Obliterate fusty crumbling monument (6,2,7)
I believe the answer is:
statue of liberty
'monument' is the definition.
(Statue of Liberty is an example)
'obliterate fusty crumbling' is the wordplay.
'crumbling' indicates an anagram.
'obliterate'+'fusty'='obliteratefusty'
'obliteratefusty' anagrammed gives 'STATUE OF LIBERTY'.
(Other definitions for statue of liberty that I've seen before include "National icon" , "tourist attraction" , "free representation" , "Landmark" , "figure on island" .)