EXTENT OF SECTION Sample Clauses

EXTENT OF SECTION. 10.1 It is recorded that construction is not an exact science and that upon completion of the building it might be that the section is either slightly bigger or slightly smaller than the sizes as recorded in this agreement. 10.2 In this event the Purchaser shall only be able to claim compensation from the Seller if the section is more than 10% smaller than as recorded in this agreement. The Seller shall have no claim against the Purchaser if the section is greater in extent. 10.3 The parties agree that a difference of 10% or less in the extent of the section shall not amount to breach of the agreement by the Seller and the Purchaser shall have no claim for compensation for any such shortfall. 10.4 Should the section be smaller than agreed and should the difference in extent be greater than 10% the Purchaser shall not be entitled to cancel the agreement. The Purchaser shall however be entitled to a proportionate reduction of the purchase price, calculated in accordance with this clause. 10.5 The reduction in purchase price shall be calculated by first establishing the value, per square metre, of the unit by dividing the purchase price recorded in Schedule “A” by the extent of the section as recorded in the plans. 10.6 Secondly, the area by which the section is smaller in extent (“the missing square meterage”) shall be established. 10.7 The Seller shall be excused from paying compensation for the first 10% of missing square meterage, for which the Seller has been excused of liability as set out above. 10.8 The remaining missing square meterage shall then be multiplied by the price per square meter as established. The resulting amount shall then be deducted from the purchase price, or refunded to the Purchaser by the Seller. 10.9 The extent of the section and the missing square meterage shall be established by the Seller’s architect or his nominee, duly appointed in writing. 10.10 In the event of either party disputing the Seller’s architect’s determination of the missing square meterage, the measurement shall be carried out by an independent architect, as agreed upon by the Parties, and whose decision shall be final. The costs in this regard shall be borne by the disputing party.
Sample 1Sample 2Sample 3See All (11)
AutoNDA by SimpleDocs

Related to EXTENT OF SECTION

  • Amendment of Section 9.2. Section 9.2 of the Credit Agreement is hereby amended to read in its entirety as follows:

  • Amendment of Section 8 15(b). Section 8.15(b) of the Existing Credit Agreement is hereby amended in its entirety to read as follows:

  • Amendment of Section 9 05. In respect of the 2018 Notes only, the provisions of Section 9.05 of the Indenture are amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted]”. Such provisions shall be deemed not to have been deleted in respect of the 2021 Notes.

  • Amendment of Section 10 1. Section 10.1 of the Note Agreement is amended to read in its entirety as follows:

  • Amendment of Section 6 14. Section 6.14 of the Credit Agreement is amended to read as follows:

  • Amendment of Section 7 2.10(f). Clause (iii) of Section 7.2.10(f) of the Credit Agreement is hereby amended and restated in its entirety to the following:

  • Amendment of Section 4 4. Pursuant to Section 9.2 of the Indenture, Section 4.4(b) of the Indenture is hereby amended and restated in its entirety to read as follows:

  • Amendment of Section 5 02. The third paragraph following Section 5.02(a)(vi) is hereby replaced in its entirety with the following: On each Distribution Date, the Trustee, subject to Section 5.01, shall distribute to the Holders of the Class SES Certificates, any Ancillary Income, which shall be treated as paid outside the Lower-Tier REMIC and the Upper-Tier REMIC.

  • Amendment of Section 1 Section 1 of the Rights Agreement is supplemented to add the following definitions in the appropriate locations:

  • Amendment of Section 1.1 Section 1.1 of the Credit Agreement is hereby amended by inserting the following new definitions in the appropriate locations according to alphabetical order, or by amending and restating existing definitions to read as indicated, as applicable:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!