{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "damage-or-destruction", "type": "clause", "offset": [39, 60]}, {"key": "covered-by", "type": "definition", "offset": [71, 81]}, {"key": "the-collateral", "type": "clause", "offset": [137, 151]}, {"key": "in-all-cases", "type": "clause", "offset": [229, 241]}, {"key": "other-provisions-of-this-agreement", "type": "clause", "offset": [278, 312]}], "size": 3, "snippet": "There occurs any material loss, theft, damage or destruction not fully covered by insurance, or any sale, lease or encumbrance or any of the Collateral or the making of any levy, seizure, or attachment thereof or thereon, except in all cases as may be specifically permitted by other provisions of this Agreement.", "samples": [{"hash": "tjrMjhDK19", "uri": "/contracts/tjrMjhDK19#material-loss", "label": "Loan and Security Agreement (Setech Inc /De)", "score": 18.0, "published": true}, {"hash": "swUjJ7gAg3", "uri": "/contracts/swUjJ7gAg3#material-loss", "label": "Loan and Security Agreement (Setech Inc /De)", "score": 18.0, "published": true}], "hash": "a0d13f9bfd2632e17bf4789bb03ab7c2", "id": 8}, {"snippet_links": [{"key": "prior-to-the-closing", "type": "clause", "offset": [19, 39]}, {"key": "the-real-property", "type": "clause", "offset": [41, 58]}, {"key": "seller-shall", "type": "clause", "offset": [91, 103]}, {"key": "notice-of-the", "type": "clause", "offset": [112, 125]}, {"key": "commencement-of", "type": "clause", "offset": [156, 171]}, {"key": "condemnation-proceeding", "type": "definition", "offset": [194, 217]}, {"key": "buyer-shall", "type": "clause", "offset": [407, 418]}, {"key": "right-to-terminate-this-agreement", "type": "clause", "offset": [428, 461]}, {"key": "the-escrow", "type": "definition", "offset": [466, 476]}, {"key": "terms-of", "type": "clause", "offset": [493, 501]}, {"key": "the-property", "type": "clause", "offset": [540, 552]}, {"key": "existing-condition", "type": "definition", "offset": [565, 583]}, {"key": "in-accordance-with", "type": "definition", "offset": [622, 640]}, {"key": "terms-and-conditions-of-this-agreement", "type": "clause", "offset": [645, 683]}, {"key": "subject-to-the-terms", "type": "clause", "offset": [685, 705]}, {"key": "section-83", "type": "clause", "offset": [739, 750]}, {"key": "in-the-event-of-a", "type": "clause", "offset": [752, 769]}, {"key": "right-to-purchase", "type": "clause", "offset": [808, 825]}, {"key": "present-condition", "type": "clause", "offset": [858, 875]}, {"key": "to-buyer", "type": "definition", "offset": [910, 918]}, {"key": "casualty-insurance-proceeds", "type": "clause", "offset": [946, 973]}, {"key": "payable-to", "type": "definition", "offset": [993, 1003]}, {"key": "a-credit", "type": "definition", "offset": [1043, 1051]}, {"key": "the-purchase-price", "type": "clause", "offset": [1060, 1078]}, {"key": "equal-to", "type": "definition", "offset": [1092, 1100]}, {"key": "sum-of", "type": "clause", "offset": [1105, 1111]}, {"key": "insurance-deductible", "type": "definition", "offset": [1121, 1141]}, {"key": "estimated-costs", "type": "definition", "offset": [1174, 1189]}, {"key": "fees-and-expenses", "type": "definition", "offset": [1191, 1208]}, {"key": "to-repair", "type": "clause", "offset": [1209, 1218]}, {"key": "replace-the", "type": "clause", "offset": [1226, 1237]}, {"key": "uninsured-portion", "type": "definition", "offset": [1238, 1255]}, {"key": "the-material", "type": "definition", "offset": [1259, 1271]}, {"key": "amount-of-compensation", "type": "clause", "offset": [1473, 1495]}, {"key": "other-payments", "type": "clause", "offset": [1507, 1521]}, {"key": "resulting-from", "type": "definition", "offset": [1569, 1583]}, {"key": "termination-right", "type": "clause", "offset": [1622, 1639]}, {"key": "notice-to-seller", "type": "clause", "offset": [1698, 1714]}, {"key": "within-thirty", "type": "clause", "offset": [1715, 1728]}, {"key": "calendar-days", "type": "clause", "offset": [1734, 1747]}, {"key": "in-no-event", "type": "clause", "offset": [1753, 1764]}, {"key": "the-closing-date", "type": "clause", "offset": [1776, 1792]}, {"key": "notice-from-seller", "type": "clause", "offset": [1823, 1841]}], "size": 21, "snippet": "In the event that, prior to the Closing, the Real Property shall suffer a Material Loss or Seller shall receive notice of the commencement or the threat of commencement of any eminent domain or condemnation proceeding which involves any portion of the Real Property (\u201cCondemnation Proceeding\u201d), Seller shall immediately notify Buyer of such Material Loss or Condemnation Proceeding and, in such a case: (i) Buyer shall have the right to terminate this Agreement and the Escrow pursuant to the terms of Section 8.5(a) hereof; or (ii) accept the Property in its then existing condition and purchase and acquire the Property in accordance with the terms and conditions of this Agreement, subject to the terms and conditions described in this Section 8.3. In the event of a Material Loss, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Seller shall pay and assign to Buyer on the Closing any and all casualty insurance proceeds previously paid or payable to Seller, and Buyer shall be entitled to a credit against the Purchase Price in an amount equal to the sum of: (A) any insurance deductible; and (B) an amount equal to the estimated costs, fees and expenses to repair and/or replace the uninsured portion of the Material Loss. In the event of a Condemnation Proceeding, if Buyer exercises its right to purchase and acquire the Property in its present condition, then Seller shall pay or assign to Buyer on the Closing any amount of compensation, awards or other payments or relief previously paid or payable to Seller resulting from such Condemnation Proceeding. Buyer\u2019s termination right or Buyer\u2019s acceptance right shall be exercised by written notice to Seller within thirty (30) Calendar Days (but in no event later than the Closing Date) after Buyer receives written notice from Seller of the occurrence of the Material Loss or Condemnation Proceeding.", "samples": [{"hash": "9FPcFc0bGsT", "uri": "/contracts/9FPcFc0bGsT#material-loss", "label": "Purchase and Sale Agreement (Excel Trust, Inc.)", "score": 23.798084259, "published": true}, {"hash": "8efevvxz7Yk", "uri": "/contracts/8efevvxz7Yk#material-loss", "label": "Purchase and Sale Agreement (Excel Trust, Inc.)", "score": 23.798084259, "published": true}, {"hash": "5hHdWYVmd3I", "uri": "/contracts/5hHdWYVmd3I#material-loss", "label": "Purchase and Sale Agreement (Excel Trust, Inc.)", "score": 23.798084259, "published": true}], "hash": "cd3709e44e6e3832c2e4159f0ac55496", "id": 1}, {"snippet_links": [{"key": "casualty-renovation-cost", "type": "definition", "offset": [7, 31]}, {"key": "in-the-event-the", "type": "clause", "offset": [88, 104]}, {"key": "not-insured", "type": "clause", "offset": [211, 222]}, {"key": "party-hereto", "type": "definition", "offset": [239, 251]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [281, 305]}, {"key": "notice-to-the", "type": "clause", "offset": [309, 322]}, {"key": "other-party", "type": "clause", "offset": [323, 334]}, {"key": "days-after", "type": "definition", "offset": [351, 361]}, {"key": "the-\u2587", "type": "clause", "offset": [434, 439]}, {"key": "money-deposit", "type": "clause", "offset": [446, 459]}, {"key": "to-purchaser", "type": "definition", "offset": [479, 491]}, {"key": "neither-party-shall", "type": "clause", "offset": [497, 516]}, {"key": "rights-or-obligations", "type": "clause", "offset": [534, 555]}, {"key": "indemnity-obligations", "type": "definition", "offset": [612, 633]}, {"key": "in-this-agreement", "type": "clause", "offset": [646, 663]}, {"key": "parties-hereto", "type": "clause", "offset": [673, 687]}, {"key": "election-to-terminate", "type": "definition", "offset": [712, 733]}, {"key": "close-of-escrow", "type": "clause", "offset": [759, 774]}, {"key": "reduction-of-the-purchase-price", "type": "clause", "offset": [819, 850]}, {"key": "seller-shall", "type": "clause", "offset": [856, 868]}, {"key": "insurance-proceeds", "type": "definition", "offset": [880, 898]}, {"key": "insurance-policy-deductible", "type": "clause", "offset": [997, 1024]}], "size": 6, "snippet": "If the Casualty Renovation Cost exceeds (i) fifteen percent (15%) of the Purchase Price in the event the Casualty is insured against, or (ii) ten percent (10%) of the Purchase Price in the event the Casualty is not insured against, either party hereto may, at its option, elect to terminate this Agreement by Notice to the other party within five (5) days after the date that the Casualty Renovation Cost is determined, in which case the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money Deposit shall be delivered to Purchaser, and neither party shall have any further rights or obligations hereunder, except for any continuing confidentially and indemnity obligations as provided in this Agreement. If both parties hereto fail to timely make its election to terminate this Agreement, then the Close of Escrow shall take place as provided herein without reduction of the Purchase Price, and Seller shall assign the insurance proceeds to Purchaser in the event the Casualty is insured against and credit the amount of the applicable insurance policy deductible to Purchaser or have the Purchase Price reduced by the Casualty Renovation Cost in the event the Casualty is not insured against.", "samples": [{"hash": "fAXrjCZLn1r", "uri": "/contracts/fAXrjCZLn1r#material-loss", "label": "Purchase and Sale Agreement (Chesapeake Lodging Trust)", "score": 19.6132793427, "published": true}, {"hash": "G59ZwS2WzZ", "uri": "/contracts/G59ZwS2WzZ#material-loss", "label": "Purchase and Sale Agreement (Chesapeake Lodging Trust)", "score": 19.6132793427, "published": true}, {"hash": "229rN1vDkLG", "uri": "/contracts/229rN1vDkLG#material-loss", "label": "Purchase and Sale Agreement (Chesapeake Lodging Trust)", "score": 19.6132793427, "published": true}], "hash": "4a8f691bad155fa17836a5e4e77a5ebe", "id": 2}, {"snippet_links": [{"key": "casualty-renovation-cost", "type": "definition", "offset": [7, 31]}, {"key": "single-property", "type": "clause", "offset": [40, 55]}, {"key": "five-percent", "type": "clause", "offset": [64, 76]}, {"key": "allocated-amount", "type": "definition", "offset": [101, 117]}, {"key": "renovation-costs", "type": "definition", "offset": [138, 154]}, {"key": "in-the-aggregate", "type": "definition", "offset": [156, 172]}, {"key": "the-properties", "type": "definition", "offset": [184, 198]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [337, 361]}, {"key": "with-respect-to", "type": "clause", "offset": [362, 377]}, {"key": "property-or-properties", "type": "clause", "offset": [391, 413]}, {"key": "necessary-properties", "type": "clause", "offset": [463, 483]}, {"key": "necessary-property", "type": "clause", "offset": [515, 533]}, {"key": "the-option", "type": "clause", "offset": [556, 566]}, {"key": "terminating-this-agreement", "type": "clause", "offset": [570, 596]}, {"key": "all-properties", "type": "clause", "offset": [613, 627]}, {"key": "termination-right", "type": "clause", "offset": [634, 651]}, {"key": "notice-to-the-sellers", "type": "clause", "offset": [677, 698]}, {"key": "days-after", "type": "definition", "offset": [724, 734]}, {"key": "applicable-amount", "type": "definition", "offset": [893, 910]}, {"key": "the-closing-date", "type": "clause", "offset": [962, 978]}, {"key": "business-day-period", "type": "definition", "offset": [1025, 1044]}, {"key": "a-termination", "type": "definition", "offset": [1067, 1080]}, {"key": "terminated-property", "type": "definition", "offset": [1213, 1232]}, {"key": "pursuant-to-the", "type": "clause", "offset": [1284, 1299]}, {"key": "provisions-of-this-section", "type": "clause", "offset": [1310, 1336]}, {"key": "pursuant-to-such", "type": "clause", "offset": [1399, 1415]}, {"key": "reduction-of-the-purchase-price", "type": "clause", "offset": [1488, 1519]}, {"key": "insurance-proceeds", "type": "definition", "offset": [1554, 1572]}, {"key": "purchaser-and-the", "type": "clause", "offset": [1576, 1593]}, {"key": "pay-to", "type": "definition", "offset": [1608, 1614]}, {"key": "by-the-sellers", "type": "clause", "offset": [1681, 1695]}, {"key": "applicable-insurance-policies", "type": "definition", "offset": [1702, 1731]}], "size": 5, "snippet": "If the Casualty Renovation Cost for any single Property exceeds five percent (5%) of such Property\u2019s Allocated Amount, or if the Casualty Renovation Costs, in the aggregate for all of the Properties that have suffered a casualty, exceeds two and one half percent (2.5%) of the Purchase Price, then Purchaser may, at its option, elect to terminate this Agreement with respect to the impacted Property or Properties provided the impacted Property is not one of the Necessary Properties. If the impacted Property is a Necessary Property, Purchaser shall have the option of terminating this Agreement with respect to all Properties. Such termination right may be exercised only by Notice to the Sellers within ten (10) business days after the date that the Casualty Renovation Cost for such Property or in the aggregate for all Properties that have suffered casualties is determined to exceed the applicable amount stated in the preceding sentence (and if necessary the Closing Date will be extended to accommodate such ten (10) business day period), and in the event of a termination hereof with respect to the impacted Property or Properties only, the Purchase Price shall be reduced by the Allocated Amount of the terminated Property or Properties. If this Agreement can be terminated pursuant to the preceding provisions of this Section 12.13.2, but Purchaser elects not to terminate this Agreement pursuant to such provision, then the Closing shall take place as provided herein without reduction of the Purchase Price, and the Sellers shall assign the insurance proceeds to Purchaser and the Sellers shall pay to Purchaser the amount of any deductible not already otherwise paid by the Sellers under applicable insurance policies.", "samples": [{"hash": "iEnE6cByRr2", "uri": "/contracts/iEnE6cByRr2#material-loss", "label": "Purchase and Sale Agreement (Washington Real Estate Investment Trust)", "score": 24.7535934448, "published": true}, {"hash": "gjtKulcb1gq", "uri": "/contracts/gjtKulcb1gq#material-loss", "label": "Purchase and Sale Agreement (Washington Real Estate Investment Trust)", "score": 24.7535934448, "published": true}, {"hash": "ekJItedE9gs", "uri": "/contracts/ekJItedE9gs#material-loss", "label": "Purchase and Sale 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or from any labor dispute or court or governmental action, order, or decree, other than as set forth in the Prospectus. Since the respective dates as of which information is set forth in the Prospectus, and except as otherwise set forth therein: (i) there has not been any change in the capital stock, or material increase in the long-term debt, of the Company or the Subsidiary; (ii) there has not been any material adverse change in the condition (financial or otherwise), business, results of operations, general affairs, or management of the Company or the Subsidiary, whether or not arising in the ordinary course of business; (iii) no event has occurred that would result in a material write-down of assets of the Company or the Subsidiary; (iv) neither the Company nor the Subsidiary has incurred any material liability or obligation, direct or contingent, or entered into any material transaction, other than those in the ordinary course of business; (v) neither the Company nor the Subsidiary has purchased any of the Company's outstanding capital stock; (vi) there has been no dividend or distribution of any kind declared, paid, or made by the Company or the Subsidiary in respect of the Common Stock; (vii) there has not been any material interruption in the availability of materials, supplies, or equipment necessary for the conduct of the business of the Company or the Subsidiary; and (viii) there has not been any execution or imposition of any material lien, charge, or encumbrance upon any property or assets of the Company or the Subsidiary.", "samples": [{"hash": "9fhrZSn1FoW", "uri": "/contracts/9fhrZSn1FoW#material-loss", "label": "Underwriting Agreement (Activeworlds Com Inc)", "score": 18.0, "published": true}, {"hash": "8WjKbu540bx", "uri": "/contracts/8WjKbu540bx#material-loss", "label": "Underwriting Agreement (Activeworlds Com Inc)", "score": 18.0, "published": true}, {"hash": "7CDjkdtETyZ", "uri": "/contracts/7CDjkdtETyZ#material-loss", "label": "Underwriting Agreement (Activeworlds Com Inc)", "score": 18.0, "published": true}], "hash": "4a430b04df12db5ce12f5b688d736225", "id": 5}, {"snippet_links": [{"key": "the-company-has", "type": "definition", "offset": [0, 15]}, {"key": "date-of", "type": "clause", "offset": [31, 38]}, {"key": "latest-financial-statements", "type": "definition", "offset": [43, 70]}, {"key": "in-the-prospectus", "type": "clause", "offset": [80, 97]}, {"key": "not-covered-by-insurance", "type": "clause", "offset": [220, 244]}, {"key": "labor-dispute", "type": "clause", "offset": [258, 271]}, {"key": "governmental-action", "type": "clause", "offset": [284, 303]}, {"key": "change-in", "type": "clause", "offset": [519, 528]}, {"key": "the-capital-stock", "type": "clause", "offset": [529, 546]}, {"key": "material-increase", "type": "clause", "offset": [551, 568]}, {"key": "term-debt", "type": "definition", "offset": [581, 590]}, {"key": "material-adverse-change", "type": "clause", "offset": [636, 659]}, {"key": "the-condition", "type": "clause", "offset": [663, 676]}, {"key": "results-of-operations", "type": "definition", "offset": [749, 770]}, {"key": "management-of-the-company", "type": "clause", "offset": [792, 817]}, {"key": "in-the-ordinary-course-of-business", "type": "definition", "offset": [842, 876]}, {"key": "no-event", "type": "clause", "offset": [884, 892]}, {"key": "assets-of-the-company", "type": "clause", "offset": [952, 973]}, {"key": "material-liability", "type": "clause", "offset": [1013, 1031]}, {"key": "entered-into", "type": "clause", "offset": [1072, 1084]}, {"key": "material-transaction", "type": "definition", "offset": [1089, 1109]}, {"key": "outstanding-capital-stock", "type": "clause", "offset": [1209, 1234]}, {"key": "distribution-of", "type": "clause", "offset": [1271, 1286]}, {"key": "in-respect-of", "type": "clause", "offset": [1335, 1348]}, {"key": "the-common-stock", "type": "clause", "offset": [1349, 1365]}, {"key": "material-interruption", "type": "definition", "offset": [1396, 1417]}, {"key": "availability-of-materials", "type": "clause", "offset": [1425, 1450]}, {"key": "necessary-for", "type": "definition", "offset": [1475, 1488]}, {"key": "conduct-of-the-business-of-the-company", "type": "clause", "offset": [1493, 1531]}, {"key": "material-lien", "type": "clause", "offset": [1598, 1611]}], "size": 5, "snippet": "The Company has not, since the date of the latest financial statements included in the Prospectus, sustained any material loss or interference with its business from fire, explosion, flood, or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order, or decree, other than as set forth in the Prospectus. Since the respective dates as of which information is set forth in the Prospectus, and except as otherwise set forth therein: (i) there has not been any change in the capital stock, or material increase in the long-term debt, of the Company; (ii) there has not been any material adverse change in the condition (financial or otherwise), business, prospects (financial or otherwise), results of operations, general affairs, or management of the Company, whether or not arising in the ordinary course of business; (iii) no event has occurred that would result in a material write-down of assets of the Company; (iv) the Company has not incurred any material liability or obligation, direct or contingent, or entered into any material transaction, other than those in the ordinary course of business; (v) the Company has not purchased any of its outstanding capital stock; (vi) there has been no dividend or distribution of any kind declared, paid, or made by the Company in respect of the Common Stock; (vii) there has not been any material interruption in the availability of materials, supplies, or equipment necessary for the conduct of the business of the Company; and (viii) there has not been any execution or imposition of any material lien, charge, or encumbrance upon any property or assets of the Company.", "samples": [{"hash": "d05mie4PFPJ", "uri": "/contracts/d05mie4PFPJ#material-loss", "label": "Underwriting Agreement (Muse Technologies Inc)", "score": 18.0, "published": true}, {"hash": "9dNumwxwoYb", "uri": "/contracts/9dNumwxwoYb#material-loss", "label": "Underwriting Agreement (Muse Technologies Inc)", "score": 18.0, "published": true}], "hash": "a73e1e83899f7a065bb962fe271c0d96", "id": 6}, {"snippet_links": [{"key": "casualty-renovation-cost", "type": "definition", "offset": [7, 31]}, {"key": "buyer-parties", "type": "clause", "offset": [213, 226]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [258, 282]}, {"key": "notifying-the-company", "type": "clause", "offset": [286, 307]}, {"key": "days-after", "type": "definition", "offset": [324, 334]}, {"key": "the-\u2587", "type": "clause", "offset": [407, 412]}, {"key": "money-deposit", "type": "clause", "offset": [419, 432]}, {"key": "to-parent", "type": "definition", "offset": [452, 461]}, {"key": "neither-party-shall", "type": "clause", "offset": [467, 486]}, {"key": "rights-or-obligations", "type": "clause", "offset": [504, 525]}, {"key": "in-this-agreement", "type": "clause", "offset": [567, 584]}, {"key": "if-the-buyer", "type": "clause", "offset": [586, 598]}, {"key": "the-closing", "type": "definition", "offset": [674, 685]}, {"key": "company-merger-consideration", "type": "clause", "offset": [747, 775]}, {"key": "insurance-proceeds", "type": "definition", "offset": [813, 831]}, {"key": "in-connection-with", "type": "clause", "offset": [832, 850]}, {"key": "in-the-event-the", "type": "clause", "offset": [864, 880]}, {"key": "the-company-shall", "type": "clause", "offset": [913, 930]}, {"key": "pay-to", "type": "definition", "offset": [931, 937]}, {"key": "applicable-insurance-policies", "type": "definition", "offset": [981, 1010]}, {"key": "not-insured", "type": "clause", "offset": [1122, 1133]}], "size": 4, "snippet": "If the Casualty Renovation Cost for any single Hotel exceeds Four Million Dollars ($4,000,000) or the Casualty Renovation Cost for the aggregate of all the Hotels exceeds Twenty Million Dollars ($20,000,000), the Buyer Parties may elect, at their option, to terminate this Agreement by notifying the Company within five (5) days after the date that the Casualty Renovation Cost is determined, in which case the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money Deposit shall be delivered to Parent, and neither party shall have any further rights or obligations hereunder, except as explicitly provided in this Agreement. If the Buyer Parties fail to make its election timely to terminate this Agreement, then the Closing shall take place as provided herein without reduction of the Company Merger Consideration, and Parent shall be entitled to all insurance proceeds in connection with the Casualty in the event the Casualty is insured against and the Company shall pay to Parent the amount of any deductible, under applicable insurance policies, or have the Company Merger Consideration reduced by the Casualty Renovation Cost in the event the Casualty is not insured against.", "samples": [{"hash": "cQ04CpriFgy", "uri": "/contracts/cQ04CpriFgy#material-loss", "label": "Merger Agreement (Inland American Real Estate Trust, Inc.)", "score": 21.0, "published": true}, {"hash": "8GN4k9vIcry", "uri": "/contracts/8GN4k9vIcry#material-loss", "label": "Merger Agreement (Inland American Real Estate Trust, Inc.)", "score": 21.0, "published": true}, {"hash": "7SLbnSRyNfO", "uri": "/contracts/7SLbnSRyNfO#material-loss", "label": "Merger Agreement (Inland American Real Estate Trust, Inc.)", "score": 21.0, "published": true}], "hash": "bd14876c29f788123485bc4c2c4cc5a2", "id": 7}, {"snippet_links": [{"key": "for-the-purposes-of", "type": "clause", "offset": [0, 19]}, {"key": "section-92", "type": "clause", "offset": [20, 31]}, {"key": "material-damage", "type": "clause", "offset": [42, 57]}, {"key": "the-improvements", "type": "clause", "offset": [80, 96]}, {"key": "the-cost", "type": "clause", "offset": [117, 125]}, {"key": "prior-to-the", "type": "clause", "offset": [167, 179]}, {"key": "five-percent", "type": "clause", "offset": [269, 281]}, {"key": "the-purchase-price", "type": "clause", "offset": [291, 309]}, {"key": "covered-by", "type": "definition", "offset": [341, 351]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [484, 508]}, {"key": "notice-to-purchaser", "type": "definition", "offset": [531, 550]}, {"key": "before-closing", "type": "clause", "offset": [557, 571]}, {"key": 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"clause", "offset": [1988, 2015]}, {"key": "lesser-of", "type": "definition", "offset": [2096, 2105]}, {"key": "cost-of-repair", "type": "clause", "offset": [2114, 2128]}, {"key": "pro-rata-share", "type": "definition", "offset": [2163, 2177]}, {"key": "the-rental", "type": "clause", "offset": [2181, 2191]}, {"key": "loss-proceeds", "type": "clause", "offset": [2204, 2217]}, {"key": "insurance-coverage", "type": "definition", "offset": [2236, 2254]}, {"key": "insurance-companies", "type": "definition", "offset": [2354, 2373]}, {"key": "subject-to-the", "type": "clause", "offset": [2490, 2504]}, {"key": "at-closing", "type": "definition", "offset": [2636, 2646]}], "size": 3, "snippet": "For the purposes of Section 9.2 and 9.3, \"Material Damage\" shall mean damage to the Improvements of such nature that the cost of restoring the same to their condition prior to the Casualty will, in Seller's determination, exceed the greater of $ 1,000,000.00 or twenty-five percent (25%) of the Purchase Price, whether or not such damage is covered by insurance. If, in Seller's determination, the Improvements have sustained Material Damage by a Casualty, Seller may, at its option, terminate this Agreement by delivering written notice to Purchaser on or before Closing, and neither party hereto shall have any further rights or obligations hereunder (except pursuant to Section 3.3 and 7.4 hereof). In the event Seller does not so terminate this Agreement, Purchaser may, at its sole option, within fifteen (15) days after delivery of the Casualty Loss Notice, either (a) terminate this Agreement by delivering written notice of same to Seller, or (b) waive its right of termination and proceed to close this transaction in accordance with the terms hereof (clause (b) shall be referred to herein as the \"Waiver Option\"). Failure of Purchaser to deliver written notice of termination within said fifteen (I 5) day period shall be conclusively deemed to be an election by Purchaser of the Waiver Option. In the event Seller or Purchaser elects to terminate this-Agreement under this Section 9.2, the Earnest Money shall \u2587\u2587 \u2587\u2587\u2587urned to Purchaser upon Seller's receipt of the Documents and Purchaser's Information and thereafter neither party to this Agreement shall thereafter have any further rights or obligations hereunder, except as otherwise provided in Sections 3.3 and 7.4 hereof. If Purchaser elects the Waiver Option, then at the option of Seller, (a) Seller shall repair the Improvements to substantially their condition prior to such damage, or (b) Seller shall deliver to Purchaser an amount equal to the deductible and assign to Purchaser all of its rights in the resulting casualty insurance proceeds [but the amount of such deductible plus insurance proceeds shall not exceed the lesser of (i) the cost of repair or (ii) the Purchase Price] and a pro rata share of the rental or business loss proceeds, if any, from the insurance coverage. In the event Seller elects to assign insurance proceeds, (A) Purchaser may notify all appropriate insurance companies of its interest in the insurance proceeds, and (B) all casualty insurance proceeds payable as a result of the loss (subject to the limitation herein described) and Purchaser's pro rata share of any rental or business loss proceeds shall be assigned to Purchaser at Closing.", "samples": [{"hash": "iSmi5WQvGfV", "uri": "/contracts/iSmi5WQvGfV#material-loss", "label": "Sale and Purchase Agreement (Walden Residential Properties Inc)", "score": 18.0, "published": true}], "hash": "19fa695f0a1656aab4ae5de84c965449", "id": 9}, {"snippet_links": [{"key": "for-the-purposes-of", "type": "clause", "offset": [0, 19]}, {"key": "section-92", "type": "clause", "offset": [25, 36]}, {"key": "material-damage", "type": "clause", "offset": [39, 54]}, {"key": "damage-by-casualty", "type": "clause", "offset": [71, 89]}, {"key": "other-cause", "type": "clause", "offset": [97, 108]}, {"key": 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"offset": [2814, 2846]}, {"key": "unapplied-proceeds", "type": "definition", "offset": [2905, 2923]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [3017, 3046]}, {"key": "in-all-cases", "type": "clause", "offset": [3099, 3111]}, {"key": "subject-to-the-terms", "type": "clause", "offset": [3115, 3135]}], "size": 3, "snippet": "For the purposes of this Section 9.2, \u201cMaterial Damage\u201d shall mean any damage by Casualty or any other cause whatsoever that (1) is reasonably estimated to cost five percent (5%) of the Purchase Price or greater to fully repair (the \u201cRepair Cost\u201d), as estimated by a consultant reasonably acceptable to Purchaser and Seller, or (2) would cause Tenant to have the right to terminate the Lease (unless Tenant executes an irrevocable written waiver of such right), or (3) would otherwise materially prevent Purchaser from continuing the existing use of the Property in Purchaser\u2019s reasonable discretion (including, without limitation, if the Property is legal nonconforming under zoning laws and cannot be rebuilt to the state that existed prior to such damage or used for the uses that existed prior to such damage). On the occurrence of any Material Damage, Purchaser may terminate this Agreement by delivering written notice to Seller within ten (10) Business Days after receipt of the Casualty Loss Notice. Failure of Purchaser to deliver written notice of termination within said 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 Letter of Credit shall be promptly returned to Purchaser and neither party shall thereafter have any further rights or obligations hereunder, except with respect to provisions which expressly survive termination. In the event this Agreement is not terminated pursuant to this Section 9.2, Seller shall (a) assign and cause Property Owner to assign (by appropriate documentation executed at Closing, to the extent applicable) to Purchaser the right to receive all insurance proceeds directly and/or indirectly payable to Seller and/or Property Owner as a result of such Casualty and, at Closing, Purchaser shall receive a credit for the sum of (I) the amount of any deductible (it being understood and agreed that the rights of Property Owner in and to the foregoing will be assigned to Purchaser at the Closing by virtue of the transfer of the Membership Interests), (II) the uninsured or self-insured portion of such damage (including any rent loss and business interruption losses actually incurred through the Closing Date), and (III) all proceeds actually received by Seller in connection with such Casualty (it being understood and agreed that none of the aforementioned amounts in subclauses (I) through (III) shall be treated as Retained Cash); provided, however, that to the extent the Lease requires Property Owner to commence repair or reconstruction of the Improvements prior to Closing, Seller may cause Property Owner to apply insurance proceeds toward such repair or reconstruction obligations in accordance with the terms of the Lease, and the assignment of insurance proceeds to Purchaser at Closing shall be limited to the remaining unapplied proceeds so long as Property Owner used such amounts for reconstruction in accordance with the Lease. Notwithstanding the foregoing, Purchaser acknowledges that this Section 9.2 shall in all cases be subject to the terms of the Lease.", "samples": [{"hash": "jgv24xkLpxE", "uri": "/contracts/jgv24xkLpxE#material-loss", "label": "Membership Interest Purchase Agreement (Blue Owl Digital Infrastructure Trust)", "score": 37.4900752909, "published": true}], "hash": "b2702c7c8309a112e9447603a79ef51e", "id": 10}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZtYXRlcmlhbC1sb3NzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"size": 82, "children": [], "title": "Material Loss", "parents": [["risk-of-loss", "Risk of Loss"], ["casualty-condemnation-proceeding", "Casualty Condemnation Proceeding"], ["miscellaneous", "Miscellaneous"], ["representations-and-warranties-of-the-company", "Representations and Warranties of the Company"], ["conditions-to-closing-closing", "Conditions to Closing Closing"]], "id": "material-loss", "related": [["total-loss", "Total Loss", "Total Loss"], ["property-loss", "Property Loss", "Property Loss"], ["material-liabilities", "Material Liabilities", "Material Liabilities"], ["casualty-loss", "Casualty Loss", "Casualty Loss"], ["consequential-loss", "Consequential Loss", "Consequential Loss"]], "related_snippets": [], "updated": "2026-07-01T04:28:54+00:00", "also_ask": ["How should 'material loss' be precisely defined to avoid ambiguity and litigation risk?", "What objective thresholds or metrics should be included to trigger a 'material loss' event?", "How can parties negotiate carve-outs or exceptions to limit exposure under a material loss clause?", "What are the key differences in how courts interpret 'material loss' across relevant jurisdictions?", "What evidence is typically required to prove a 'material loss' in court, and how can this be anticipated in drafting?"], "drafting_tip": null, "explanation": "The Material Loss clause defines what constitutes a significant or substantial loss within the context of an agreement. Typically, it sets a threshold\u2014such as a specific monetary amount or percentage\u2014above which a loss is considered material, and may trigger certain rights or obligations, like the ability to terminate the contract or require notification. This clause ensures that only losses of a serious magnitude have legal consequences, thereby preventing minor or trivial losses from disrupting the contractual relationship."}, "json": true, "cursor": ""}}