Material Taking shall have the meaning set forth in Section 6.4.

Material Taking means all instances of a Taking that are not immaterial, as defined herein. If Purchaser does not elect to, or has no right to, terminate this Agreement in accordance herewith on account of a Taking, this Agreement shall remain in full force and effect and the sale of the Property contemplated by this Agreement, less any interest taken by eminent domain or condemnation, or sale in lieu thereof, shall be effected with no further adjustment and without reduction of the Purchase Price, and at the Closing, Seller shall assign, transfer, and set over to Purchaser all of the right, title, and interest of Seller in and to any awards applicable to the Property that have been or that may thereafter be made for such taking. At such time as all or a part of the Property is subjected to a bona fide threat of condemnation and Purchaser shall not have elected to terminate this Agreement as provided in this Section 7.2, and provided that the Inspection Period has expired, (i) Purchaser shall thereafter be permitted to participate in the proceedings as if Purchaser were a party to the action, and (ii) Seller shall not settle or agree to any award or payment pursuant to condemnation, eminent domain, or sale in lieu thereof without obtaining Purchaser’s prior written consent thereto in each case. The terms of this Section 7.2 shall survive Closing.

Material Taking means an exercise by an applicable governmental authority of the power of condemnation or eminent domain that results in: (a) the taking of more than twenty percent (20%) of the Real Property; (b) a material reduction or restriction in access to the Property; or (c) the inability to operate the Hotel in substantially the same manner (without material additional expense) as it was operated prior to such taking.

Examples of Material Taking in a sentence

If Tenant fails to timely deliver the Taking Termination Notice, then Tenant shall automatically and irrevocably be deemed to have waived its right to terminate this Lease as a result of the Material Taking, whereupon for purposes of this Lease from and after the waiver of the termination option, (a) the Material Taking shall instead be treated as a Partial Taking, as discussed below, and (b) the Award (as defined below) shall be paid in the manner described below.
In the event of a Material Taking, Landlord shall be entitled to any and all payment, income, rent or award, or any interest therein whatsoever, which may be paid or made in connection with such a taking (“Award”) and Tenant shall (x) have no claim against Landlord for the value of any unexpired portion of this Lease nor (y) have any claim to all or any portion of the Award.
If, prior to the Close of Escrow, a Material Taking has occurred or is pending, Seller shall immediately notify Buyer of such fact.
If a Partial Taking occurs (or if a Material Taking occurs, but this Lease is not terminated), then the Rent due hereunder shall be ratably adjusted, effective as of the effective date of the Taking .
Except as set forth below, in the event of (i) a Material Taking or (ii) a Material Casualty, Lessor shall be entitled to receive the entire award, insurance proceeds or payment in connection therewith without deduction for any estate vested in Lessee by this Lease.

More Definitions of Material Taking

Material Taking shall have the meaning set forth in Section 9.02.

Material Taking means a Taking of the whole of any of the Properties, other than for temporary use, or a Taking of any of the Properties (other than for temporary use) which will: (i) materially impair access to such Property in Lessee's reasonable judgment; (ii) either result in the loss of 10% or more of the parking spaces at such Property or the loss of such parking spaces as would result in the Property being reasonably incapable of satisfying the parking requirements under Applicable Regulations either by the addition or replacement of parking spaces; or (iii) result in the permanent closure or removal of such portion of the improvements located on such Property as to make uneconomical the continued use of the remainder of such Property as a Permitted Facility.

Material Taking means any condemnation, taking by eminent domain or any similar proceeding which adversely affects the Real Property by: (i) preventing the use of the Ski Area Parcel as a public ski area (ii) eliminating access to the Property from any public roads abutting the Real Property; or (iii) diminishing materially the number of parking spaces available on the Real Property (after reasonable relocation thereof), so as to prevent the use of the Ski Area Parcel as a public ski area.

Material Taking means any taking or condemnation (or notice thereof) for any public or quasi-public purpose or use by any competent authority in appropriate proceedings or any exercise of a right of eminent domain that results in, or is reasonably anticipated to result in, (i) an award in excess of Five Hundred Thousand Dollars ($500,000.00).

Material Taking means the permanent taking, or temporary taking of such portion of the Property (or access thereto) that includes any portion of the Hotel, or results in a taking of any of the portion of the Land that is reasonably likely to interfere in more than a de minimus manner in the operation of the Hotel.

Material Taking means any Taking: (i) of the entire Leased Premises, or (ii) that would, even after Restoration, in Tenant’s reasonable good faith business judgment, be substantially and materially adverse to Tenant’s use of the remaining portion of the Leased Premises as a skilled trade training facility.

Material Taking shall have the meaning set forth in Article 15.