Material Casualty definition

Material Casualty has the meaning set forth in Section 14.1.1.

Material Casualty means a Casualty where the loss (i) is in an aggregate amount equal to or in excess of thirty percent (30%) of the outstanding Principal Amount of the Loan or (ii) has caused thirty percent (30%) or more of the hotel rooms or common areas (including banquet and conference facilities) in the Property to be unavailable for its applicable use.

Material Casualty shall have the meaning assigned thereto in Section 9.2(b).

Examples of Material Casualty in a sentence

• In the event of a Material Casualty, Seller shall within fifteen (15) business days after such Material Casualty provide written notice thereof to Buyer.

• Buyer may, by written notice to Seller within twenty (20) days after Xxxxx’s receipt of notice of the Material Casualty, elect in writing to terminate this Agreement.

• Such notice shall include copies of all insurance policies then in force relating to the Purchased Assets or Lease Assets covering such Material Casualty and, Seller’s initial good faith estimate of the cost to repair such damage or destruction (“Cost Estimate”).

• Between the Execution Date and the Effective Time, no Material Casualty shall have occurred.

• To the extent that such proceeds are less than the Cost Estimate, Seller shall either make payment to Buyer in amount that together with such proceeds equals the Cost Estimate or Seller may, by written notice to Buyer within twenty (20) days after Seller’s receipt of Buyer’s election to proceed to Closing notwithstanding such Material Casualty, elect in writing to terminate this Agreement.

More Definitions of Material Casualty

Material Casualty shall have the meaning set forth in Section 6.3.

Material Casualty means a Casualty in respect of all or substantially all of the Purchased Assets.

Material Casualty means a casualty or casualties that, in the aggregate: (i) causes in excess of $10,000,000.00 worth of damage to the Hotel; or (ii) will take twelve (12) months or longer from the date of the casualty to fully remediate.

Material Casualty means the occurrence of damage or destruction to the improvements located on a Property the cost of which to restore is at least equal to 40% of the then current replacement cost of such improvements and the restoration of which cannot reasonably be completed with 120 days from the occurrence of such damage or destruction, both as reasonably determined by Lessee.

Material Casualty means any Casualty to any Property that alone, or in combination with any prior Casualties to such Property for which repairs to restore such Property to its prior condition have not been completed, will require repairs costing (a) during the Construction Period, $500,000 or more to restore such Property to its prior condition, or (b) after the Construction Period, $2,500,000 or more to restore such Property to its prior condition.

Material Casualty means casualty, for which the estimated cost to repair or restore the Property exceeds an amount equal to five percent (5%) of the aggregate construction costs for the Investment.

Material Casualty means any damage to the Property or any portion thereof by fire or other casualty that, in the Buyer’s reasonable judgment, may be expected to cost in excess of Five Hundred Thousand Dollars ($500,000) to repair. As used in this SECTION 8.2(b), a “Material Condemnation” shall mean a taking of the Property or a taking of any material portion of the Hotel as a result of a condemnation or eminent domain proceeding (including the institution of such proceeding pursuant to a written notice thereof to the Seller) that impairs the use and value of the Property or otherwise causes the Property to be non-compliant with applicable law, and which (in each instance) cannot be restored by Seller (at Seller’s sole cost and expense) to substantially the same use and value as before the taking.