Material Damage and “Materially damaged” means damage (w) resulting in the Property not complying with all legal requirements applicable to the Property, (x) reasonably exceeding $300,000 or (y) that entitles any tenant of the Property to terminate its Lease, or (z) which, in Buyer’s or Seller’s reasonable estimation, will take longer than 120 days to repair.
Material Damage and “materially damaged” means, with respect to the Facility, damage (x) which, in Buyer’s reasonable estimation, exceeds $150,000 to repair, or (y) which, in Buyer’s reasonable estimation, will take longer than ninety (90) days to repair or restore.
Material Damage or "MATERIALLY DAMAGED" means damage reasonably exceeding ten percent of the Purchase Price of the Real Property, and (ii) "MATERIAL PORTION" means any portion of the Real Property that has a "fair market value" exceeding 10% of the Purchase Price of the Real Property.
Examples of Material Damage in a sentence
If, between the Effective Date and the Closing Date, the Property suffers Material Damage, Seller shall promptly, and in any event prior to the Closing, notify Purchaser.
More Definitions of Material Damage
Material Damage or “Materially Damaged” means damage to those elements of the Property which Seller is not obligated to insure or repair which would cost in excess of $250,000.00 to repair as reasonably estimated by Seller.
Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $250,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than one hundred eighty (180) days to repair.
Material Damage means damage to the Improvements of such nature that the cost of restoring the same to their condition prior to the Casualty will exceed $500,000.00, whether or not such damage is covered by insurance. If the Improvements have sustained Material Damage by a Casualty, Purchaser may, at its option, terminate this Agreement by delivering written notice to Seller within ten (10) days after delivery of the Casualty Loss Notice, in which event, the Xxxxxxx Money, including the Non-Refundable Deposit, shall be promptly returned to Purchaser and neither party hereto shall have any further rights or obligations hereunder (except with respect to the Surviving Terms). Failure of Purchaser to deliver written notice of termination within said ten (10) day period shall be conclusively deemed to be an election not to terminate this Agreement. In the event Purchaser elects to terminate this Agreement under this Section 9.2, the Xxxxxxx Money, including the Non-Refundable Deposit, shall be returned to Purchaser, and thereafter neither party to this Agreement shall thereafter have any further rights or obligations hereunder, except with respect to the Surviving Terms. In the event this Agreement is not terminated pursuant to the provisions of this Section 9.2, and Seller has not fully repaired the damage prior to Closing, then Purchaser shall receive (a) a credit against the cash balance of the Purchase Price payable at Closing to the extent of payments received by or on behalf of Seller prior to the Closing Date and not previously expended on repairs (such repairs to be evidenced by Seller delivering to Purchaser: (i) interim lien waivers from Seller's contractors and subcontractors performing such repairs, and (ii) reasonable evidence that all invoices for such repairs have been paid in full) under any applicable insurance policy or policies in effect with respect to the Property, (b) an assignment of Seller's rights to any payments which may be payable subsequent to the Closing Date under any applicable insurance policy or policies in effect with respect to the Property (or, if Seller’s insurer does not permit such policy and/or payments to be assigned to Purchaser, an estimated credit for such amounts, with later appropriate adjustments), (c) an assignment of Seller's rights to payments with respect to rents due subsequent to the Closing Date under any rental insurance policy or policies with respect to the Property, if any, and (d) a credit against the cash balance of ...
Material Damage and “Materially Damaged” means, with respect to the Property, damage which in REIT’s and Contributor’s reasonable estimation (based on a third party report, prepared by a qualified third party, that is mutually acceptable to REIT and Contributor, each acting in its reasonable discretion) exceeds $100,000 to repair. Such third party report shall not be required where it is evident that such damage will not exceed $100,000 to repair.
Material Damage and "Materially Damaged" means damage which, in Sellers’ reasonable estimation, exceeds $250,000.00 to repair.
Material Damage means any damage (or history of damage) to the Aircraft or any part thereof that (a) requires or required the issuance of an FAA Form 337 or any foreign equivalent or that requires or required an alteration or repair which would constitute a “major repair” as such term is defined in 14 C.F.R., Part 43, Appendix A and recorded in a manner prescribed by 14 C.F.R., Part 43, Appendix B, or foreign equivalent, (b) requires or required any deviation from the original approved manufacturer’s aircraft build specification or standard production configuration, (c) requires repetitive or recurring or non-standard inspections which deviate from the Aircraft manufacturer’s normal maintenance procedures or required modifications to the normal component life limitations, overhaul and/or inspection intervals for the Aircraft, and/or (iv) bird strikes, lightning strikes, or hail damage.
Material Damage and “Materially Damaged” means damage which, in Hersha Owner’s reasonable estimation as reviewed and confirmed in good faith by Owner JV, equals or exceeds ten percent (10%) of the Purchase Price.