Defective Property definition

Defective Property shall have the meaning given such term in Section 2.3(a).
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Defective Property means the Property if and ------------------ when such Property (i) has been condemned in whole or in part, or (ii) by reason of damage by fire, vandalism, acts of God or other casualty or cause, has suffered damage such that expenditures equal to or greater than $500,000 (as such cost is determined by an architect or engineer selected by Seller and reasonably satisfactory to Purchaser) shall be required in order to restore the Property into substantially the same condition as existing prior to such damage.
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Defective Property shall have the meaning given such term in ------------------ Section
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Examples of Defective Property in a sentence

  • If the Sellers shall be unwilling or unable to cure such defect, the Purchaser shall only be required (and the Sellers shall be required to permit the Purchaser) to acquire all of the Properties, other than such Defective Property or Properties.

  • The cost of repairing, replacing or rectifying Defective Property or Permanent and Temporary Works which relies for its support or stability on any Defective Property.

  • The Tenant shall, at its expense, comply in all respects with every statute now in force or which may, after the date of this Lease, be in force and any other obligation imposed by law and all regulations laws or directives made or issued by or with the authority of The European Commission and/or The Council of Ministers relating to the Property or their use, including (but without limitation) the Defective Property Xxx 0000, the Health and Safety at Work etc.

  • The Sellers shall thereupon have the right, but not the obligation, at their sole cost and expense, to elect, by notice given to the Purchaser within thirty (30) days after the Purchaser's notice of defect, to cause Substantial Completion of such Defective Property or Properties, to occur, free of such defects, prior to December 31, 1999 or, in the case of the Nashville Property or the St. Louis Property, to cure any such defects with respect thereto, prior to December 31, 1999.

  • The Sellers shall thereupon have the right, but not the obligation, at their sole cost and expense, to elect, by notice given to the Purchaser within thirty (30) days after the Purchaser's notice of defect, to cause Substantial Completion of such Defective Property or Properties to occur, free of such defects, prior to January 1, 1999.

  • If Seller is unable to cure the Defect with respect to any Defective Property within thirty (30) days of the originally scheduled Closing Date, Buyer at Buyer's option may either waive the Defect not cured or terminate this Agreement with respect to all Properties by written notice to Seller.

  • Seller and Purchaser hereby agree and acknowledge that Purchaser shall provide a list of such Defective Properties to Seller, setting forth the address of each Defective Property.

  • Upon waiver of all Defects with respect to a Defective Property, a closing shall be scheduled on the Closing Date.

  • Pursuant to Section(c) of the Agreement, Seller and Purchaser hereby agree that the Properties listed on Exhibit B attached hereto shall, in the case the Defective Property is part of the Direct Sale Properties, be removed from this transaction, or in the case the Defective Property is part of the Assigned Interest, effectuate a Defective Property Transfer for such Defective Property.

  • Notwithstanding anything to the contrary in the Agreement, Seller hereby waives Purchaser’s obligation to provide in reasonable detail the basis for Purchaser’s determination of a Defective Property under Section 3(c) of the Agreement.


More Definitions of Defective Property

Defective Property is defined in Section 2.8(c) of this Agreement.
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Defective Property. As defined in the Contribution Agreement.
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Related to Defective Property

  • Sensitive property means property potentially dangerous to the public safety or security if stolen, lost, or misplaced, or that shall be subject to exceptional physical security, protection, control, and accountability. Examples include weapons, ammunition, explosives, controlled substances, radioactive materials, hazardous materials or wastes, or precious metals.

  • Leased Equipment means the computers, servers, machinery and equipment and other tangible personal property leased by Seller for use in the operation or conduct of the Business.

  • Personal Property means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts and other tangible personal property.

  • Release Property has the meaning set forth in Section 2.5.

  • Improved Property means any property upon which there is erected a structure intended for continuous or periodic habitation, occupancy or use by human beings or animals and from which structure Sanitary Sewage and/or Industrial Wastes shall be or may be discharged.

  • Excluded Equipment means (i) defibrillators, enhanced emergency medical kits and other medical equipment, (ii) airphones and other components or systems installed on or affixed to the Airframe that are used to provide individual telecommunications or electronic entertainment to passengers aboard the Aircraft, (iii) galley carts, beverage carts, waste containers, liquor kits, food tray carriers, ice containers, oven inserts, galley inserts, and other branded passenger convenience or service items, (iv) any items, equipment or systems leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject to a conditional sales agreement or a security interest (other than the security interest granted under the Indenture), and (v) cargo containers.

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, including the allocation of individual dwelling units to the holders of the Coop Shares of the Cooperative Corporation.

  • Building Equipment shall have the meaning set forth in the Security Instrument.

  • Existing Equipment means any items of existing plant or equipment owned or controlled by either Pur- chaser or End-User upon which Supplier is required to perform Services.

  • Adjacent Property means all land adjoining and surrounding the Stadium Site on which will be located any public streets, sidewalks, plazas, or bridges and any public or private parking facilities or other accoutrements to be developed by Authority or other parties in connection with the Project.

  • DOCPROPERTY DocID" \* MERGEFORMAT 22518942.2 238213-10001 5

  • Transition Property means the property right created by a financing order, including without

  • Income Property means, in respect of each Sub-Fund, (a) all interest, dividends and other sums deemed by the Trustee, (after consulting the auditors either on a general or case by case basis), to be in the nature of income (including taxation repayments, if any) received or receivable by the Trustee in respect of the Deposited Property of the relevant Sub-Fund (whether in cash or, without limitation, by warrant, cheque, money, credit or otherwise or the proceeds of sale or transfer of any Income Property received in a form other than cash); (b) all interest and other sums received or receivable by the Trustee in respect of (a), (c) or (d) of this definition; (c) all cash payments received or receivable by the Trustee for the account of the relevant Sub-Fund in respect of an Application; and (d) all Cancellation Compensation received by the Trustee for the account of the relevant Sub-Fund; (e) any payments to be received or are receivable by the Trustee under any contractual agreements in the nature of investments for the benefit of the relevant Sub-Fund but excluding (i) the Deposited Property; (ii) any amount for the time being standing to the credit of the distribution account for the account of the relevant Sub-Fund or previously distributed to Unitholders; (iii) gains for the account of the relevant Sub-Fund arising from the realisation of Securities; and (iv) any sums applied towards payment of the fees, costs and expenses payable by the Trust from the Income Property of the relevant Sub-Fund;

  • Environmental Problem Property A Mortgaged Property or REO Property that is in violation of any environmental law, rule or regulation.

  • Subject Property means any premises located in the County on which an energy efficiency improvements, water efficiency improvements, or renewable resource applications are being or have been made and financed through an outstanding PACE loan.

  • Additional Property means, in respect of a Series, the rights and benefits provided in respect of the Series, or applicable Class, pursuant to any letter of credit, surety bond, cash collateral account, spread account, guaranteed rate agreement, maturity liquidity facility, tax protection agreement, interest rate and/or currency swap agreement, loan agreement, enhancement agreement or other similar arrangement as contemplated under the Pooling and Servicing Agreement and as provided for in the related Series Purchase Agreement.

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Project Equipment means the items of machinery, equipment or other personal property used in connection with the construction and development of the Project pursuant to the provisions hereof, and all replacements thereof and substitutions therefor made pursuant to this Agreement.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Property, Plant and Equipment means any item of real property, or any interest therein, buildings, improvements and machinery.

  • Transferred Real Property means (a) the Transferred Owned Real Property and (b) the premises that is subject to the Transferred Real Property Leases.

  • Scheme Property means the property of the Company required under the FCA Rules to be given for safe-keeping to the Depositary.

  • Operating Equipment means furniture, furnishings, special lighting fixtures, carpeting, draperies, decorations or other special finishing work, signs, appliances and trade fixtures and equipment that is furnished, installed or used by the Contractor in its operations on the Airport. It does not include Fixed Improvements, or repair or maintenance of Operating Equipment or Fixed Improvements or displays or decorations that are of a seasonal or temporary promotional nature.

  • Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.

  • Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.

  • Developed Property means all Assessor’s Parcels of Taxable Property for which Building Permits were issued on or before May 1 of the prior Fiscal Year, provided that such Assessor's Parcels were created on or before January 1 of the prior Fiscal Year and that each such Assessor's Parcel is associated with a Lot, as determined reasonably by the Board.