{"component": "definition", "props": {"groups": [{"snippet": "and \u201cMaterially damaged\u201d 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\u2019s or Seller\u2019s reasonable estimation, will take longer than 120 days to repair.", "size": 24, "samples": [{"hash": "jhx1LhNx57E", "uri": "/contracts/jhx1LhNx57E#material-damage", "label": "Purchase and Sale Agreement (Plymouth Industrial REIT Inc.)", "score": 25.5776863098, "published": true}, {"hash": "KMLkDQ3UuQ", "uri": "/contracts/KMLkDQ3UuQ#material-damage", "label": "Purchase and Sale Agreement (Plymouth Industrial REIT Inc.)", "score": 23.8843250275, "published": true}, {"hash": "6mtLdUTArxZ", "uri": "/contracts/6mtLdUTArxZ#material-damage", "label": "Purchase and Sale Agreement (Plymouth Industrial REIT Inc.)", "score": 23.867898941, 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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.", "size": 11, "samples": [{"hash": "k8TdicMCl4H", "uri": "/contracts/k8TdicMCl4H#material-damage", "label": "Contribution Agreement (Bluerock Residential Growth REIT, Inc.)", "score": 25.2053394318, "published": true}, {"hash": "fhS0PFeGwTf", "uri": "/contracts/fhS0PFeGwTf#material-damage", "label": "Contribution Agreement (Bluerock Residential Growth REIT, Inc.)", "score": 25.2053394318, "published": true}, {"hash": "i1kJoFkTZVp", "uri": "/contracts/i1kJoFkTZVp#material-damage", "label": "Contribution Agreement (Bluerock Residential Growth REIT, Inc.)", "score": 25.1943874359, "published": true}], "snippet_links": [{"key": "materially-damaged", "type": "definition", "offset": [5, 23]}, {"key": "with-respect-to", "type": "clause", "offset": [32, 47]}, {"key": "the-property", "type": "clause", "offset": [48, 60]}, {"key": "based-on", "type": "definition", "offset": [126, 134]}, {"key": "third-party-report", "type": "definition", "offset": [137, 155]}, {"key": "prepared-by", "type": "definition", "offset": [157, 168]}, {"key": "qualified-third-party", "type": "definition", "offset": [171, 192]}, {"key": "reasonable-discretion", "type": "clause", "offset": [267, 288]}, {"key": "to-repair", "type": "clause", "offset": [307, 316]}], "hash": "e7b70f3ce1e44d84730fe55ffb0c0e5e", "id": 5}, {"snippet": "means damage to the Improvements of such nature that the cost of restoring the same to their condition prior to the Casualty will, in Seller's reasonable determination, equal or exceed $1,000,000. If, in Seller's reasonable determination, which determination shall be made as promptly as is practicable, the Improvements have sustained Material Damage by a Casualty, Seller may, at its option, terminate this Agreement by delivering written notice to Purchaser on or before Closing, and neither party hereto shall have any further rights or obligations hereunder except the Termination Surviving Obligations. In the event Seller does not so terminate this Agreement, Purchaser may, as its sole option, within fifteen (15) days after delivery of the Casualty Loss Notice, either (a) terminate this Agreement by delivering written notice of same to Seller or (b) waive its right of termination and elect to proceed to close this transaction in accordance with the terms hereof (\"Waiver Option\"). Failure of Purchaser to deliver written notice of termination within said fifteen (15) day period shall be conclusively deemed to be an election by Purchaser of the Waiver Option. In the event Seller or Purchaser elects to terminate this Agreement under this Section 9.02, the Deposit shall be returned to Purchaser in accordance with Section 6.04 and thereafter neither party to this Agreement shall thereafter have any further rights or obligations hereunder, except the Termination Surviving Obligations. If Purchaser elects the Waiver Option, then, at its option, Seller shall (a) repair the Improvements to substantially their condition prior to such damage, if and to the extent Seller reasonably determines that repairs cannot be delayed until Closing, subject to Section 9.04 or (b) deliver to Purchaser at Closing an amount equal to the insurance deductible and assign to Purchaser all of its rights in the resulting casualty insurance proceeds (but the amount of such deductible plus insurance proceeds shall not exceed the lesser of (i) the cost of repair or (ii) the Purchase Price). In the event Seller assigns insurance proceeds, (A) Purchaser may notify all appropriate insurance companies of its interest in the insurance proceeds, and (B) all casualty insurance proceeds payable as a result of the loss (subject to the limitation herein described) shall be assigned to Purchaser at Closing.", "size": 10, "samples": [{"hash": "l9X3p7GikVS", "uri": "/contracts/l9X3p7GikVS#material-damage", "label": "Sale and Purchase Agreement (Cornerstone Properties Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "the-improvements", "type": "clause", "offset": [16, 32]}, {"key": "the-cost", "type": "clause", "offset": [53, 61]}, {"key": "prior-to-the", "type": "clause", "offset": [103, 115]}, {"key": "reasonable-determination", "type": "definition", "offset": [143, 167]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [394, 418]}, {"key": "notice-to-purchaser", "type": "definition", "offset": [441, 460]}, {"key": "before-closing", "type": 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(90) days to repair.", "size": 8, "samples": [{"hash": "eNsHTUwik4d", "uri": "/contracts/eNsHTUwik4d#material-damage", "label": "Purchase and Sale Agreement (Amerivest Properties Inc)", "score": 21.0, "published": true}], "snippet_links": [{"key": "materially-damaged", "type": "definition", "offset": [5, 23]}, {"key": "the-purchase-price", "type": "clause", "offset": [108, 126]}, {"key": "to-repair", "type": "clause", "offset": [127, 136]}], "hash": "cf575d749ab82e1378f666c255896d0a", "id": 8}, {"snippet": "and \u201cMaterially Damaged\u201d means damage which, in Hersha Owner\u2019s reasonable estimation as reviewed and confirmed in good faith by Owner JV, equals or exceeds ten percent (10%) of the Purchase Price.", "size": 7, "samples": [{"hash": "hkka6NeaCyN", "uri": "/contracts/hkka6NeaCyN#material-damage", "label": "Asset Purchase and Contribution Agreement (Hersha Hospitality Trust)", "score": 27.0917186737, "published": true}, {"hash": "habJoJrFeyd", "uri": 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"snippet": "and \u201cMaterially damaged\u201d 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\u2019s or Seller\u2019s reasonable estimation, will take longer than 120 days to repair.", "size": 431, "id": "material-damage", "examples": ["Notwithstanding the foregoing, it is expressly agreed and acknowledged that in no event shall Seller have any obligation to repair or rebuild the <strong>Material Damage</strong>.", "If, prior to Closing, any of the improvements on the Property are damaged or destroyed and such damage is not <strong>Material Damage</strong>, 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 <strong>Material Damage</strong> 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 <strong>Material Damage</strong> 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 <strong>Material Damage</strong> 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 <strong>Material Damage</strong>.", "If Seller elects to terminate this Agreement, with respect to an Aircraft, after the occurrence of <strong>Material Damage</strong> to one of the Aircraft, Seller shall give written notice thereof to Buyer and neither party shall have any further obligation to the other under this agreement with respect to such Aircraft; provided, however that Seller shall return the applicable Aircraft Deposit to Buyer in accordance with the terms of Article 2 hereof.", "Notwithstanding the foregoing, following the repair by Seller of an Aircraft that has suffered <strong>Material Damage</strong> (the \u201cRepaired Aircraft\u201d), Buyer shall have the right to inspect the Repaired Aircraft in accordance with Section 3 hereof and Buyer shall have the right to technically reject the Repaired Aircraft if it does not comply with the terms thereof.", "If Seller repairs such <strong>Material Damage</strong>, provided all of the conditions precedent below have been satisfied, Buyer shall purchase such Aircraft in accordance with the terms hereof.", "In the event of <strong>Material Damage</strong> to one or more parts, such parts shall be removed from the Final Spares Package and the parties shall decrease the Purchase Price by a mutually agreeable value for such parts.", "CBL/OP shall not have terminated this Agreement by reason of the condemnation of a Material Portion of the Property in accordance with Section 11.1 below and CBL/OP shall not have terminated this Agreement by reason of <strong>Material Damage</strong> to the Real Property in accordance with Section 11.3 below."], "related": [["substantial-damage", "Substantial damage", "Substantial damage"], ["direct-damage", "Direct Damage", "Direct Damage"], ["catastrophic-damage", "Catastrophic Damage", "Catastrophic Damage"], ["environmental-damage", "Environmental Damage", "Environmental Damage"], ["structural-damage", "Structural damage", "Structural damage"]], "related_snippets": [], "updated": "2026-04-09T06:48:03+00:00"}, "json": true, "cursor": ""}}