Common use of Material Part Clause in Contracts

Material Part. For purposes of this Section 9.3, a Casualty shall be deemed material if the extent of the damage, destruction or taking (measured by the cost of repairing or replacing the damaged or destroyed portion of the Property or the fair market value of the taken portion of the Property) exceeds $1,000,000. 10.

Material Part. For purposes of this Section 9.3, a Casualty shall be deemed material if the extent of the damage, destruction or taking (measured by the cost of repairing or replacing the damaged or destroyed portion of the Property or the fair market value of the taken portion of the Property) exceeds $1,000,000. 10.