Substantial Loss or Damage definition

Substantial Loss or Damage means the total cost of repairs to

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Substantial Loss or Damage means a loss or damage of 10% or more of the square footage of the Improvements or material damage to a particular Acquired Property or Improvement which results in the loss of the use thereof for a period exceeding six months. In the event of a loss or damage arising prior to the Closing Date that constitutes less than a Substantial Loss or damage by fire or other casualty, Purchaser shall not have the right to terminate this Agreement pursuant to this SECTION 7.12; HOWEVER, Seller shall assign to Purchaser at Closing all of Seller's rights and interests in and to any insurance proceeds which have been or are or become payable to Seller as a result of such damage or loss.

Substantial Loss or Damage means loss or damage, the ----------- -------------------------- cost for repair of which (as mutually determined by Patriot and Crow at the time of such loss or damage) exceeds $1,000,000.00. In the event that Patriot and Crow are unable to agree on the cost of repair of any Substantial Loss or Damage, then such cost of repair shall be determined by an insurance adjuster selected by Crow and approved by Patriot, such approval not to be unreasonably withheld. This provision shall survive the Closing of the transaction contemplated hereby.

Examples of Substantial Loss or Damage in a sentence

• If any such loss or damage which constitutes Substantial Loss or Damage occurs prior to Closing, Patriot shall have the right to terminate this Agreement.

• In the event that Patriot and Crow are unable to agree on the cost of repair of any Substantial Loss or Damage, then such cost of repair shall be determined by an insurance adjuster selected by Crow and approved by Patriot, such approval not to be unreasonably withheld.

• In the event any of the Property or any of the items constituting the Personal Property should be damaged or destroyed as a result of fire or other casualty and such damage does not constitute Substantial Loss or Damage and such damage is not repaired prior to Closing, the rights and obligations of Crow and Patriot hereunder with respect to the Property shall not be affected by such destruction or damage and Patriot shall accept title to the Property in its destroyed or damaged condition.

• For purposes of this Section 9.2, "Substantial Loss or Damage" ----------- -------------------------- shall mean loss or damage, the cost for repair of which (as mutually determined by Patriot and Crow at the time of such loss or damage) exceeds $1,000,000.00.

• In the event of "Substantial Loss or Damage" (as hereinafter defined) to the Real Property by fire or other casualty (not resulting from acts or omissions of Purchaser), Purchaser or Seller, upon written notice to the other given within ten (10) days of receipt of notice of such event, may cancel this Agreement in which event this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants.

More Definitions of Substantial Loss or Damage

Substantial Loss or Damage means loss or damage to the parking and/or any portion of the Building the cost for repair of which exceeds Two Million Dollars ($2,000,000.00) of the value of the Real Property.

Substantial Loss or Damage means loss or damage, the cost for repair of which equals ten percent (10%) or more of the Purchase Price.

Substantial Loss or Damage means loss or damage, the cost for repair of which exceeds $500,000. Maintenance of the Property Between the time of execution of this Agreement and the Closing, Seller shall maintain the Property in good repair, reasonable wear and tear excepted, shall perform all work required to be done under the terms of any lease or agreement relating to the Property, and shall timely make all repairs, maintenance and replacements of equipment or improvements, the same as though Seller were retaining the Property; except that in the event of a fire or other casualty, damage or loss, Seller shall have no duty to repair said damage. However, Seller may repair any such damage with Purchaser's prior, written approval and may, without Purchaser's approval, repair damage where such repair is necessary in Seller's reasonable opinion to preserve and protect the health and safety of tenants of the Property or to preserve the Property from imminent risk of further damage or if required to do so by Seller's insurance carrier. Any such emergency repairs shall be reported to Purchaser within 48 hours of their completion. During the period prior to the Closing and after the latest to occur of (i) the last day of the Feasibility Period, or (ii) the date on which the title contingency in Section 6.5 is satisfied, Seller shall not lease any portion of the Real Property unless such lease has been approved in writing by Purchaser. Any such proposed lease shall be on Seller's standard form of lease and shall be reviewed and approved or rejected within five (5) business days after receipt thereof by Purchaser. Failure to approve or reject such proposed lease within such period shall be deemed approval. If the proposed lease is rejected, then Seller shall not enter into such lease. With respect to any leases entered into between the Effective Date hereof and the Closing Date, Purchaser shall pay the unamortized cost (based on the number of months in the entire term of the lease for which rent is paid and the number of such months that shall have occurred as of the date of the Closing) of all tenant improvements and leasing commissions with respect thereto. Article IX.

Substantial Loss or Damage means loss or damage, the cost for repair of which exceeds $1,000,000 or which permits Boscov's to terminate its lease.

Substantial Loss or Damage means loss or damage, the cost for repair of which (as mutually determined by Patriot and Summerfield at the time of such loss or damage) exceeds $500,000.00 for the Real Property. In the event that Patriot and Summerfield are unable to agree on the cost of repair of any Substantial Loss or Damage, then such cost of repair shall be determined by an insurance adjuster selected by Summerfield and approved by Patriot, such approval not to be unreasonably withheld. This provision shall survive the Closing of the transaction contemplated hereby.

Substantial Loss or Damage means loss or damage to the Project the cost for repair of which exceeds $5,000,000 of the value of the Project.

Substantial Loss or Damage has the meaning ascribed to such term in Section 7.02.