Material Extent definition

Material Extent means damage or destruction where the cost of repair exceeds ten percent (10%) of the Purchase Price. If the repairs cannot be completed before the Closing Date, or the cost of repairing the Property cannot be determined before the Closing Date, then either party may postpone the Closing Date by delivering a written notice to the other party specifying an extended Closing Date that is not more than thirty (30) days after the previously scheduled Closing Date.
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Material Extent means damage or destruction where the cost of repair exceeds ten percent (10%) of the Purchase Price and/or damage which results in the termination of a Lease by any one of the anchor tenants at the Center identified on the Rent Roll attached hereto. If the extent of damage or the amount of insurance proceeds to be made available cannot be determined before the Closing Date, or the repairs cannot be completed before the Closing Date, either party may postpone the Closing Date by delivering a written notice to the other party specifying an extended Closing Date which is not more than thirty (30) days after the previously scheduled Closing Date. This Section 9.1 shall govern notwithstanding any contrary provisions of Section 5.007 of the Texas Property Code.
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Material Extent means ten percent (10%) or more of the total area of the Property, or the taking of any part of the Property which materially interferes with the Buyer's intended use of the Property.
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Examples of Material Extent in a sentence

  • The term "Material Extent" means damage or destruction if the cost of repairing and fully restoring the Property to its previous condition exceeds ten percent (10%) of the Purchase Price.

  • If, prior to the Closing, the Property is damaged or destroyed by fire or other casualty, to a Material Extent (defined below), Purchaser may either terminate this Contract by delivering a written termination notice to Seller within ten days after the damage occurs, or elect to close.

  • If the Property is damaged by fire or other casualty to less than a Material Extent, the parties shall proceed to the Closing as provided in this Contract.

  • If, prior to the Closing, the Property is damaged by fire or other casualty to less than a Material Extent, the parties shall proceed to Closing as provided herein.

  • If, before the Closing, the Property is damaged by fire or other casualty to less than a Material Extent, the parties shall proceed to Closing as provided in this Contract.

  • The term "Material Extent" means damage or destruction where the cost of repair exceeds ten percent (10%) of the Purchase Price.

  • If, before the Closing, the Property is damaged or destroyed by fire or other casualty to a Material Extent (defined below), then Purchaser may either terminate this Contract by delivering a written termination notice to Seller or elect to close.

  • If the Property is damaged or destroyed by fire or other casualty to a Material Extent (defined below), then Purchaser may terminate this Contract by delivering a written termination notice to Seller within 10 days after the date the casualty occurred (and in any event before the Closing), in which case the ▇▇▇▇▇▇▇ Money will be returned to Purchaser.

  • The term "Material Extent" means damage or destruction if the cost of repairing and fully restoring the Property to its previous condition exceeds five percent (5%) of the Purchase Price.

  • If the Property is damaged or destroyed by fire or other casualty to a Material Extent (defined below), then Purchaser may terminate this Contract by delivering a written termination notice to Seller within fifteen (15) days after the date the casualty occurred (and in any event before the Closing), in which case the ▇▇▇▇▇▇▇ Money will be returned to Purchaser.