Common use of Definition of “Major” Loss or Damage Clause in Contracts

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, "majorMajor" loss loss, damage or damage condemnation refers to the following: (ia) loss or damage to the Physical Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by BuyerPurchaser, equal to or greater than Five Percent Forty Million Dollars (5%) of the Purchase Price$40,000,000), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the Physical Property. If Buyer Purchaser does not give written notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "major" loss “Major” loss, damage or damage condemnation refers to the following: (ia) loss or damage to the Physical Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by BuyerPurchaser, equal to or greater than Five Percent Forty Million Dollars (5%) of the Purchase Price$40,000,000), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the Physical Property. If Buyer Purchaser does not give written notice to Seller of Buyer's Purchaser’s reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "majorMajor" loss loss, damage or damage Condemnation refers to the following: (ia) loss or damage to the Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by BuyerPurchaser, equal to or greater than Five Percent Fifteen Million Dollars (5%) of the Purchase Price$15,000,000.00), and (iib) any loss due to a condemnation Condemnation which permanently and materially impairs the current use of the Property. If Buyer Purchaser does not give written notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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 7.27.2 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 Seller and reasonably approved by BuyerPurchaser, equal to or greater than Five Percent Hundred Thousand and No/100 Dollars (5%) of the Purchase Price$500,000), and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer Purchaser does not give notice to Seller of Buyer's Purchaser’s reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "“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 BuyerPurchaser, equal to or greater than Five Percent One Million and No/100 Dollars (5%) of the Purchase Price$1,000,000.00), and (ii) any loss due to a condemnation which permanently and materially impairs the Improvements or the current use of the Property. If Buyer Purchaser does not give notice to Seller of Buyer's Purchaser’s reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "“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 BuyerPurchaser, equal to or greater than Five Percent Million Dollars (5%) of the Purchase Price$5,000,000), and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer Purchaser does not give notice to Seller of Buyer's Purchaser’s reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "major" “Major” loss or damage refers to the following: (i) loss or damage to the Property Properties 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 BuyerPurchaser, equal to or greater than Five Percent Two Million and No/100 Dollars (5%) of the Purchase Price$2,000,000), and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the PropertyProperties. If Buyer Purchaser does not give notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "majorMajor" loss or damage refers to the following: (ia) loss or damage to the Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by BuyerPurchaser, equal to or greater than Five Percent ONE MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS (5%) of the Purchase Price$1,500,000.00), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer Purchaser does not give written notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "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 BuyerPurchaser, equal to or greater than Five Percent Hundred Thousand and 00/100 Dollars (5%) of the Purchase Price$500,000), and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer Purchaser does not give notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "“major" ” loss or damage refers to the following: (ia) 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 BuyerPurchaser, equal to or greater than Five Percent One Million and No/100 Dollars (5%) of the Purchase Price$1,000,000.00), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the PropertyProperty or access thereto. If Buyer Purchaser does not give notice to Seller of Buyer's Purchaser’s reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "majorMajor" loss loss, damage or damage condemnation refers to the following: (ia) loss or damage to the Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an a reputable independent architect selected by Seller and reasonably approved by BuyerPurchaser, equal to or greater than Two Hundred Twenty Five Percent Million Dollars (5%) of the Purchase Price$225,000,000.00), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer Purchaser does not give written notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "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 BuyerPurchaser, equal to or greater than Five Percent Two Million and No/100 Dollars (5%$2,000,000) 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 Purchaser does not give notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "majorMajor" loss loss, damage or damage condemnation refers to the following: (ia) loss or damage to the Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an a reputable independent architect selected by Seller and reasonably approved by BuyerPurchaser, equal to or greater than Seventy-Five Percent Million Dollars (5%) of the Purchase Price$75,000,000.00), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer Purchaser does not give written notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "majorMajor" loss or damage refers to the following: (ia) loss or damage to the Real Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by BuyerPurchaser, equal to or greater than Two Million Five Percent Hundred Thousand Dollars (5%) of the Purchase Price$2,500,000.00), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the Real Property. If Buyer Purchaser does not give written notice to Seller of BuyerPurchaser's reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Buyer 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, "majorMajor" loss or damage refers to the following: (ia) loss ----- or damage to the Property or any portion thereof hereof such that the cost of repairing or restoring the premises in question to a substantially the same condition substantially identical to that of the premises in question which existed prior to the event of damage would be, in the opinion of an architect or other qualified expert selected by Seller and reasonably approved by Buyer, equal to or greater than Five Percent Hundred Thousand Dollars (5%) of the Purchase Price$500,000), and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Buyer does not give written notice to Seller of Buyer's reasons for disapproving an architect or other qualified expert within five ten (510) business days after receipt of notice of the proposed architectarchitect or other qualified expert, Buyer shall be deemed to have approved the architect or other qualified expert selected by Seller.