Material Part. For purposes of this Agreement, (a) a taking by eminent domain of a portion of the Property shall be deemed to affect a “material part” of the Property if the estimated value of the portion of the Property taken (plus other reasonably anticipated attendant costs/losses, including lost revenues not recoverable from rent loss insurance, if not appropriately reflected in the value of the portion which is subject to the taking) exceeds $500,000.00 with respect to the Land and Improvements thereon, and (b) the destruction of a “material part” of the Property shall be deemed to mean an insured or uninsured casualty to the Property having an estimated cost of repair (plus other reasonably anticipated attendant costs/losses, including lost revenues not recoverable from rent loss insurance) which equals or exceeds $500,000.00 with respect to the Land and Improvements thereon.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement (Tetra Technologies Inc)