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 means damage to the Property that is of such nature that the cost of restoring the Property to its condition before the casualty will, in Seller’s reasonable determination, exceed $100,000, whether or not such damage is covered by insurance; or any damage that would reduce the value of the Property by $100,000 or more. If, before Closing, the Property sustains Material Damage by a casualty, Buyer may, at Buyer’s option, terminate this Agreement by delivering Notice to Seller by the earlier of: 30 days after Buyer’s receipt of the Casualty Loss Notice; or the Closing Date. If the Property is damaged by a casualty but does not sustain Material Damage, then: the Parties will proceed to Closing in accordance with the terms of this Agreement; and Buyer will receive a credit against the Purchase Price in the estimated amount of the cost to complete the repair of such non-Material Damage following Closing. If the Property sustains Material Damage by a casualty but Buyer elects not to terminate this Agreement as a result thereof, then the Parties will proceed to the Closing and: (I) the Purchase Price will be reduced by the amount of Seller’s casualty insurance policy deductible; and (II) Seller will (at the Closing) assign to Buyer all of Seller’s rights in and to any insurance proceeds which may become available as a result of the casualty at issue. If Buyer elects to terminate this Agreement under this Section, thereafter neither Party will have any further rights or obligations under this Agreement, except as otherwise specifically provided in this Agreement.
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.
Examples of Material Damage in a sentence
CHUBB - Steadfast Material Damage Wording – (6.2016) WHAT YOU ARE COVERED FOR DAMAGE TO INSURED PROPERTY You are insured for any sudden and accidental loss to insured property at the situation.
However, if: CHUBB - Steadfast Material Damage Wording – (6.2016) the period of insurance is for more than 12 months, the annual period is the current 12 month period calculated consecutively from the date this policy first started.
CHUBB - Steadfast Material Damage Wording – (6.2016) You consent to us transferring your relevant personal information to that party.
CHUBB - Steadfast Material Damage Wording – (6.2016) natural disaster damage Sudden and accidental loss that results directly or indirectly from earthquake, subterranean fire, volcanic activity, tsunami, geothermal activity, hydrothermal activity, or fire caused by any of these.
Construction Material Damage: Cover: Physical loss of or damage to any part of the contract works, being the permanent and temporary works relating to the design, manufacture, supply, construction, erection and/or setting to work, testing and commissioning of the Facility including materials and plant for incorporation therein.
More Definitions of Material Damage
Material Damage and “Materially Damaged” means, with respect to the Property, damage which in REIT’s and Contributor’s reasonable estimation (based on a third party report, prepared by a qualified third party, that is mutually acceptable to REIT and Contributor, 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 $100,000 to repair.
Material Damage and “Materially Damaged” means damage which, in Hersha Owner’s reasonable estimation as reviewed and confirmed in good faith by Owner JV, equals or exceeds ten percent (10%) of the Purchase Price.
Material Damage used in the context of the environment means any change in the environment caused by the Private Party or any person with whom it has contracted to fulfil any of its obligations in terms of this PPP Agreement, where the change results in a material adverse effect on the ecological integrity of the environment or on the ability of the ecosystem within the Knysna National Lake Area or the wider GRNP to recover or which will have a material effect in the future, all of which shall be measured against the EIA or any subsequent EIA;
Material Damage means damage costing in Seller’s Judgment [$_____________] 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 and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $250,000.00 to repair.
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.