Physical Obsolescence definition
Physical Obsolescence means any FF&E or other facility, component, structure or surface of the Premises which does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of StadCo’s failure to perform its maintenance and other obligations under this Agreement. For purposes of determining Physical Obsolescence or Physically Obsolete, any Personal Property or other facility, component, structure or surface of the Premises shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
Physical Obsolescence or “Physically Obsolete” shall mean any equipment, fixture, furnishing, facility, surface, structure or any other Component of the Complex Site that does not comply with Applicable Law or has become dysfunctional due to defects in design, materials or workmanship, ordinary wear and tear or damage (other than as a result of Owner’s failure to perform its maintenance obligations under this Agreement). For the purposes of determining if an improvement is Physically Obsolete, any equipment, fixture, furnishing, facility, surface, structure or any other Component shall be deemed dysfunctional if such equipment, fixture, furnishing, facility, surface, structure or other Component has deteriorated or has been damaged to a degree that cannot be remedied through Maintenance (including replacement necessitated by repeated breakdown or failure of a Component despite Maintenance).
Physical Obsolescence means any FF&E or other facility, component, structure or surface of the Premises which does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Bristol’s failure to perform its Maintenance and other obligations under this Lease. For purposes of determining Physical Obsolescence or Physically Obsolete, any FF&E or other facility, component, structure or surface of the Premises shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
More Definitions of Physical Obsolescence
Physical Obsolescence means the material deficiency of a functional element of a treatment plant to a point that repair as normal or preventive maintenance is not cost-benefit effective.
Physical Obsolescence means any City Personal Property or other facility, component, structure or surface of the Ballpark or the Ballpark Dedicated Parking that does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Tenant’s failure to perform its maintenance obligations under this Agreement. For purposes of determining Physical Obsolescence or Physically Obsolete, any City Personal Property or other facility, component, structure or surface of the Ballpark or the Ballpark Dedicated Parking shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Routine Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
Physical Obsolescence. – shall mean that certain factors have rendered the Property physically obsolete such that the Property is unattractive to existing Owners, prospective Owners, or investors, has decreasing usefulness or pursuant to a condition or process has gradually fallen into disuse.
Physical Obsolescence means any Authority Personal Property or other facility, component, structure or surface of the Stadium that does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Tenant’s failure to perform its maintenance obligations under this Agreement. For purposes of determining Physical Obsolescence or Physically Obsolete, any Authority Personal Property or other facility, component, structure or surface of the Stadium or the Stadium shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Routine Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
Physical Obsolescence and “Physically Obsolete” means any equipment, fixture, furnishing, facility, surface, structure or any other component of the Fairgrounds which does not comply with applicable Governmental Rules or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Landlord’s failure to perform its Maintenance obligations or Landlord’s negligence or other breach of its obligations. For purposes of determining Physical Obsolescence or Physically Obsolete, any equipment, fixture, furnishing, facility, surface, structure or any other components shall be deemed dysfunctional if such equipment, fixture, furnishing, facility, surface, structure or any other component has deteriorated to a degree that cannot be remedied through Maintenance, unless due to Landlord’s negligence or other breach of its obligations.