Material Damage and “Materially damaged” 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’s or Seller’s reasonable estimation, will take longer than 120 days to repair.
Material Damage and “materially damaged” means, with respect to the Facility, damage (x) which, in Buyer’s reasonable estimation, exceeds $150,000 to repair, or (y) which, in Buyer’s reasonable estimation, will take longer than ninety (90) days to repair or restore.
Material Damage or "MATERIALLY DAMAGED" means damage reasonably exceeding ten percent of the Purchase Price of the Real Property, and (ii) "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.
Examples of Material Damage in a sentence
In the event the occurrence causes Material Damage (as hereinafter defined), Buyer shall have the option to terminate this Agreement upon written notice to Seller (with a copy to Escrow Agent) given not later than fifteen (15) days after receipt of any such notice from Seller (and the applicable Closing Date shall be extended if needed to give Buyer the full 15-day period).
Buyer shall have no right to terminate this Agreement as a result of any damage or destruction to any portion of the Property that does not constitute Material Damage (as defined below).
More Definitions of Material Damage
Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $250,000.00 to repair.
Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $250,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than one hundred eighty (180) days to repair.
Material Damage 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 determination, exceed the greater of $ 1,000,000.00 or twenty-five percent (25%) of the Purchase Price, whether or not such damage is covered by insurance. If, in Seller's determination, 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 pursuant to Section 3.3 and 7.4 hereof). In the event Seller does not so terminate this Agreement, Purchaser may, at 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 proceed to close this transaction in accordance with the terms hereof (clause (b) shall be referred to herein as the "Waiver Option"). Failure of Purchaser to deliver written notice of termination within said fifteen (I 5) 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 9.2, the Earnest Money shall xx xxxurned to Purchaser upon Seller's receipt of the Documents and Purchaser's Information and thereafter 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 elects the Waiver Option, then at the option of Seller, (a) Seller shall repair the Improvements to substantially their condition prior to such damage, or (b) Seller shall deliver to Purchaser an amount equal to the 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] and a pro rata share of the rental or business loss proceeds, if any, from the insurance coverage. In the event Seller elects to assign 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) and Purchaser's pro rata share...
Material Damage and “Materially Damaged” means, with respect to the Property, damage which in REIT’s and Contributors’ reasonable estimation (based on a third 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.
Material Damage and "Materially Damaged" means damage which, in Seller's reasonable estimation, the cost to repair exceeds $250,000.
Material Damage and “Materially Damaged” means damage which, in Hersha Owner’s reasonable estimation as reviewed and confirmed in good faith by Owner JV, equals or exceeds ten percent (10%) of the Purchase Price.
Material Damage means damage for which the restoration cost is $100,000 or more.