Cost of Repair and Restoration definition

Cost of Repair and Restoration means the amount of Buyer’s good faith estimate of the actual cost of repair and restoration to restore the Property to the condition it was in immediately prior to the casualty. Buyer shall send Seller notice of the Cost of Repair and Restoration (the “Cost Notice”) promptly after making the aforesaid estimate.
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Cost of Repair and Restoration means an estimate of actual cost of repair and restoration obtained by Purchaser, within twenty (20) days of receipt of notice from Seller from a reputable contractor regularly doing business in the parish where the Property is located provided that if such Seller does not agree with such estimate, such Seller may obtain, within ten (10) days of receipt of notice of the estimate obtained by Purchaser, an estimate from a reputable contractor regularly doing business in such county, and if such contractor shall not agree to the estimate obtained by Purchaser, then, said contractors shall obtain an estimate from a third reputable contractor regularly doing business in such county and the "cost of repair and restoration" shall mean the estimate of such third contractor. 9.
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Cost of Repair and Restoration means an estimate of the actual cost of repair and restoration obtained by Purchaser (with Seller's cooperation), within twenty (20) days of receipt of notice from Seller of such destruction or damage, from a reputable contractor, reasonably acceptable to both Purchaser and Seller, regularly doing business in the city in which the Property is located. If the Closing Date is to occur within twenty-five (25) days of the occurrence of the casualty, the Closing shall be deferred by the amount of time required to obtain the cost of repair and restoration estimate.
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Examples of Cost of Repair and Restoration in a sentence

  • Seller shall send Purchaser notice of the Cost of Repair and Restoration (the “Cost Notice”) promptly after making the aforesaid estimate.


More Definitions of Cost of Repair and Restoration

Cost of Repair and Restoration means the cost of repair Casualty reasonably determined by Seller’s independent architect or contractor.
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Cost of Repair and Restoration means an estimate of the actual cost of repair and restoration of the Property obtained by Seller from a reputable contractor or an independent adjuster mutually agreed to by the parties regularly doing business in the general area in which the Property is located.
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Cost of Repair and Restoration means an estimate of the actual cost of repair and restoration obtained by Seller within twenty (20) days of such destruction or damage, from a reputable contractor regularly doing business in the Hempstead or Amarillo metropolitan area, as applicable.
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Cost of Repair and Restoration means an estimate of actual cost of repair and restoration obtained by Purchaser, within ten (10) days of receipt of notice from Seller from a reputable contractor regularly doing business in the county where the Property is located provided that if such Seller does not agree with such estimate, such Seller may obtain, within ten (10) days of receipt of notice of the estimate obtained by Purchaser, an estimate from a reputable contractor regularly doing business in such county, and if such contractor shall not agree to the estimate obtained by Purchaser, then, said contractors shall obtain an estimate from a third reputable contractor regularly doing business in such county and the "cost of repair and restoration" shall mean the estimate of such third contractor. If, after the date hereof and prior to the Closing, all or any material portion of the Property is condemned or taken by eminent domain (or is the subject of a pending or contemplated condemnation proceeding or taking by eminent domain which has not been completed), or if any variance or similar law affecting any significant portion of the Property is changed, the Seller shall promptly give the Purchaser reasonably detailed written notice of such condemnation, taking or change, and the Purchaser shall have the option to terminate this Agreement by giving notice to Seller within twenty (20) days after the receipt of Seller's notice, whereupon this Agreement shall be terminated, the Deposit together with any interest earned thereon shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further obligations hereunder. If the Purchaser does not exercise its option to terminate this Agreement as hereinabove set forth, then this Agreement shall remain in full force and effect without a reduction in the Purchase Price and the Purchaser shall be entitled to any and all claims that Seller may have to condemnation awards and/or any and all causes of action with respect to such condemnation or taking of, or such change relating to, the Property and Seller shall pay to the Purchaser, by certified or official bank check, an amount equal to all payments theretofore made with respect to such condemnation, taking or change. For purposes of this paragraph, a taking by condemnation or by eminent domain of the Property shall be deemed to affect a "material portion" of such Property if (i) the estimated value of the portion of the Property taken exceeds $250,000 or (ii) it results in...
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Related to Cost of Repair and Restoration

  • Capital Improvement Project means the acquisition, construction, reconstruction, improvement, planning and equipping of roads and bridges, appurtenances to roads and bridges to enhance the safety of animal-drawn vehicles, pedestrians, and bicycles, wastewater treatment facilities, water supply systems, solid waste disposal facilities, and storm water and sanitary collection, storage and treatment facilities including real property, interests in real property, facilities, and equipment related or incidental to those facilities.

  • Restoration means the repair and restoration of an Individual Property after a Casualty or Condemnation as nearly as possible to the condition the Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender.

  • Building Operating Expenses means the portion of "Operating Expenses," as that term is defined in Section 4.2.7 below, allocated to the tenants of the Building pursuant to the terms of Section 4.3.1 below.

  • Repair facility Means any licensed automotive REPAIR FACILITY capable of performing repair services to a COVERED PART, approved by the ADMINISTRATOR, and at which YOU seek to acquire service under this CONTRACT.

  • Required Repair Account shall have the meaning set forth in Section 7.1.1 hereof.

  • Operating Cost means the costs associated with operating a multifamily development once the project is placed in service.

  • Erection, construction, remodeling, repairing means all types of work done on a particular building or work at the site thereof in the construction or development of the project, including without limitation, erecting, construction, remodeling, repairing, altering, painting, and decorating, the transporting of materials and supplies to or from the building or work done by the employees of the Contractor, Subcontractor, or Agent thereof, and the manufacturing or furnishing of

  • Building, structure, facility, or installation means all of the pollutant-emitting activities which belong to the same industrial grouping, are located on one or more contiguous or adjacent properties, and are under the control of the same person (or persons under common control) except the activities of any vessel. Pollutant-emitting activities shall be considered as part of the same industrial grouping if they belong to the same major group (i.e., which have the same two-digit code) as described in the Standard Industrial Classification Manual, 1972, as amended by the 1977 Supplement (U.S. Government Printing Office stock numbers 4101-0066 and 003-005-00176-0, respectively).

  • Condominium Project Real estate including the separate ownership in fee, or on a satisfactory leasehold estate, of a particular residential unit with an indivisible interest in the real estate designated for common ownership strictly by unit owners.

  • Tenant Improvement Allowance in the maximum amount of $200.00 per rentable square foot in the Premises, which is included in the Base Rent set forth in the Lease; and

  • Redevelopment project means any work or undertaking

  • Infrastructure improvement means permanent infrastructure that is essential for the public health and safety or that:

  • Redevelopment Property means a property owned by the Company or a Consolidated Subsidiary (a) where the commenced leased square footage is less than 60% of the sum of net rentable square feet and redevelopment space, with reasonable adjustments to leased square footage determined in good faith by the Company, including adjustments for available power, required support space and common area and (b) that the Company reasonably characterizes as held in whole or in part for redevelopment.

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Premises Building Partial Damage shall herein mean damage or destruction to the building of which the Premises are a part to the extent that the cost of repair is less than 50% of the then replacement cost of such building as a whole.

  • Construction management at-risk means a project delivery method in which the District awards separate contracts, one for architectural and engineering services to design an infrastructure facility and the second to a construction manager at-risk for both construction of the infrastructure facility according to the design and construction management services.

  • refurbishment means repairing of used electrical and electronic equipment as listed in Schedule I for extending its working life for its originally intended use and selling the same in the market or returning to owner;

  • Premises Building Total Destruction means if the Building of which the Premises are a part is damaged or destroyed to the extent that the cost to repair is fifty percent (50%) or more of the then Replacement Cost of the Building.

  • Construction Plant means appliances, machinery with necessary supply to up keep and maintenance of the works or temporary works but dose not include materials or other things intended to form part of the permanent work.

  • Operating Expense means salaries, wages, cost of maintenance and operation, materials, supplies, insurance and all other items normally included under recognized accounting practices, but does not include allowances for depreciation in the value of physical property.

  • Repair means to restore to proper operating condition a tank, pipe, spill prevention equipment, overfill prevention equipment, corrosion protection equipment, release detection equipment or other UST system component that has caused a release of product from the UST system or has failed to function properly.

  • Project means the goods or Services described in the Signature Document or a Work Order of this Contract.

  • Construction Completion Date means the date by which the overall development of the Project is completed in accordance with the provisions of this Agreement and when the Construction Completion Certificate is issued by the Independent Engineer as per Article 14.1.

  • Required Repair Fund shall have the meaning set forth in Section 7.1.1 hereof.

  • Common Area Operating Expenses are defined, for purposes of this Lease, as all costs incurred by Lessor relating to the ownership and operation of the Industrial Center, including, but not limited to, the following:

  • Infrastructure Improvements means a street, road, sidewalk, parking facility, pedestrian mall, alley, bridge, sewer, sewage treatment plant, property designed to reduce, eliminate, or prevent the spread of identified soil or groundwater contamination, drainage system, waterway, waterline, water storage facility, rail line, utility line or pipeline, transit-oriented development, transit-oriented property, or other similar or related structure or improvement, together with necessary easements for the structure or improvement, owned or used by a public agency or functionally connected to similar or supporting property owned or used by a public agency, or designed and dedicated to use by, for the benefit of, or for the protection of the health, welfare, or safety of the public generally, whether or not used by a single business entity, provided that any road, street, or bridge shall be continuously open to public access and that other property shall be located in public easements or rights-of-way and sized to accommodate reasonably foreseeable development of eligible property in adjoining areas. Infrastructure improvements also include 1 or more of the following whether publicly or privately owned or operated or located on public or private property: