Materiality Defined. For purposes of this Section 3(d), damage or destruction to a part of the Property shall be deemed to be "material" in the event that (a) fifteen percent (15%) of the net rentable square feet within any Building is taken or damaged, (b) HIW's Professional's estimate of the cost of repairing or restoring the same is greater than $1,000,000.00, or (c) HIW's Professional's estimate of the time required to effect such repairs or restoration is in excess of one hundred eighty (180) days.
Appears in 2 contracts
Sources: Agreement to Form Limited Liability Companies (Highwoods Realty LTD Partnership), Agreement to Form Limited Liability Companies (Highwoods Properties Inc)