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 a proceeding involving a Material Condemnation, Buyer may, by written notice to Seller, delivered not later than ten (10) Business Days after receipt of Seller’s notice of such Material Condemnation, either (a) terminate this Agreement or (b) confirm Buyer’s intention to consummate the Transaction in accordance with the terms of this Agreement.
In the event of a proceeding involving an Immaterial Condemnation or a Material Condemnation with respect to which Buyer elects to proceed to consummate the Transaction, then Closing shall occur as scheduled and provisions of the Lease Agreement relating to condemnation shall apply.
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 has the meaning set forth in Section 9.2 hereof.
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.