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 $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 7.1 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 Two Million and 00/100 Dollars ($200,000.002,000,000.00), or 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 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 Hundred Thousand Dollars ($200,000.00500,000), or 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 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 Two Hundred Thousand Dollars ($200,000.00200,000), or 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 (5) business days after receipt of notice of the proposed architectarchitect or other qualified expert, then Buyer shall be deemed to have approved the architect or other qualified expert 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 Properties 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 Hundred Thousand Dollars ($200,000.00500,000), or and (iib) any loss due to a condemnation which permanently and materially impairs the current use of the PropertyProperties. If Buyer does not give written notice to Seller of Buyer's reasons for disapproving an architect or other qualified expert within five (5) business days after receipt of notice of the proposed architectarchitect or other qualified expert, then Buyer shall be deemed to have approved the architect or other qualified expert selected by Seller.