Comprehensive Casualty Sample Clauses
The Comprehensive Casualty clause defines the responsibilities and procedures in the event of significant damage or loss to property covered under an agreement. Typically, this clause outlines what constitutes a comprehensive or total casualty, such as destruction from fire, natural disasters, or other major incidents, and details the steps parties must take, including notification, assessment, and potential repair or termination options. Its core function is to allocate risk and provide a clear roadmap for handling severe property damage, ensuring both parties understand their rights and obligations if a major loss occurs.
Comprehensive Casualty. The General Partner shall cause to be maintained comprehensive casualty insurance including, but not limited to, fire, earthquakes and other risks generally included under "extended coverage" policies in favor of the Partnership in an amount not less than the replacement value of the Apartment Complex and shall include loss of rents coverage in an amount not less than the Apartment Complex's projected annual gross rent, an agreed amount endorsement covering all property and rental values, and a standard building laws endorsement which includes coverage for building ordinance compliance, demolition and any increased cost of construction of the Apartment Complex.