Damage to or Destruction of Property. The Issuer shall bear the entire risk of loss, damage, theft, or destruction of the Property from any and every cause whatsoever, and no loss, damage, destruction, or other event shall release the Issuer from the obligation to pay the full amount of the payments or from any other obligation under this Finance Contract.
Damage to or Destruction of Property. Lessee shall be responsible for any loss of the Property from any cause at all, whether or not insured, from the date of Property Acceptance. If the Property is lost, stolen, or damaged, Lessee will promptly notify Lessor of such event. In no event shall such loss or damage relieve Lessee of its obligations under these Terms and Conditions. In the event of such loss or damage, Lessee at its option shall: (a) promptly repair the Property to return it to good working order; or (b) Replace the Property with like Property of the same or later model, in good condition and working order, free and clear of all liens and encumbrances and xxxxx Xxxxxx the right to perfect its security interest in the replacement Property and such replacement shall be substituted in this lease by appropriate endorsement; or (c) Pay Lessor the replacement value per Exhibit A, less any rental payments previously paid. On such payment Lessee may mutually agree with Lessor that Lessee will be entitled to the Property as is, without warranties, express or implied, including warranties of merchantability or fitness for any particular purpose, except that such Property shall not be subject to any lien or encumbrance created by or arising through Lessor. Notwithstanding anything to the contrary above contained in this Section 11, Lessee shall have no responsibility or obligations if such loss or damage to the Property is caused by Lessor, its employees, or agents.
Damage to or Destruction of Property. Upon the delivery of any Property to Xxxxxx's installation site, Lessee shall bear the entire risk of loss, damage, theft or destruction of such Property from any and every cause whatsoever. No loss, damage, destruction, or other event shall release Lessee from the obligation to pay the full amount of Rent Payments or from any other obligation hereunder.
Damage to or Destruction of Property. Lessee shall bear the entire risk of loss, damage, theft or destruction of the Property from any and every cause whatsoever, and no loss, damage, destruction or other event shall release Lessee from the obligation to pay the full amount of the rental payments or from any other obligation under this Agreement. In the event of damage to any item of the Property, Lessee will immediately place the same in good repair, with the proceeds of any insurance recovery applied to the cost of such repair. If Lessor determines that any item of Property is lost, stolen, destroyed or damaged beyond repair, Lessee, at the option of Lessee, will either (a) replace the same with like property in good repair or (b) on the next Lease Payment Date, pay Lessor (i) all amounts then owed by Lessee to Lessor under this Agreement, including the Lease Payment due on such date, and (ii) an amount equal to the applicable Option to Purchase Value set forth in Exhibit B.
Damage to or Destruction of Property. In the event of damage to the Pipeline during the term of this Lease, Lessee agrees to repair the Pipeline at Lessee’s sole cost and expense as soon as practicable, such repair to be carried out in accordance with industry standards and in compliance with all applicable local, state and federal regulations.
Damage to or Destruction of Property. If during the term of this Lease, the Property is destroyed or damaged in whole or in part by fire or other casualty (even if only part of the building other than the Property is damaged), Lessee shall promptly report such damage to Lessor in writing. Lessee shall promptly and diligently repair the Property and Lessor shall assign to Lessee any interest Lessor may have in insurance proceeds to accomplish such repair, unless the Lease is terminated as hereinafter provided. To the extent the Property is not useable for its intended purpose, rent shall be equitably abated until such repairs and restoration are made, or until the Lease is terminated as hereinafter provided; further provided, however, that if such fire or other casualty is caused by the fault or negligence of Lessee, its employees or agents, Lessee shall not be entitled to any such abatement. If the Property, or any part thereof s destroyed or damaged and the costs of repair or reconstruction are reasonably estimated to exceed the insurance proceeds paid or payable as a result of such damage or destruction, Lessor may, within ninety (90) days of such damage or destruction, elect to terminate this Lease by delivering written notice of termination to the Lessee.
Damage to or Destruction of Property. 9.1 Should any portion of the leased premises or any building or facility on the leased premises be damaged or destroyed to an extent which prevents the Lessee from having beneficial occupation of the whole or any part of the leased premises, then –
Damage to or Destruction of Property. If prior to Closing there is any damage to, destruction or theft of any of the fixed assets of Seller or any of the plants, buildings, structures, fixtures or improvements located on Seller real property, which is not fully repaired, restored or replaced by Seller prior to Closing, then in that event (a) Table of Contents Execution Purchaser shall be entitled to all insurance proceeds recoverable by Seller with respect to such damage, destruction or theft, which proceeds shall be endorsed by Seller to Purchaser in the form received by Seller, and (b) Seller shall pay to Purchaser the amount spent by Purchaser to repair, restore or replace such property that is in excess of the insurance proceeds recovered. In the event insurance proceeds are not received by Seller within 90 days after the Closing Date, then Seller shall pay to Purchaser at such time the full amount spent by Purchaser to repair, restore or replace such property, and in such case, Seller shall retain the insurance proceeds.
Damage to or Destruction of Property. If the Property is damaged or destroyed as to render it uninhabitable, then either Landlord or Tenant will have the right to terminate this Agreement as of the date on which such damage occurs, through written notice to the other party to be given within 20 days of occurrence of such damage. However, if such damage should occur as the result of the conduct or negligence of Tenants or Tenants’ guests or invitees, Landlord will have the right to termination and Tenants will be responsible for all losses, including but not limited to, damage and repair costs as well as lost of rental income. Tenant shall notify Landlord immediately in the event of any fire, storm, act of God, unavoidable accident, or the public enemy, to the leased property. It is agreed that if leased property are damaged only slightly due to fire or other casualty as hereinabove described and still fit for occupancy, Landlord shall repair the damage speedily and as soon as practicable and Tenant shall continue to pay rent and uphold all other provisions of this lease. Tenant agrees not to claim any compensation from Landlord because of any inconvenience, annoyances, or interruption arising from the damage, repair, rebuilding, or alteration of any portion of the demised property or adjacent property or other areas of the property.
Damage to or Destruction of Property. In the event of any damage to or destruction of the Property, Borrower shall give prompt written notice to Lender and, provided Lender makes the Proceeds available for the costs of repair, restoration and rebuilding, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Property so damaged or destroyed in full compliance with all legal requirements and with the provisions of SECTION 7.1.F below, and free and clear from any and all liens and claims. Such repair, restoration and rebuilding of the Property are sometimes hereinafter collectively referred to as the "WORK." Borrower shall not adjust, compromise or settle any claim for insurance proceeds without the prior written consent of Lender. Lender shall have the option in its sole discretion to apply any insurance Proceeds it may receive pursuant to the Mortgage (less any cost to Lender of recovering and paying out such Proceeds, including reasonable attorneys' fees) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, Lender shall apply the same in the following order:
