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 damage which, in Seller's reasonable estimation, exceeds $200,000.00 to repair or which, in Seller's reasonable estimation, will take longer than ninety (90) days to repair.
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 $200,000.00 to repair or which will take longer than ninety (90) days to repair.
Material Damage means damage to the Improvements which is of such nature that would result in (i) a cost of restoring the same to their condition prior to the Casualty, in Seller’s reasonable determination as provided in the Casualty Loss Notice, equal to or exceeding an amount equal to Five Million Dollars ($5,000,000.00); (ii) the permanent closing, without replacement, of any currently existing entrance to the Property; (iii) the loss of more than three percent (3%) of all parking spaces on the Property; or (iv) the loss of parking spaces or other common areas sufficient to give any Major Anchor Tenant the right to terminate its lease. If, prior to the Closing, the Improvements sustain Material Damage by a Casualty, Buyer may terminate this Agreement by delivering written notice thereof to Seller and Title Company within the earlier of (i) fifteen (15) days after Buyer’s receipt of the Casualty Loss Notice or (ii) the Closing Date. If the Improvements shall be damaged by a casualty which is not a Material Damage, or if Buyer fails to deliver written notice of termination within the time period set forth hereinabove for a Material Damage, then: (A) the parties shall proceed to close this transaction in accordance with the terms of this Agreement; (B) at the Closing, Buyer shall receive a credit against the Purchase Price in an amount equal to the deductible under the applicable Seller’s casualty insurance policy; and (C) Seller shall, as part of the Intangible Property, assign to Buyer all of Seller’s rights in the resulting casualty insurance proceeds. If Buyer elects (and has the right) to terminate this Agreement under this Article 8, the Deposit shall be returned to Buyer, and thereafter neither party shall have any further rights or obligations hereunder, except the obligations and indemnity provided in Sections 3.2, 3.4 and 4.9.
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 Seller’s and Buyer’s reasonable estimation, exceeds Five Hundred Thousand Dollars ($500,000) (with respect to any of the Improvements on any of the Real Property) 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.