Material Condemnation definition

Material Condemnation has the meaning set forth in Section 14.2.1.

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Material Condemnation means a Condemnation 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 Condemnation shall have the meaning assigned thereto in subsection 9.2(b).

Examples of Material Condemnation in a sentence

• In the event of any Condemnation other than a Material Condemnation, Purchaser shall not have the right to terminate this Agreement, but shall proceed to Closing, in which case Seller shall assign to Purchaser all of Seller’s right, title and interest in all proceeds and awards from such Condemnation.

• Subject to the terms and conditions of this Agreement, Buyer shall be bound to purchase the applicable Property for the allocated Purchase Price, without regard to the effect of any damage to the Property or condemnation of any portion of the Property, provided that in the case of a casualty, the casualty is not a Material Casualty, or in the case of a condemnation or threatened condemnation, the condemnation or threatened condemnation is not a Material Condemnation.

• In the event of a Material Condemnation involving the SCH Hospital Facility (including the real property on which it is located) prior to the Effective Time, the City shall within fifteen (15) Business Days after such Material Condemnation provide Notice thereof to SEARHC.

• If, notwithstanding such Material Condemnation, the Closing occurs, then SEARHC’s obligation to provide the Continuing Interim Services at the SCH Hospital Facility as contemplated in Section 6.15(b) during the Interim Operating Period shall terminate if the Material Condemnation renders use and occupancy of the SCH Hospital Facility impossible, unsafe or unlawful.

• If Lessor accepts the Condemnation Substitution Offer or is deemed to have accepted the Condemnation Substitution Offer or if any rejection of the Condemnation Substitution Offer by Lessor is not consented to in writing by Lender, then, within 180 days of that Material Condemnation, Lessee shall complete the substitution, subject, however, to the satisfaction of each of the applicable terms and conditions set forth in this Section 21 and Section 55.

More Definitions of Material Condemnation

Material Condemnation means any Condemnation of any property of the Company pursuant to which a condemnation award in excess of $100,000 shall have been received by the Company.

Material Condemnation means (i) any taking of any portion of the Real Property or the MEH Campus or (ii) conveyance of any portion of the Real Property or the MEH Campus after receipt of written notice of an offer to purchase under a threat of condemnation by power of eminent domain, if the result of such taking or conveyance would render the remainder of (A) the Real Property unsuitable for the operation of a rehabilitation center, a long-term care facility, and a site for the offering of rehabilitative services (including physical therapy, occupational therapy and speech therapy programs), or (B) the MEH Campus unsuitable for the operation of a hospital, a medical office building, primary care clinics and a long term care facility.

Material Condemnation shall have the meaning set forth in Section 6.3 hereof.

Material Condemnation has the meaning set forth in Section 9.2 hereof.

Material Condemnation means a condemnation or threatened condemnation pursuant to which (i) any portion of the Property with a value equal to or greater than two percent (2%) of the Purchase Price allocated to such Property as set forth on Exhibit A attached hereto is taken or threatened to be taken; (ii) results or would result in the loss parking spaces serving the Real Property which would cause the Real Property to not have parking spaces sufficient to comply with applicable zoning (without taking into account any grandfathering in of the Real Property as a result of such condemnation); (iii) causes or would cause a material reduction in size of the Real Property or materially interferes with the use and operation of the Real Property; (iv) results or would result in the Property being in violation of any applicable Governmental Requirements; or (v) results or would result in access to the Property being materially impaired, as reasonably determined by Buyer.

Material Condemnation means any taking of any portion of the Real Property or conveyance of any portion of the Real Property after receipt of written notice of an offer to purchase under a threat of condemnation (except Leased Real Property) by power of eminent domain, if the result of such taking or conveyance would render the remainder of the Real Property unsuitable for the operation of the Hospital or the construction, development and operation of the New Hospital, in the case of the Wood Campus Real Property (New Hospital Site).

Material Condemnation has the meaning set forth in Section 13.2(a) of this Agreement.