Common use of Material Alteration Clause in Contracts

Material Alteration. any (i) individual alteration affecting (A) structural elements of any Individual Property, (B) a roof of any Individual Property (but excluding necessary repairs or maintenance of a roof of any Individual Property) or (C) any building system of any Individual Property (but excluding necessary repairs or maintenance of any building system of any Individual Property), or (ii) non-structural alteration affecting an Individual Property the cost of which exceeds $750,000; provided, however, that in no event shall any of the following constitute a Material Alteration (a) any tenant improvement work performed pursuant to any Lease existing on the date hereof or entered into hereafter in accordance with the provisions of this Agreement, (b) alterations performed as part of a Restoration or (c) the work required to be undertaken to achieve Completion, so long as such work is undertaken in accordance with this Agreement.

Material Alteration. any (i) individual alteration affecting (A) structural elements of any Individual Property, (B) a roof of any Individual Property (but excluding necessary repairs or maintenance of a roof of any Individual Property) or (C) any building system of any Individual Property (but excluding necessary repairs or maintenance of any building system of any Individual Property), or (ii) non-structural alteration affecting an Individual Property the cost of which exceeds $750,000; provided, however, that in no event shall any of the following constitute a Material Alteration (a) any tenant improvement work performed pursuant to any Lease existing on the date hereof or entered into hereafter in accordance with the provisions of this Agreement, (b) alterations performed as part of a Restoration or (c) the work required to be undertaken to achieve Completion, so long as such work is undertaken in accordance with this the Project Loan Agreement.