Materially Damaged or Destroyed definition
Materially Damaged or Destroyed means damage or destruction the repair or replacement of which either would not be permitted due to the then effective requirements of any applicable law, ordinance, rule or regulation of any governmental or quasi-governmental agency having jurisdiction, or, as determined by a licensed general contractor having at least five (5) years experience in the construction of commercial office buildings, selected by Seller and reasonably approved by Purchaser, would exceed Seven Hundred Fifty Thousand Dollars ($750,000) as to any casualty of a type against which insurance is maintained (a “Major Insured Casualty”) or would exceed Three Hundred Fifty Thousand Dollars ($350,000) as to any casualty against which insurance is not maintained (a “Major Uninsured Casualty”). As used herein, repair or replacement means such repair or replacement to the Improvements as may be required to restore the Improvements to a condition having substantially the same design, specifications and equipment of the Improvements immediately prior to the casualty. If, between the Effective Date and the Closing Date, the Property sustains damage which is not within the definition of Materially Damaged or Destroyed , the parties shall proceed to Closing. If between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed due to a Major Uninsured Casualty, Seller may elect in writing, within five (5) days after the Casualty Notice Date, to terminate this Agreement. If Seller fails to notify Purchaser of Seller’s election, Seller will be deemed to have elected not to proceed with the sale of all of the Property.
Materially Damaged or Destroyed means damage or destruction the repair or replacement of which either would not be permitted due to the then effective requirements of any applicable law, ordinance, rule or regulation of any governmental or quasi-governmental agency having jurisdiction, or, as determined by a licensed general contractor having at least five (5) years experience in the construction of commercial office buildings, selected by Seller and reasonably approved by Purchaser, would exceed Five Million Dollars ($5,000,000) (a “Major Casualty”). As used herein, repair or replacement means such repair or replacement to the Improvements as may be required to restore the Improvements to a condition having substantially the same design, specifications and equipment of the Improvements immediately prior to the casualty. If, between the Effective Date and the Closing Date, the Property sustains damage which is not within the definition of Materially Damaged or Destroyed, the parties shall proceed to Closing.
Materially Damaged or Destroyed means damage or destruction the repair or replacement of which would exceed $100,000, as determined by a licensed general contractor approved by Buyer and Seller. If prior to the Closing Date, the Property sustains nonmaterial damage, Seller shall assign its rights to insurance proceeds as provided for in Paragraph 15(a)(iii) hereof. In addition, Seller shall deliver to Buyer an amount equal to the deductible attributable to such casualty.
Examples of Materially Damaged or Destroyed in a sentence
If between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed due to a Major Uninsured Casualty, Seller may elect in writing, within five (5) days after the Casualty Notice Date, to terminate this Agreement.
If, between the Effective Date and the Closing Date, the Property sustains damage which is not within the definition of Materially Damaged or Destroyed , the parties shall proceed to Closing.
If, between the Effective Date and the Closing Date, the Property sustains damage which is not within the definition of Materially Damaged or Destroyed, the parties shall proceed to Closing.
If between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed due to a Major Uninsured Casualty or a Lease Termination Casualty, Seller may elect in writing, within five (5) days after the Casualty Notice Date, to terminate this Agreement.
Notwithstanding the foregoing, in the event that any damage or destruction results in the termination of any Lease, the Property shall be deemed to have been Materially Damaged or Destroyed due to a Major Insured Casualty.
More Definitions of Materially Damaged or Destroyed
Materially Damaged or Destroyed means damage or destruction the repair or replacement of which, as determined by a licensed general contractor reasonably approved by Purchaser and Seller, would exceed $750,000 as to any casualty of a type against which insurance is maintained (a "Major Insured Casualty") or would exceed $100,000 as to any casualty against which insurance is not maintained (a "Major Uninsured Casualty"). If, between the Effective Date and the Closing Date, the Property sustains nonmaterial damage, the parties shall proceed to closing. If between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed due to a Major Uninsured Casualty, Seller may elect in writing, within five (5) days after the Casualty Notice Date, to terminate this Agreement. If Seller fails to notify Purchaser of Seller's election, Seller will be deemed to have elected to proceed with the sale of all of the Property.
Materially Damaged or Destroyed means damage or destruction the repair or replacement of which would exceed twenty percent (20%) of the Purchase Price, as determined by a licensed general contractor approved by Buyer and Seller. If, between the Effective Date and the Closing Date, the Property sustains nonmaterial damage, Seller shall assign its rights to insurance proceeds, if any, as provided for in Section 8.1(b) below. Seller agrees to maintain until the Closing the level of insurance coverage in effect on the Property as of the Effective Date, which insurance coverage is maintained at a replacement cost level.