Common use of Material Part Clause in Contracts

Material Part. For purposes of this Section, a Casualty shall be deemed to affect a material part of the Hotel Premises if: such Casualty results in either (A) a permanent loss of market value of the Hotel equal to more than twenty five percent (25%) of the Purchase Price or (B) damage or loss reasonably estimated to cost more than twenty five percent (25%) of the Purchase Price to repair or replace.

Material Part. For purposes of this Section, a Casualty shall be deemed to affect a material part of the Hotel Premises Improvements or the Hotel Parcel if: (A) such Casualty results in either (A) a permanent loss of market value of the Hotel equal to more than twenty five percent (255%) of the Purchase Price or (B) damage or loss reasonably estimated to cost more than twenty five percent (255%) of the Purchase Price to repair or replace.