Common use of Material Damage Clause in Contracts

Material Damage. Damage to the Property of a nature such that the cost of restoring the Improvements located on Property to its condition prior to the fire or other casualty, as mutually agreed by Seller and Purchaser or as otherwise determined in accordance with this Agreement, (but in full compliance with all then applicable building, health, zoning, and similar laws, ordinances, and regulations) will exceed an amount equal to five percent (5%) of the Purchase Price, whether or not such damage is covered by insurance.

Material Damage. Damage to the Property of a nature such that the cost of restoring the Improvements located on Property to its condition prior to the fire or other casualty, as mutually agreed by Seller and Purchaser or as otherwise determined in accordance with this Agreement, (but in full compliance with all then applicable building, health, zoning, and similar laws, ordinances, and regulations) will exceed an amount equal to five two percent (52%) of the Purchase Price, whether or not such damage is covered by insurance.

Material Damage. Damage to the Property of a nature such that the cost of restoring the Improvements located on such Property to its condition prior to the fire or other casualty, as mutually agreed by the Seller and Purchaser or as otherwise determined in accordance with this Agreement, (but in full compliance with all then applicable building, health, zoning, and similar laws, ordinances, and regulations) will exceed an amount equal to five ten percent (510%) of the Purchase Price, whether or not such damage is covered by insurance.