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: 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: any loss due to a casualty or condemnation that has an estimated value of more than $400,000.00250,000.00. 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 6.2.1 and 7.26.2.2, “Majormajor” 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 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 a general contractor selected by an architect mutually Seller and reasonably approved by Purchaser and SellerPurchaser, equal to or greater than Five Hundred Thousand Dollars ($500,000.00).

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 is estimated value of to require repairs that will cost 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 10.01 and 7.210.02, “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 to the Real Property such that the cost of repairing or restoring the premises in question to substantially the same condition which existed prior to the event of damage would be, in the opinion of an architect mutually selected by Seller and reasonably approved by Purchaser Purchaser, equal to or greater than Fifty Thousand and Sellerno/100 Dollars ($50,000.00).

Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.2, “Majormajor” loss or damage refers to the following: (a) loss or damage to the Property or any portion thereof such that Purchaser, as the tenant under the Lease, has the right terminate the Lease pursuant to Section 9(b) or Section 9(c) of the Lease, and (b) any loss due to a casualty or condemnation that has an estimated value which permanently and materially impairs the current use 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 Sellerthe Property.

Definition of “Major” Loss or Damage. For purposes of Sections 7.1 Section 6.2.1 and 7.26.2.2, “Majormajor” 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 to the Property or any portion thereof (a) 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 general contractor selected by an architect mutually Seller and reasonably approved by Purchaser Purchaser, equal to or greater than One Hundred Fifty Thousand and SellerNo/100 Dollars ($100,000.00).

Definition of “Major” Loss or Damage. For purposes of Sections 7.1 and 7.27.2 hereof, “Majormajor” loss or damage refers to any loss or damage to the following: Property or any portion thereof, not caused by the gross negligence or willful misconduct of Purchaser or Apex, that diminishes the value of the Property in an amount not less than $25,000, and (ii) any loss due to a casualty or condemnation that has an estimated value which permanently and materially impairs the current use 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 Sellerthe Property.

Definition of “Major” Loss or Damage. For purposes of Sections 7.1 Section 6.2.1 and 7.26.2.2, “Majormajor” 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 to the Property or any portion thereof such that the cost of repairing or restoring the Property to a condition substantially identical to that of the Property prior to the event of damage would be, in the opinion of a general contractor selected by an architect mutually Seller and reasonably approved by Purchaser and SellerPurchaser, equal to or greater than One Million Dollars ($1,000,000.00).