Material Damage definition

Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $500,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than ninety (90) days to repair.
Material Damage and “Materially damaged” means damage (w) resulting in the Property not complying with all legal requirements applicable to the Property, (x) reasonably exceeding $300,000 or (y) that entitles any tenant of the Property to terminate its Lease, or (z) which, in Buyer’s or Seller’s reasonable estimation, will take longer than 120 days to repair.
Material Damage and “Materially Damaged” means, with respect to the Property, damage which in REIT’s and Contributors’ reasonable estimation (based on a third party report, prepared by a qualified third party, that is mutually acceptable to REIT and Contributors, each acting in its reasonable discretion) exceeds $100,000 to repair. Such third party report shall not be required where it is evident that such damage will not exceed $100,000 to repair.

Examples of Material Damage in a sentence

  • Tenant’s Builder’s Risk Insurance - Completed Value Builders’ Risk Material Damage Insurance policy covering the work to be performed for Tenant in the Premises as it relates to the building within which the Premises is located.

  • Notwithstanding Special Exclusion (i) under Section 1 of this Policy the Company hereby agrees to indemnify the Insured upto but not exceeding the limits of Indemnity stated in the Schedule for all additional costs which the Insured shall incur to ensure continued data processing on substitute equipment if such costs arise as an unavoidable consequence of an indemnifiable loss or damage during the period of insurance to property insured under the Material Damage Section of this Policy.

  • In addition, coverage for any defect in materials and labour supplied for the exterior cladding, caulking, windows and doors that may lead to detachment or material damage to the New Home.5-year – This warranty provides coverage for the building envelope for up to five years against unintended water penetration such that it causes, or is likely to cause, Material Damage to the New Home.10-year – This is for structural defects1.

  • In respect of several insurances within the same compound / location with all the Indian insurers, the maximum aggregate loss (Material Damage and Loss of Profit combined) payable per compound /location shall be Rs.500 crores.

  • The insurance under this item is to cover such reasonable professional fees as may be payable by You, and such other reasonable expenses necessarily incurred by You and not otherwise recoverable, for preparation of claims under the Your Material Damage and Consequential Loss insurance policies and We shall indemnify You for such reasonable fees and expenses.

More Definitions of Material Damage

Material Damage and “Materially Damaged” means damage which, in Hersha Owner’s reasonable estimation as reviewed and confirmed in good faith by Owner JV, equals or exceeds ten percent (10%) of the Purchase Price.
Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $250,000.00 to repair.
Material Damage used in the context of the environment means any change in the environment caused by the Private Party or any person with whom it has contracted to fulfil any of its obligations in terms of this PPP Agreement, where the change results in a material adverse effect on the ecological integrity of the environment or on the ability of the ecosystem within the Knysna National Lake Area or the wider GRNP to recover or which will have a material effect in the future, all of which shall be measured against the EIA or any subsequent EIA;
Material Damage means damage costing in Seller’s Judgment [$_____________] or more to repair. If Buyer does not terminate this Agreement in the case of Material Damage, Seller shall assign to Buyer at the Closing its right to recover under any insurance policies covering such damage (but only to the extent that the proceeds do not exceed the Purchase Price and provided that Seller shall be entitled to retain any business interruption insurance proceeds that are applicable to the period prior to the Closing Date) and shall pay Buyer at the Closing the amount of the deductible or other self-insured retention, if any. If between the Effective Date and the Closing Date, the Property suffers damage which is not Material Damage, Seller shall, at Seller’s option, either (i) repair such damage at its expense, to the reasonable approval of Buyer prior to the Closing (and if such repair cannot reasonably be completed prior to the Closing, Seller shall have the right to extend the Closing Date until such repairs are completed), or (ii) convey the Property to Buyer without making such repairs and assign to Buyer all insurance proceeds payable on account of such damage (but only to the extent that the proceeds do not exceed the Purchase Price and provided that Seller shall be entitled to retain any business interruption insurance proceeds that are applicable to the period prior to the Closing Date).
Material Damage means damage to the Real Property which is of such nature that the cost of restoring the same to their condition prior to the Casualty will, in Seller's reasonable determination as provided in the Casualty Loss Notice, exceed five percent (5%) of the Purchase Price, whether or not such damage is covered by insurance. If, prior to the Closing, the Real Property sustains Material Damage by a Casualty, either Buyer or Seller may, at such party's option, terminate this Agreement by delivering notice thereof to the other party and Escrow Holder within the earlier of (i) ten (10) Business Days after Buyer's receipt of the Casualty Loss Notice or (ii) the Closing Date. If the Real Property shall be damaged by a Casualty which is not a Material Damage, or if either Buyer or Seller fails to deliver notice of termination within the time period set forth hereinabove for a Material Damage, then: (A) the parties shall proceed to close this transaction in accordance with the terms of this Agreement; (B) at the Closing, Buyer shall receive a credit against the Purchase Price in an amount equal to the deductible under Seller's casualty insurance policy; and (C) Seller shall, as part of the Intangible Property, assign to Buyer all of Seller's rights in the resulting casualty insurance proceeds; provided, however, that in no event shall the sum of such credit for the deductible and the amount of the insurance proceeds assigned to Buyer pursuant to clauses (B) and (C) hereinabove exceed the lesser of (1) the Purchase Price or (2) the cost to complete the repair of the Casualty following the Closing. If Seller or Buyer elects to terminate this Agreement under this Article 9, the entire Deposit shall be returned to Buyer, and thereafter neither party shall thereafter have any further rights or obligations hereunder, except as expressly set forth in this Agreement.
Material Damage means damage, other than normal wear and tear to Service Property or Support Inventory, excluding O&M Firm-owned or leased property or equipment which, in the aggregate for any occurrence, costs more than $10,000 to repair or reconstruct or, if such damage is not repairable, the property that is damaged costs more than $10,000 to replace or reconstruct.
Material Damage has the meaning set forth in Section 9.1 hereof.