Common use of Material Deficiencies Clause in Contracts

Material Deficiencies. If material deficiencies are discovered during the Inspection Period that exceed $25,000.00 in the aggregate to repair and Buyer has given Seller written notice of such deficiency, Seller will have the option of fixing such deficiency for a period of 30 days following the Inspection Period. If Seller does not fix such material objection during the cure period, Buyer, Seller and Eateries shall have the absolute right, in their sole discretion, to terminate this Agreement by giving written notice of such termination or decision not to close to the other party. For purposes of Section 5.1 "material deficiency" shall mean a deficiency that interferes with the customary efficiency, operations or safety of a Restaurant and not related to normal wear and tear associated with Facilities or the age of the respective Restaurants and Facilities, but assuming a normal level of maintenance.

Material Deficiencies. If material deficiencies are discovered during the Inspection Period that exceed $25,000.00 5,000.00 in the aggregate to repair and Buyer has given Seller written notice of such deficiency, Seller will have the option of fixing such deficiency for a period of 30 thirty (30) days following the Inspection Period. If Seller does not fix such material objection during the cure period, Buyer, Seller and Eateries shall have the absolute right, in their sole discretion, to terminate this Agreement by giving written notice of such termination or decision not to close to the other party. For purposes of Section 5.1 "material deficiency" shall mean a deficiency that interferes with the customary efficiency, operations or safety of a Restaurant and not related to normal wear and tear associated with Facilities or the age of the respective Restaurants and Facilities, but assuming a normal level of maintenance.