Average condition of property Definition | Law Insider (2024)

  • Mortgage Conditions means the mortgage conditions booklet reference MORT 0154 MAY 13 HF;

  • Minimum Weighted Average Coupon Test means a test that will be satisfied on any Measurement Date if the Weighted Average Coupon equals or exceeds 5.0%.

  • Unsafe condition as used in this clause means the actual or potential exposure of contractor or Government employees to a hazardous material as defined in Federal Standard No. 313, and any revisions thereto during the term of this contract, or any other material or working condition designated by the Contracting Officer's Technical Representative (COTR) as potentially hazardous and requiring safety controls.

  • Maximum Annual Debt Service Requirement means, at any given time of determination, the greatest amount of principal, interest and Amortization Installments coming due in any current or future Bond Year with regard to the Series of Bonds for which such calculation is made; provided, the amount of interest coming due in any Bond Year shall be reduced to the extent moneys derived from the proceeds of Bonds are used to pay interest in such Bond Year.

  • Special Condition means a condition of a Transporter's Licence or Shipper's Licence other than a Standard Condition;

  • Burdensome Condition has the meaning set forth in Section 5.06(a).

  • Debt Service Requirement means the sum of (i) interest expense (whether paid or accrued and including interest attributable to Capital Leases), (ii) scheduled principal payments on borrowed money, and (iii) capitalized lease expenditures, all determined without duplication and in accordance with GAAP.

  • Hazardous financial condition means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:

  • Special Conditions means Special Conditions of Contract, which override the General Conditions, also referred to as SCC.

  • Terminal condition means an incurable condition caused by injury, disease, or illness that according to reasonable medical judgment will produce death within six months, even with available life-sustaining treatment provided in accordance with the prevailing standard of medical care.

  • Debt Service Requirements means the aggregate principal payments (whether at maturity or pursuant to scheduled mandatory sinking fund redemption requirements) and interest payments on the Bonds for the period of time for which calculated; provided, however, that for purposes of calculating such amount, principal and interest shall be excluded from the determination of Debt Service Requirements to the extent that such principal or interest is payable from amounts deposited in trust, escrowed or otherwise set aside for the payment thereof with the Paying Agent or other commercial bank or trust company located in the State and having full trust powers.

  • Additional Day-ahead Scheduling Reserves Requirement means the portion of the Day- ahead Scheduling Reserves Requirement that is required in addition to the Base Day-ahead Scheduling Reserves Requirement to ensure adequate resources are procured to meet real-time load and operational needs, as specified in the PJM Manuals.

  • Possession limit as used in s. NR 19.275, means the maximum number of a turtle species or group of turtle species which may be possessed by a person at any time.

  • Base Day-ahead Scheduling Reserves Requirement means the thirty-minute reserve requirement for the PJM Region established consistent with the Applicable Standards, plus any additional thirty-minute reserves scheduled in response to an RTO-wide Hot or Cold Weather Alert or other reasons for conservative operations. Base Load Generation Resource

  • Minimum Weighted Average Spread Test means a test that will be satisfied on any day if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 5.5%

  • these Conditions means the standard terms and conditions of purchase set out in this document and (unless the context otherwise requires) includes any special terms and conditions agreed in writing between the Buyer and the Seller;

  • Licence Conditions means the licence terms and conditions contained in this document, as amended from time to time in accordance with this agreement.

  • Minimum Balance Requirements You must maintain a minimum daily balance of $2,000.00 in your Money Market Savings account to obtain the disclosed annual percentage yield. We impose a monthly maintenance fee if the balance falls below $500 any day of the month. Basic Checking Account Rate Information: This account does not pay interest.

  • Coverage Tests means each of the Overcollateralization Ratio Test and the Interest Coverage Ratio Test.

  • Acute condition means a disease, illness or injury that is likely to respond quickly to treatment which aims to return the person to his or her state of health immediately before suffering the disease/ illness/ injury which leads to full recovery.

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Abnormal Condition means any condition on the Interconnection Facilities which, determined in accordance with Good Utility Practice, is: (i) outside normal operating parameters such that facilities are operating outside their normal ratings or that reasonable operating limits have been exceeded; and (ii) could reasonably be expected to materially and adversely affect the safe and reliable operation of the Interconnection Facilities; but which, in any case, could reasonably be expected to result in an Emergency Condition. Any condition or situation that results from lack of sufficient generating capacity to meet load requirements or that results solely from economic conditions shall not, standing alone, constitute an Abnormal Condition.

  • Rating Condition has the meaning specified in Section 2.06(c)(ii).

  • Day-ahead Scheduling Reserves Requirement means the sum of Base Day-ahead Scheduling Reserves Requirement and Additional Day-ahead Scheduling Reserves Requirement.

  • Average Excess Availability means, with respect to any period, the sum of the aggregate amount of Excess Availability for each Business Day in such period (calculated as of the end of each respective Business Day) divided by the number of Business Days in such period.

  • Average condition of property Definition | Law Insider (2024)

    FAQs

    Average condition of property Definition | Law Insider? ›

    Average condition of property means a finding by the director that all major components of a property are still functional and contributing toward an extended life expectancy and effective age and utility are standard for like properties of its class and usage; this finding will allow for some deferred maintenance and ...

    What does average condition mean in real estate? ›

    A dwelling with a physical condition rating of AV (average) is a dwelling that shows signs of normal "wear and tear" and exhibits an ordinary standard of maintenance and upkeep relative to its age. It is the benchmark from which the physical condition factor is adjusted upward or downward.

    What is the meaning of condition of the property? ›

    CONDITION OF PROPERTY: Purchaser has inspected the buildings on the Property and the personal property included in this sale and is thoroughly acquainted with their physical condition and state of repair.

    What is the standard condition law? ›

    Standard Condition means: A housing unit that meets HUD's Section 8 Housing Quality Standards. Standard Condition means any housing unit or housing units which are suitable for occupancy without the need for repairs to any of the major systems.

    What is the meaning of reasonable condition? ›

    Reasonable Condition means that the Property must be kept in as good and clean a condition as when you signed your Tenancy, free from rubbish, with adequate decoration and adequate floor coverings, with an allowance for fair wear and tear, and taking into account any repairs and improvements made by the Council during ...

    What is the C4 property condition? ›

    C4. The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs.

    What does average mean in real estate? ›

    As it relates to residential real estate, the average – or mean – sales price is calculated by adding all home prices, then dividing that by the number closed sales.

    What are the different types of property conditions? ›

    Appraisal Condition Ratings
    Condition RatingDefinitionLoan Type
    C1New constructionGround Up Construction
    C2No deferred maintenanceDSCR Loan
    C3Limited deferred maintenanceDSCR Loan
    C4Minor deferred maintenanceDSCR Loan
    2 more rows
    Apr 16, 2024

    What is the legal definition of condition? ›

    A condition is a requirement or limitation involved in a contract, trust, law, or other legally recognized document that changes the rights and duties of those involved.

    What document describes the condition of the property? ›

    A seller's disclosure is a real estate document that provides details about a property's condition and how it might negatively impact the value of the home.

    What are the two types of condition in law? ›

    A contractual obligation may be made conditional upon the occurrence of an uncertain future event, so that the obligation takes effect only if the event occurs (suspensive condition) or comes to an end if the event occurs (resolutive condition).

    What constitutes standard conditions? ›

    STP stands for Standard Temperature and Pressure. It is defined to be 273 K (0 degrees Celsius) and 1 atm pressure (or 105 Pa). The definition of standard state conditions specifies 1 atm of pressure, that liquids and gases be pure, and that solutions be at 1 M concentration.

    What is the legal definition of good condition? ›

    In good condition means fit for intended purpose, of satisfactory quality, not damaged and capable of any agreed standard of performance.

    What is the legal term for necessary condition? ›

    The phrase sine qua non is Latin for “without which not.” When something is described as sine qua non, it is a necessary or indispensable requirement. The phrase represents an essential element, component, or condition of something else. [Last updated in July of 2021 by the Wex Definitions Team] THE LEGAL PROCESS.

    What is the legal standard of reasonableness? ›

    A reasonableness standard is often a benchmark used in court when reviewing the decisions made by a particular party. The reasonableness standard is a test that asks whether the decisions made were legitimate and designed to remedy a certain issue under the circ*mstances at the time.

    What is the legal definition of reasonable value? ›

    Reasonable value means that figure which represents the amount a reputable and qualified appraiser, un affected by personal interest, bias, or prejudice, would recommend to a pros pective purchaser as a proper price or cost in the light of prevailing conditions.

    What is a condition in real estate? ›

    A conditional offer is an agreement between two parties that an offer will be made if a specific condition is met. Conditional offers are used in real estate transactions whereby a buyer's offer on a home is contingent on something getting done for the purchase to go through.

    What does market conditions mean in real estate? ›

    The conditions of the market, in real estate, means the relationship between supply and demand. Supply and demand issues (at a point in time) are particularly important for new construction. In such cases, forecasting may also be important where build-out and rent-up times affect value.

    What is the property condition rating scale? ›

    Appraisal condition ratings, also known as UAD condition ratings or property condition ratings, are the standardized rating system (from C1 to C6) an appraiser must use to provide the GSEs with information about the condition of the property improvements.

    What is the definition of estate condition? ›

    While it's true that the property of someone who has passed away could be in mint condition, “estate condition” implies that the property hasn't been recently renovated. This generally leads to a competitive list price, or a willingness by the estate or its heirs to accept any reasonable offer.

    Top Articles
    Latest Posts
    Article information

    Author: Gov. Deandrea McKenzie

    Last Updated:

    Views: 6529

    Rating: 4.6 / 5 (66 voted)

    Reviews: 89% of readers found this page helpful

    Author information

    Name: Gov. Deandrea McKenzie

    Birthday: 2001-01-17

    Address: Suite 769 2454 Marsha Coves, Debbieton, MS 95002

    Phone: +813077629322

    Job: Real-Estate Executive

    Hobby: Archery, Metal detecting, Kitesurfing, Genealogy, Kitesurfing, Calligraphy, Roller skating

    Introduction: My name is Gov. Deandrea McKenzie, I am a spotless, clean, glamorous, sparkling, adventurous, nice, brainy person who loves writing and wants to share my knowledge and understanding with you.