Material Condemnation definition

Material Condemnation has the meaning set forth in Section 14.2.1.

Material Condemnation shall have the meaning assigned thereto in subsection 9.2(b).

Material Condemnation means a Condemnation where the loss (i) is in an aggregate amount equal to or in excess of thirty percent (30%) of the outstanding Principal Amount of the Loan or (ii) has caused thirty percent (30%) or more of the hotel rooms or common areas (including banquet and conference facilities) in the Property to be unavailable for its applicable use.

Examples of Material Condemnation in a sentence

• In the event of any Condemnation other than a Material Condemnation, Purchaser shall not have the right to terminate this Agreement, but shall proceed to Closing, in which case Seller shall assign to Purchaser all of Seller’s right, title and interest in all proceeds and awards from such Condemnation.

• If Lessor accepts the Condemnation Substitution Offer or is deemed to have accepted the Condemnation Substitution Offer or if any rejection of the Condemnation Substitution Offer by Lessor is not consented to in writing by Lender, then, within 180 days of that Material Condemnation, Lessee shall complete the substitution, subject, however, to the satisfaction of each of the applicable terms and conditions set forth in this Section 21 and Section 55.

• In the event of any Condemnation of any Real Property other than a Material Condemnation, Purchaser shall not have the right to terminate this Agreement, but shall proceed to Closing, in which case Seller shall assign to Purchaser all of Seller’s right, title and interest in all proceeds and awards from such Condemnation.

• Subject to the terms and conditions of this Agreement, Buyer shall be bound to purchase the applicable Property for the allocated Purchase Price, without regard to the effect of any damage to the Property or condemnation of any portion of the Property, provided that in the case of a casualty, the casualty is not a Material Casualty, or in the case of a condemnation or threatened condemnation, the condemnation or threatened condemnation is not a Material Condemnation.

• In the event of any Condemnation other than a Material Condemnation, Purchaser shall not have the right to terminate this Agreement, but shall proceed to Closing, in which case Seller shall assign to Purchaser all of Seller’s right, title and interest in all proceeds and awards from such Condemnation by delivering an assignment instrument to Purchaser at Closing in form and substance reasonably satisfactory to Purchaser.

More Definitions of Material Condemnation

Material Condemnation means any Condemnation of any property of the Company pursuant to which a condemnation award in excess of $100,000 shall have been received by the Company.

Material Condemnation means (i) any taking of any portion of the Real Property or the MEH Campus or (ii) conveyance of any portion of the Real Property or the MEH Campus after receipt of written notice of an offer to purchase under a threat of condemnation by power of eminent domain, if the result of such taking or conveyance would render the remainder of (A) the Real Property unsuitable for the operation of a rehabilitation center, a long-term care facility, and a site for the offering of rehabilitative services (including physical therapy, occupational therapy and speech therapy programs), or (B) the MEH Campus unsuitable for the operation of a hospital, a medical office building, primary care clinics and a long term care facility.

Material Condemnation shall have the meaning set forth in Section 6.3 hereof.

Material Condemnation means any taking of any portion of the Real Property or conveyance of any portion of the Real Property after receipt of written notice of an offer to purchase under a threat of condemnation (except Leased Real Property) by power of eminent domain, if the result of such taking or conveyance would render the remainder of the Real Property unsuitable for the operation of the Hospital or the construction, development and operation of the New Hospital, in the case of the Wood Campus Real Property (New Hospital Site).

Material Condemnation has the meaning set forth in Section 13.2(a) of this Agreement.

Material Condemnation means with respect to the Real Property, a taking of (i) more than ten percent (10%) of the land constituting the Real Property, (ii) more than ten percent (10%) of the parking for the buildings on the Real Property (unless the same can, on the remaining Real Property so affected, be replaced), (iii) any part of the buildings on the Real Property, (iv) a means of access to the Real Property unless alternative means of access exist which in the REIT's judgment are adequate to serve the Real Property, or (v) materially adversely affect the use or value of the Real Property.

Material Condemnation means a Condemnation for which the condemnation award reasonably expected by Seller is Five Million Dollars ($5,000,000) or more in the aggregate.