material damage or destruction definition
material damage or destruction means all instances of damage or destruction that are not immaterial, as defined herein.
material damage or destruction means all instances of damage or destruction that are not immaterial, as defined herein. The terms of this Section 7.1 shall survive Closing.
material damage or destruction means any damage or destruction which cannot be reasonably be repaired within nine (9) months after the date of the damage or destruction, or any damage or destruction for which the cost of repair exceeds fifty percent (50%) of the construction replacement cost of the Premises. In the event neither party elects to terminate this Lease and Landlord commences to repair the Premises but fails to substantially complete such restoration within one hundred eighty (180) days after the date of the damage or destruction, then Tenant may, at its option, terminate this Lease upon 30 days written notice to Landlord, provided that the Lease will not terminate if Landlord substantially completes such restoration within said thirty (30) days.
More Definitions of material damage or destruction
material damage or destruction means physical damage or destruction to a Mortgaged Property that results in the loss of 10% or more of the rental income from such Mortgaged Property.
material damage or destruction means all instances of damage or destruction that are not immaterial, as defined herein. In the event of any material damage or destruction to the Property or any portion thereof, Seller may, at its option, by notice to Purchaser given within the same time periods set forth above: (i) terminate this Agreement, whereupon Escrow Agent shall immediately return the ▇▇▇▇▇▇▇ Money to Purchaser, or (ii) proceed to close under this Agreement, in which event Seller shall comply with its obligations relating to insurance proceeds as set forth above. If Seller fails to deliver to Purchaser notice of its election within the period set forth above, Seller will conclusively be deemed to have elected to proceed with the Closing as provided in clause (ii) of the preceding sentence.