Materially Damaged definition

Materially Damaged means damage which, in Seller’s reasonable estimation, exceeds $500,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than ninety (90) days to repair.

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.

Materially Damaged means, with respect to the Property, damage which in REIT’s and Contributor’s reasonable estimation (based on a third party report, prepared by a qualified third party, that is mutually acceptable to REIT and Contributor, 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.

Examples of Materially Damaged in a sentence

• If the Property is not Materially Damaged, then neither Purchaser nor Seller shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Purchaser, or (ii) credit Purchaser at Closing for the reasonable cost to complete the repair (in which case Seller shall retain all insurance proceeds and Purchaser shall assume full responsibility for all needed repairs).

• 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 the Property is not Materially Damaged, then (x) REIT shall not have the right to terminate this Agreement and (y) at Closing, REIT shall receive a credit for Contributors’ applicable interest of any applicable deductible amount under said insurance policies and any uninsured loss.

• In the event that any portion of the Development is not Materially Damaged as a result of fire or other casualty the Development shall be repaired and reconstructed (after the holding of a special Owners meeting in which a Special Assessment is approved unless exempted by Section 9.12) in accordance with the provisions for repair and reconstruction as set forth in Section 9.12 hereinabove.

More Definitions of Materially Damaged

Materially Damaged means damage which, in Seller’s reasonable estimation, exceeds $250,000.00 to repair.

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.

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.

Materially Damaged means damage reasonably exceeding 10 percent of the Purchase Price to repair.

Materially Damaged means and refer to any damage for which the cost of repair or reconstruction, as determined by bids solicited and obtained from at least two (2) licensed contractors selected by the Board, is equal to or greater than One Million Dollars ($1,000,000.00) as adjusted by a fraction whose numerator is the CPI last published as of the date of such damage or destruction and whose denominator is the CPI last published as of the date of recordation of this Declaration.

Materially Damaged means damage to those elements of the Property which Seller is not obligated to insure or repair which would cost in excess of $250,000.00 to repair as reasonably estimated by Seller.

Materially Damaged means damage which (1) in Purchaser’s reasonable estimation, exceeds $50,000.00 to repair or could take longer than 30 days to repair, or (2) could cause any portion of the Property to fail to comply with any Legal Requirement.