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

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 and 7.3hereof, "“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 ONE HUNDRED THOUSAND and No/100 Dollars ($500,000100,000), 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 ’s reasons for disapproving an architect within five (5) business days Business Days after receipt of notice of the proposed architect, Purchaser shall be deemed to have approved the architect selected by Seller.