Substantial Loss or Damage definition

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 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. Article 8. Maintenance of the Property Between the Effective Date of this Agreement and the Closing, Seller shall maintain the Property in good condition and repair, reasonable wear and tear excepted, and shall perform all work required to be done under the terms of any Lease or agreement relating to the Property, in accordance with its customary practices in operation of the Property; except that in the event of a fire or other casualty, damage or loss, Seller shall have no duty or obligation to repair said damage except as otherwise provided in Section 7.2 of this Agreement. Until the Closing Date, Seller shall not intentionally cause or intentionally permit any new liens to attach to the Property except (i) the Purchaser Created Liens, or (ii) the lien for taxes not yet due and payable, or (iii) other liens in the ordinary course of business. In the event of liens attaching to the Property pursuant to clause (iii) immediately above, Seller agrees to satisfy such liens at or prior to Closing, provided they do not constitute Purchaser Created Liens. Seller shall not lease any portion of the Real Property or amend or terminate any existing Lease without first obtaining Purchaser's written approval, which approval shall not be unreasonably denied or delayed. Purchaser shall have three (3) days from the date Seller provides Purchaser with the business terms of a new lease, or modification or termination of any existing Lease, together with any information reasonably requested by Purchaser regarding such matter, to approve such lease, modification or termination. If Purchaser fails to respond within said time period, Purchaser shall be deemed to have approved such lease, modification or termination, as applicable. Article 9.

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.

• For purposes of this Section 7.2, "Substantial Loss or Damage" shall mean 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.

More Definitions of Substantial Loss or Damage

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 (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 a loss or damage of 20% or more of the square footage of the Improvements or material damage to any of Business Properties. 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 has the meaning ascribed to such term in Section 7.02.

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 means loss or damage, the cost for repair of which exceeds $250,000.00.

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.