Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.2, "major" loss or damage refers to the following: (i) loss or damage to the Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Buyer, equal to or greater than Five Percent (5%) of the Purchase Price, and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer does not give notice to Seller of Buyer's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer shall be deemed to have approved the architect selected by Seller.
Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.2, “Major” loss or damage refers to the following: any loss due to a casualty or condemnation that has an estimated value of more than $400,000.00. The determination of “Major” loss or damage shall be made by an architect mutually reasonably approved by Purchaser and Seller.
Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.2, "major" loss or damage refers to the following: (i) loss or damage to the Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Buyer, equal to or greater than $200,000.00, or (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer does not give notice to Seller of Buyer's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer shall be deemed to have approved the architect selected by Seller.
Definition of “Major” Loss or Damage. For purposes of Sections 7.2 and 7.3, "major" loss or damage refers to the following: (i) loss or damage to the Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Purchaser, equal to or greater than Five Hundred Thousand Dollars ($500,000), and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Purchaser does not give notice to Seller of Purchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Purchaser shall be deemed to have approved the architect selected by Seller.
Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.2 hereof, “major” loss or damage refers to the following: (i) loss or damage to a Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Purchaser, equal to or greater than One Million Dollars and No/100 Dollars ($1,000,000.00) with respect to each Property, (ii) any loss due to a condemnation which permanently and materially impairs the current use of a Property, and (iii) loss or damage to a Property or any portion thereof such that a termination right is triggered as a result of such loss or damage by any Major Tenant under their respective Lease, unless the Major Tenant has waived its termination right. If Purchaser does not give notice to Seller of Purchaser’s reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Purchaser shall be deemed to have approved the architect selected by Seller.
Definition of “Major” Loss or Damage. For purposes of Sections 8.1 and 8.2, “major” loss or damage refers to the following (a) loss or damage to the Real Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of a licensed independent architect or registered professional engineer with a minimum of ten (10) years experience related to commercial real estate construction selected by Seller, equal to or greater than five percent (5%) of the Purchase Price or (b) any loss due to a condemnation which permanently and materially adversely modifies or impairs the continued operation of the Hotel in substantially the same manner as the Hotel is operated on the Effective Date.
Definition of “Major” Loss or Damage. For purposes of Sections 11.2 and 11.3, “major” loss or damage means: (i) loss or damage to the Project such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question immediately prior to the loss or damage would be, in the written opinion of a licensed architect retained by Seller and reasonably approved by Buyer, equal to or greater than One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), (ii) any loss or damage to the Project permitting any Major Tenant or tenants whose leases represent more than ten percent (10%) of the aggregate rental revenue of the Project to terminate their respective Leases, or (iii) any loss or damage due to a condemnation which permanently or materially impairs the use of the Project.
Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.2 hereof, “major” loss or damage refers to the following: (i) loss or damage to the Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Purchaser and reasonably approved by Seller, equal to or greater than Five Hundred Thousand and No/100 Dollars ($500,000.00), (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property, or (iii) any loss or damage which permits the Current Tenant to terminate its Lease. If Seller does not give notice to Purchaser of Seller’s reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Seller shall be deemed to have approved the architect selected by Purchaser.
Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.2, “major” loss or damage refers to the following: (a) loss or damage to the Real Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Purchaser, equal to or greater than Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000), and (b) any loss due to a condemnation which permanently and materially impairs the current use of the Real Property. If Purchaser does not give notice to Seller of Purchaser’s reasons for disapproving an architect within five (5) business days 44 after receipt of notice of the proposed architect, Purchaser shall be deemed to have approved the architect selected by Seller.
Definition of “Major” Loss or Damage. For purposes of this Agreement, "major" loss or damage refers to the following: (i) an uninsured loss or damage to the Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Buyer, equal to or greater than FIVE HUNDRED THOUSAND AND NO/100 U.S. Dollars (U.S. $500,000.00) (measured by the cost or repair or replacement) in the aggregate, or take longer than 180 calendar days to complete, and (ii) any loss due to a condemnation proceeding which permanently and materially adversely impairs the current use of the Property and for which Seller does not nor is otherwise able to cure the impairment of the current use of the Property. If Buyer does not give notice to Seller of Buyer's 3102/001/106725 reasons for disapproving an architect within five business days after receipt of notice of the proposed architect, Buyer shall be deemed to have approved the architect selected by Seller.
