Existing Defect definition

Existing Defect means (i) a structural element of the improvements located on the Premises (including, without limitation, the exterior shell, roof and slab) which is not in sound and good condition as of the Effective Date; (ii) a roof(s) of the improvements on the Premises, if the same is not water- tight as of the Effective Date; (iii) an electrical or plumbing system on the Premises which system is not in good working order as of the Effective Date; or (iv) any element of the Premises which is not in compliance with Laws as of the same are enforced as of the Effective Date. An "Existing Defect" shall not include (x) damage or destruction of the Premises due to a casualty occurring after the Effective Date or due to the conduct of Lessee or its agents, employees, contractors, licensees or invitees; or (y) any matter of which Lessee does not give Lessor written notice within one hundred eighty (I 80) days following Lessee's discovery thereof.
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Existing Defect shall not include (x) damage or destruction of the Premises due to a casualty occurring after the Effective Date or due to the conduct of Lessee or its agents, employees, contractors, licensees or invitees; or (y) any matter of which Lessee does not give Lessor written notice within one hundred eighty (I 80) days following Lessee's discovery thereof.
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Existing Defect means any Category 1 Defect identified by Project Company in its PMP no later than 90 days after the Commercial and Financial Close Deadline.
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Examples of Existing Defect in a sentence

  • Austin Engineering shall promptly notify Hanover of any Latent Existing Defect in writing and obtain Hanover’s prior written approval as to scope and cost of the work before proceeding with any corrective work for which Austin Engineering intends to seek compensation.

  • Except for emergencies or situations in which prior notice is not commercially reasonable, if Austin Engineering corrects a Latent Existing Defect without prior notice to Hanover and without a written directive from Hanover to undertake such work, then Austin Engineering shall be deemed to have waived any claim against Hanover for such work.

  • An "Existing Defect" shall not include (x) damage or destruction of the Premises due to a casualty occurring after the Effective Date or due to the conduct of Lessee or its agents, employees, contractors, licensees or invitees; or (y) any matter of which Lessee does not give Lessor written notice within one hundred eighty (I 80) days following Lessee's discovery thereof.

Related to Existing Defect

  • Accumulated Funding Deficiency as defined in Section 302 of ERISA.

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

  • Title Defect means any lien, charge, Encumbrance, defect, or other matter that, as of the Execution Date, causes Seller or any Selling Subsidiary not to have Defensible Title in and to the Conveyed Interests; provided that the following shall not be considered Title Defects:

  • Operating Deficit means, for the applicable period, insufficient funds to pay operating costs when Cash Expenses exceed Cash Receipts, as determined by the Accountant and approved by the Special Limited Partner.

  • 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: