Material Portion definition

Material Portion has the meaning set forth in Section 6.13(c).

Material Portion shall have the same meaning with respect to a casualty as that set forth in Section 12.1 with respect to a Taking.

Material Portion means a taking of the Property which, as a result of the taking, in Hersha Owner’s reasonable estimation as reviewed and confirmed in good faith by Owner JV, will result in a decrease in value of the Property equal to or exceeding ten percent (10%) of the Purchase Price.

Examples of Material Portion in a sentence

• In the event of a casualty loss involving less that a Material Portion of the Property, Buyer’s sole and exclusive remedy shall be as described in clause (ii) above.

• If, prior to the Closing, Seller receives notice that all or a Material Portion (as hereinafter defined) of the Property is to be condemned, Seller shall as soon as is reasonably possible give Buyer notice thereof (a “Condemnation Notice”)and Buyer shall have the right to terminate this Agreement upon written notice delivered within ten (10) days after Buyer’s receipt of a Condemnation Notice (which notice must contain the amount of compensation offered for such condemnation).

• 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 Material Damage to the Real Property in accordance with Section 11.3 below.

• If a Casualty Affecting a Material Portion of the Premises occurs, Tenant, at its option, shall have the right to terminate this Agreement by giving Notice to Landlord of such termination within thirty (30) days after the Date of Casualty.

• If there occurs a Casualty affecting a Material Portion of the Premises and Tenant does not terminate this Agreement, or if there occurs a Casualty affecting less than a Material Portion of the Premises, then Landlord shall promptly proceed to restore the Premises and the Building to a condition at least as good as the condition which existed immediately prior to the Casualty.

More Definitions of Material Portion

Material Portion as used in the preceding sentence shall mean a Taking of: (a) at least one-third (ILLEGIBLE) of the Premises; or (b) the Building or any part thereof; or (c) shall result in cutting off direct access to and from the Premises to any adjacent public street or highway; or (d) such portion of the Premises as shall otherwise substantially alter Tenant's ability to use the same in the manner used by Tenant immediately prior to the Taking. Notwithstanding the termination of this Lease, both Landlord and Tenant shall have the right to prosecute their claims for an award and/or to share in the proceeds of any award based upon their respective interests. If the interests of Landlord and Tenant are both compensated in a single award, then Tenant shall be entitled to that portion of the award necessary to compensate it for its leasehold improvements and moving expenses and Landlord shall be entitled to the remainder of the award.

Material Portion means the amount of property or other assets owned, leased or operated by the Borrower and its Subsidiaries which represents more than 10% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the most recent publicly filed consolidated financial statements of the Borrower and its Subsidiaries.

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 Portion means a portion equal to or greater than 5% of the Collateral by value or number of Properties affected.

Material Portion means that portion of the Real Property which, if taken or condemned, would reduce the value of the Property by not less than $1,000,000.00 or twenty-five percent (25%) of the Purchase Price, whichever is greater. Notwithstanding anything to the contrary herein, if any eminent domain proceeding is instituted (or notice of which shall be given) solely for the taking of any subsurface rights for utility easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though such rights had not been taken, Purchaser shall not be entitled to terminate this Agreement as to any part of the Real Property, but any award resulting therefrom shall be the exclusive property of Purchaser upon Closing. In the event Purchaser elects to terminate this Agreement under this Section 8.1, the Earnest Money shall xx xxxurned to Purchaser upon Seller's receipt of the Documents and Purchaser's Information in accordance with Section 6.4, and neither party to this Agreement shall thereafter have any further rights or obligations hereunder except as otherwise provided in Sections 3.3 and 7.4 hereof. If Purchaser waives (or is deemed to have waived) the right to terminate this Agreement as a result of such a condemnation, despite such condemnation, Seller and Purchaser shall close this Agreement in accordance with the terms hereof with no reduction in the Purchase Price, and Seller shall assign to Purchaser at Closing all of Seller's right, title and interest in and to all proceeds resulting or to result from said condemnation.

Material Portion. As defined in Section 22.3.

Material Portion means any portion having a value in excess of $10,000.00.