Major Condemnation means a Condemnation either (i) of the entire Casino Complex, or (ii) of a portion of the Casino Complex if, as a result of the Condemnation, it would be imprudent or unreasonable to continue to operate the Casino Complex even after making all reasonable repairs and restorations.
Major Condemnation means a Condemnation either (i) of the entire Project, or (ii) of a portion of the Project if, as a result of the Condemnation, it would be imprudent or unreasonable to continue to operate the Project even after making all reasonable repairs and restorations.
Major Condemnation means, with respect to the Property, any Condemnation affecting such Property where (a) all or substantially all of such Property is taken by such Condemnation; (b) such Property cannot reasonably be repaired and restored to the condition in
Examples of Major Condemnation in a sentence
If a Major Condemnation occurs, this Agreement shall terminate, and no Party shall have any claims, rights, obligations, or liabilities towards any other Party arising after termination, other than as provided for herein.
More Definitions of Major Condemnation
Major Condemnation. As defined in Section 12.4(b).
Major Condemnation means, with respect to any Property, any Condemnation affecting such Property where (a) all or substantially all of such Property is taken by such Condemnation; (b) such Property cannot reasonably be repaired and restored to the condition in which it existed immediately prior to such Condemnation; or (c) the reasonably anticipated cost to repair and restore such Property to the condition in which it existed immediately prior to such Condemnation would exceed forty percent (40%) of the Outstanding Lease Amount applicable to such Property.
Major Condemnation means any condemnation or eminent domain proceeding that is commenced after the date hereof: (i) of all or substantially all of the Property; or (ii) of less than all or substantially all of the Property that: (a) causes the Property to fail to comply with Legal Requirements; (b) materially and permanently impairs access to or egress from the Property; and or (c) for which the portion of the Property that is the subject of such proceedings has a value in excess of ten percent (10%) of the Purchase Price, as reasonably determined by a third party consultant selected by Seller and approved by Buyer, such approval not to be unreasonably withheld or delayed.
Major Condemnation means any condemnation or eminent domain proceedings that occurs after the Effective Date that affects any portion of the Property. Under no circumstances shall Purchaser elect option (ii) above if Purchaser is unable to provide the Cash Equivalent Consideration portion of the Purchase Price or complete the Project as defined in Section 1(b) above.
Major Condemnation means an event in which all or substantially all of a Senior Living Facility shall be taken in an eminent domain, condemnation, compulsory acquisition or similar proceeding by any competent authority for any public or quasi-public use or purpose, or an event in which a portion of such Senior Living Facility shall be so taken, but the result is that it is unreasonable to continue to operate such Senior Living Facility in accordance with the standards required under the Management Agreement.
Major Condemnation has the meaning set forth in Section 4.6(b).
Major Condemnation shall have the meaning given in Section 10.1.