Material Damage definition

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.

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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 or “Materially Damaged” means damage to those elements of the Property which Seller is not obligated to insure or repair which would cost in excess of $250,000.00 to repair as reasonably estimated by Seller.

Examples of Material Damage in a sentence

• Notwithstanding the foregoing, it is expressly agreed and acknowledged that in no event shall Seller have any obligation to repair or rebuild the Material Damage.

• If, prior to Closing, any of the improvements on the Property are damaged or destroyed and such damage is not Material Damage, Buyer shall remain obligated to close hereunder with no abatement in the Purchase Price.

• It is expressly agreed and acknowledged that in no event shall Seller have any obligation to restore, repair or rebuild the Material Damage or any other damage to the Property.

• Buyer shall not be entitled to any right or remedy for any inaccuracy in or breach of any representation, warranty or covenant under this Agreement or any conveyance document unless the amount of damages proximately caused thereby exceeds the Material Damage Floor, and in no event shall the damages for which Seller is liable hereunder for any such inaccuracies or breaches exceed in the aggregate the Material Damage Ceiling.

• Buyer shall have no right to terminate this Agreement as a result of any damage or destruction of any portion of the Property that does not constitute Material Damage.

More Definitions of Material Damage

Material Damage or "MATERIALLY DAMAGED" means damage reasonably exceeding ten percent of the Purchase Price of the Real Property, and (ii) "MATERIAL PORTION" means any portion of the Real Property that has a "fair market value" exceeding 10% of the Purchase Price of the Real Property.

Material Damage and "Materially Damaged" means damage which, in Seller's reasonable estimation, (i) exceeds $500,000.00 to repair, or (ii) will take longer than one hundred twenty (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.

Material Damage means any damage (or history of damage) to the Aircraft or any part thereof that (a) requires or required the issuance of an FAA Form 337 or any foreign equivalent or that requires or required an alteration or repair which would constitute a “major repair” as such term is defined in 14 C.F.R., Part 43, Appendix A and recorded in a manner prescribed by 14 C.F.R., Part 43, Appendix B, or foreign equivalent, (b) requires or required any deviation from the original approved manufacturer’s aircraft build specification or standard production configuration, (c) requires repetitive or recurring or non-standard inspections which deviate from the Aircraft manufacturer’s normal maintenance procedures or required modifications to the normal component life limitations, overhaul and/or inspection intervals for the Aircraft, and/or (iv) bird strikes, lightning strikes, or hail 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 means damage for which the restoration cost is $100,000 or more.

Material Damage means damage that is reasonably estimated to cost in excess of Two Million Five Hundred Thousand Dollars ($2,500,000) to repair.