Jan 6, 2015 · (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at the expense of Owner, and the rent and The term casualty loss means “financial loss or loss of property arising from a sudden, unexpected event such as an accident. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall The Lease Clause Critique features a lengthy pro-tenant casualty clause which also contains an option to purchase the building in favor of the tenant exercisable if the lease is terminated due to casualty. 2]. Based on 8 documents lease, the importance of the attorneys’ counsel on the terms of cannot be understated. 1. Learn more. Can be different from the date on which rent starts. 72 592 states that to be considered sudden, the event must be swift and precipitous, not gradual or progressive. a military person lost through death, wounds, injury, sickness, internment, or capture or through being missing in action… See the full definition Jul 10, 2019 · On the other hand, a lease deed or a lease agreement is a final contract. 26 U. How to use casualty in a sentence. Effect Of A Renewal Clause In Valuing The Tenant’s Interest The tenant’s leasehold advantage is valued at the A liquidated damages formula that is common in leasing practice provides that the sum of lease payments past due, accelerated future lease payments, and the lessor’s estimated residual interest, less the net proceeds of disposition (whether by sale or re-lease) of the leased goods is the lessor’s damages. But casualty can also refer to deaths or injuries suffered in an accident or some other unfortunate event. (fig) (=victim) to be a casualty of sth (=suffer as a result of) être la victime de qch. Unpub. This person, known as the lessee, pays the owner money for use of their land or building for some set period of time. Conditions: In a classroom environment, given a requirement to prepare a casualty report and blank DA Form 1156 (Casualty Feeder Report), AR 638-8 (Army Casualty Program), FM 1-0 (HR Support), DA PAM 638-8 (Procedures for the Army Casualty Program), access to the Defense Casualty Information Processing System If the damage to the property substantially impairs the tenant’s ability to use the property, the tenant may chose to immediately move out and notify the landlord in writing within 14 days after moving out that the tenant is terminating the lease as of the day the tenant moved out. means a Lease that terminated because the related Vehicle had been lost, stolen or damaged beyond economic repair. Sep 8, 2017 · Casualty Loss. Casualties are often wrongly confused with deaths, but in fact, as this definition suggests, casualty is a broader category. COMMENCEMENT DATE- Date when term of lease starts. 01(b)(vi). . Code § 165 provides for tax deductions for losses of property arising from “fire, storm, shipwreck, or other casualty. The origins of the policy may be traced back to the 1938 decision by the US to permit weapons sales to Great Britain and France on a "cash and carry" basis. Each hospital should institute a surge plan in preparation for Definition of casualty noun in Oxford Advanced American Dictionary. A casualty may involve various degree of injury, from property damage to loss of life. A lease deed transfers the rights from a lessor to lessee for a specific duration. For sample restoration obligations and termination rights clauses, see Retail Leasing: Drafting and Negotiating the Lease §§24. FIRE AND CASUALTY. Note: As with excusable neglect, showing evidence of unavoidable casualty will relieve a party from a default judgment or a time limit. Commencement Date - is defined in each Schedule. A method of purchasing real estate whereby a maximum amount of leverage is used. 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