The precise definitions are given in what you wrote. If you want a more intuitive explanation, the first clause states that a sequence $\\{z_n\\}$ approaches $\infty$ if given any $M$, there is some index $N$ in the sequence such that every term after that point in the sequence is at least distance $M$ away from the origin in the complex plane.
The second clause explains that the notation $\lim_{z\to z_0}f(z)=\infty$ means that for any $M$, there exists a $\delta>0$ such that if $z$ is a point contained within the circle (besides possibly $z_0$) of radius $\delta$ around $z_0$, then the image $f(z)$ of $z$ is at least distance $M$ away from the origin.