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

  • 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.

  • 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.