Property defect definition

Property defect means a condition that, in the judgment of the municipality, contributes to blight as a result of the continued lack of care, maintenance or security of a property.[PL 2015, c. 244, §1 (NEW).]
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Property defect shall refer to the defect in the title of the property occupied or used by the Group Member (including the own property and leased property), the use of the property in a manner inconsistent with the planned use, the use of the property without going through proper completion and fire acceptance procedures, and the problem that lessor of the leased property has no right to lease the relevant leased property.
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Property defect means any lien, security interest, pledge, collateral assignment, charge, contract, agreement, option, irregularity, Preference Right, call, obligation, restriction, condition, reservation encroachment, default, deficiency, defect or other encumbrance or defect or irregularity of title (other than and except for the Permitted Encumbrances) that would cause title to any portion of the Purchased Percentage of any of the Properties or any Property Subdivision thereof not to be a Defensible Title. The only currently existing Property Defects of which the Parties are aware at the time of execution of this Agreement are enumerated in Exhibit “Q” attached hereto.
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Examples of Property defect in a sentence

  • Except as may be otherwise expressly provided in this Agreement or in the Closing Documents, Buyer agrees that Buyer has no legal or equitable remedy or recourse against Seller and the Protected Group, with respect to any inaccuracies or errors contained in any such report or arising out of any Property defect, or other adverse condition of the Property, whether known or unknown to or concealed or unconcealed by them or any of them.

  • This includes when the Damage to the Insured Property is caused by light, air, sand, the climate (which includes wind or rain) or the passage of time;c non-rectification of an Insured Property defect, error or omission that You were aware of, or should reasonably have been aware of;d overwinding, mechanical breakdown or derangement, electrical breakdown or derangement, or failure caused by electric current.

  • Furthermore, the Customer shall in all instances be obliged to take measures to limit his loss in accordance with general rules of tort law.

  • Caused by non-rectification of an Insured Property defect, error or omission that the Insured were aware or should have been aware of.

Related to Property defect

  • Title Defect as used herein shall mean any encumbrance, encroachment, irregularity, defect in or objection to Seller’s title to the Leases and Xxxxx (excluding Permitted Encumbrances) which would result in Seller not having Defensible Title.

  • Environmental Defect means, with respect to any given Asset, a material violation of Environmental Laws in effect as of the Effective Time in the jurisdiction in which such Asset is located.

  • Latent Defect means a defect, inherently lying within the material or arising out of design deficiency, which do not manifest themselves and/or was not reasonably discoverable during Defect Liability period.

  • Title Defects has the meaning set forth in Section 5.15(b).

  • Title Defect Property has the meaning set forth in Section 6.2(a).

  • Material Defect As defined in Section 2.02(c) hereof.

  • Minor defect means a defect which is not a Major Defect.

  • Casualty Loss means, with respect to all or any portion of the Assets, any destruction by fire, storm or other casualty, or any condemnation or taking or threatened condemnation or taking, of all or any portion of the Assets.

  • Latent Defects means such defects caused by faulty designs, material or work man ship which cannot be detected during inspection, testing etc, based on the technology available for carrying out such tests.

  • Environmental Defect Value means, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct such Environmental Defect in the most cost-effective manner reasonably available, consistent with Environmental Laws, taking into account that non-permanent remedies (such as mechanisms to contain or stabilize hazardous materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, caps, dikes, encapsulation, leachate collection systems, etc.) may be the most cost-effective manner reasonably available.

  • Construction defect means a deficiency in or a deficiency arising out of the design, specifications, surveying, planning, supervision, or observation of construction or construction of residential improvements that results from any of the following:

  • Environmental Defect Notice shall have the meaning set forth in Section 12.1(a).

  • Nonconforming zoning condition means a physical improvement on a property that does not conform with current zoning standards.

  • Title Defect Notice shall have the meaning set forth in Section 11.2(a).

  • Title Defect Amount means, with respect to a Title Defect Property, the amount by which such Title Defect Property is impaired as a result of the existence of one or more Title Defects, which amount shall be determined as follows:

  • Title Objection shall have the meaning assigned thereto in Section 8.5.

  • Nonconforming lot means a lot that met dimensional requirements of the applicable master program at the time of its establishment but now contains less than the required width, depth or area due to subsequent changes to the master program.

  • Property Loss Event means any loss of or damage to property of Group or any Subsidiary thereof that results in the receipt by such Person of proceeds of insurance in excess of $2,000,000 or any taking of property of Group or any Subsidiary thereof that results in the receipt by such Person of a compensation payment in respect thereof in excess of $2,000,000.

  • Nonconforming use means a use of land that:

  • Environmental Condition means any condition or circumstance, including the presence of Hazardous Substances which does or would (i) require assessment, investigation, abatement, correction, removal or remediation under any Environmental Law, (ii) give rise to any civil or criminal Liability under any Environmental Law, (iii) create or constitute a public or private nuisance or (iv) constitute a violation of or non-compliance with any Environmental Law.

  • Severe property damage means substantial physical damage to property, damage to the treatment facilities which would cause them to become inoperable, or substantial and permanent loss of natural resources which can reasonably be expected to occur in the absence of a bypass. Severe property damage does not mean economic loss caused by delays in production.

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

  • Property Notice means any order, notice, proposal, demand or other requirement issued by any competent authority (including the Landlord) which materially affects the Academy Trust’s ability to use the Land for the purposes of the Academy.

  • Title Benefit means Seller’s interest in any Subject Interest that is greater than or in addition to that set forth in Exhibit B (including, without limitation, a Net Revenue Interest that is greater than that set forth in Exhibit B) or Seller’s Working Interest in any Subject Interest that is less than the Working Interest set forth in Exhibit B (without a corresponding decrease in the Net Revenue Interest). Any matters that may otherwise constitute Title Benefits, but of which Buyer has not been specifically notified by Seller in accordance with the foregoing, shall be deemed to have been waived by Seller for all purposes.

  • Nonconforming structure means a structure the size, dimension

  • Document Defect As defined in Section 2.03(a).