Functional Obsolescence definition

Functional Obsolescence means any FF&E or other facility, surface, structure or component of the Premises that is not dysfunctional (and thus not Physically Obsolete), but is no longer reasonably optimal for its intended purposes by reason of (i) material innovations, inventions or improvements in the design, manufacture, operation or production of comparable equipment, systems or facilities which render more efficient, more satisfactory or more technologically advanced service or (ii) business patterns or practices that require the modification or addition of equipment or facility.

Functional Obsolescence means the process deficiency of a functional element of a plant beyond the capacity of a preventive maintenance program to such extent that a new process device or piece of equipment would be more cost effective.

Functional Obsolescence means the loss in value from replacement cost new less physical deterioration due to the inability of the building or structure to adequately perform the function for which it is used.

Examples of Functional Obsolescence in a sentence

• Functional Obsolescence: A reduction in functional capacity or efficiency that impacts the value of the property which is caused by factors inherent in the property itself.

• Functional Obsolescence: The Assessor may optionally grant an allowance for functional obsolescence.

• Functional Obsolescence is the loss in value due to the factors inherent in the asset itself and changes in design, materials, or process that the result in inadequacy, over capacity, excess, construction, lack of functional utility, or excess operating cost, etc.

• Functional Obsolescence – Curable: an element of accrued depreciation; a curable defectcaused by a defect in the structure, materials, or design.Incurable: an element of accrued depreciation; a defect caused by a deficiency or a superadequacy in the structure, materials, or design, which is not financially feasible or practical to correct.

• Functional Obsolescence: Structures are typically built for specific uses or purposes and their design, location, height and space arrangement are each intended for a specific occupancy at a given time.

More Definitions of Functional Obsolescence

Functional Obsolescence means any equipment, fixture, furnishing, facility, structure or any other Component of the Leased Premises that is not dysfunctional (and thus not Physically Obsolete), but is no longer reasonably optimal for its intended purposes or otherwise does not comply with the standards of Comparable Recreational Properties, by reason of (i) material innovations, inventions or improvements in the design, manufacture, operation or production of comparable equipment, systems or facilities that render more efficient, more satisfactory or more technologically advanced service or (ii) business patterns or practices (such as methods for selling tickets or admitting patrons to the Project Improvements) that require the modification or addition of equipment or facilities.

Functional Obsolescence means the impairment of functional capacity or efficiency, which reflects a loss in value brought about by such factors as defects, deficiencies, or super adequacies, which affect the property item itself or its relation with other items comprising a larger property.

Functional Obsolescence and “Functionally Obsolete” means any equipment, future, furnishing, facility, surface, structure or any other component of the Fairgrounds that is not dysfunctional (and thus not Physically Obsolete), but is no longer reasonably optimal for its intended purposes, by reason of (i) material innovations, inventions or improvements in the design, manufacture, operation or production of comparable equipment, systems or facilities which render more efficient, more satisfactory or more technologically advanced service or (ii) business patterns or practices that require the modification or addition of new equipment or facilities.

Functional Obsolescence means obsolescence caused by factors inherent in the property itself.

Functional Obsolescence means a loss in value resulting from defects in design, or changes that, over time, have made some aspect of a structure obsolete by current standards.

Functional Obsolescence means, with respect to valuation for property taxation purposes, loss in value of a property caused by functional inadequacies or deficiencies caused by factors within the property; "functional obsolescence" is a loss in value in addition to a loss in value attributable to physical depreciation;

Functional Obsolescence means obsolescence caused by factors inherent in the property itself. (2011 Real Property Assessment Manual and Guidelines Book 2, Glossary, pg. 10)