Common use of Compensation for Damage Clause in Contracts

Compensation for Damage. Lessee shall fully compensate Landowner for all material damage, injury and loss to or diminution in value any of Landowner's improvements or personal property on the Property, arising directly or indirectly from or relating to Lessee's occupation, possession and use of the Property, whether or not such damage, injury and loss to or diminution in value is caused by Lessee's negligence or is accidental or unintentional in nature. Landowner shall promptly notify Lessee of any material damage, injury, loss or diminution in value. The amount of compensation payable by Lessee to Landowner shall be determined by agreement between the parties. Failing such agreement, within one month after Landowner's delivery of notice to Lessee, the issue of the amount of compensation payable by Lessee to Landowner shall be referred to a qualified appraiser selected by both parties. If the parties are unable to agree upon a single appraiser, each party shall select one appraiser and the two appraisers so selected shall select a third appraiser. The appraised amount of the damage, injury, loss or diminution in value shall be the average of the appraised amounts determined by the three appraisers. Lessee shall pay to Landowner the compensation payable under this Section within 30 days after the parties' agreement or completion of the appraisal which establishes the amount of such compensation

Compensation for Damage. Lessee shall fully compensate Landowner for all material damage, injury and loss to or diminution in value any of Landowner's ’s improvements or personal property on the Property, arising directly or indirectly from or relating to Lessee's ’s occupation, possession and use of the Property, whether or not such damage, injury and loss to or diminution in value is caused by Lessee's negligence or is accidental or unintentional in nature. Landowner shall promptly notify Lessee of any material damage, injury, loss or diminution in value. The amount of compensation payable by Lessee to Landowner shall be determined by agreement between the parties. Failing such agreement, within one (1) month after Landowner's ’s delivery of notice to Lessee, the issue of the amount of compensation payable by Lessee to Landowner shall be referred to a qualified appraiser selected by both parties. If the parties are unable to agree upon a single appraiser, each party shall select one (1) appraiser and the two appraisers so selected shall select a third appraiser. The appraised amount of the damage, injury, loss or diminution in value shall be the average of the appraised amounts determined by the three appraisers. Lessee shall pay to Landowner the compensation payable under this Section within 30 thirty (30) days after the parties' ’ agreement or completion of the appraisal which establishes the amount of such compensation.