Damage to Equipment; Replacements; Events of Loss Sample Clauses

Damage to Equipment; Replacements; Events of Loss. In addition to Customer’s specific maintenance and repair responsibilities set forth in Section 7(a) above, Customer is responsible for all damage to the Equipment other than Normal Wear. Upon Xxxxxxxx’x request, Customer shall provide Xxxxxxxx with written descriptions of all repairs made to the Equipment. Customer shall promptly notify Xxxxxxxx of any potential mechanical failure or problem relating to the Equipment. Customer shall use trailer manufacturer grade materials and parts for all repairs and all parts, accessories, equipment, and devices used in Equipment repair will be of equal or better quality than the items repaired or replaced (as determined by Xxxxxxxx in its sole discretion). Xxxxxxxx will have the right upon 3 days’ prior notice to inspect Equipment (wherever located) during normal business hours for the purpose of confirming the existence, condition, or proper maintenance thereof. Any repair that fails to meet the standards set forth in this Section 7(b), as determined by Xxxxxxxx in its sole discretion, will be corrected by Xxxxxxxx at Customer’s expense, including, without limitation, all labor, drayage, road service, maintenance, mileage, or other charges. Customer shall notify Xxxxxxxx and Customer’s insurance carrier within 72 hours following any Event of Loss. Upon an Event of Loss, Customer shall pay to Xxxxxxxx the Loss Value of the Equipment (or component thereof), plus (a) all Use Charges relating to such Equipment due but unpaid through the date Customer pays the Loss Value, (b) all labor, drayage, mileage, maintenance, road service, storage, recovery charges, or other charges relating to such Equipment, and (c) the estimated or actual cost, at Xxxxxxxx’x option, to replace any damaged Monitoring Devices relating to such Equipment. If Customer replaces any parts, accessories, or tires, such replacement item(s) shall become the property of Xxxxxxxx immediately upon attachment to the Equipment. For clarity, if Customer is required to replace any damaged or inoperable tires hereunder, Customer shall replace the same with Replacement Tires. If Customer files a stolen vehicle report with respect to any Equipment and such Equipment is subsequently located, Customer shall promptly notify the applicable authorities and be solely responsible for all costs, expenses, and fines resulting therefrom.
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Related to Damage to Equipment; Replacements; Events of Loss

  • Damage, Destruction and Condemnation (a) In the event that at any time during the term of this Agreement the whole or part of the Facility shall be damaged or destroyed, or taken or condemned by a competent authority for any public use or purpose, or by agreement among the Agency, the Lessee and those authorized to exercise such right, or if the temporary use of the Facility shall be so taken by condemnation or agreement (a “Loss Event”) (i) the Agency shall have no obligation to rebuild, replace, repair or restore the Facility, (ii) there shall be no abatement, postponement or reduction in the Rental Payments payable by the Lessee under this Agreement or any other Project Document to which it is a party, and (iii) the Lessee will promptly give written notice of such Loss Event to the Agency, generally describing the nature and extent thereof. (b) In the event a Loss Event shall occur, the Lessee shall (i) at its own cost and expense (except to the extent paid from the Net Proceeds as provided below), promptly and diligently rebuild, replace, repair or restore the Facility to substantially its condition immediately prior to the Loss Event, or to a condition of at least equivalent value, operating efficiency and function, regardless of whether or not the Net Proceeds derived from the Loss Event shall be sufficient to pay the cost thereof, and the Lessee shall not by reason of payment of any such excess costs be entitled to any reimbursement from the Agency, nor shall the Rental Payments payable by the Lessee under this Agreement or any other Project Document to which it is a party be abated, postponed or reduced, or (ii) exercise its option to purchase the Agency’s interest in the facility and to terminate this Agreement as provided in Section 8.1 hereof. As soon as practicable but no later than ninety (90) days after the occurrence of the Loss Event, the Lessee shall advise the Agency in writing of the action to be taken by the Lessee under this Section 5.1(b). (c) All rebuilding, replacements, repairs or restorations of the Facility in respect of or occasioned by a Loss Event shall (i) automatically be deemed a part of the Facility and shall be subject to this Agreement and the Sublease Agreement, (ii) be effected only if the Lessee shall deliver to the Agency an Opinion of Counsel reasonably acceptable to the Agency to the effect that such rebuilding, replacement, repair or restoration shall not change the nature of the Facility as an Approved Facility and a qualified “project” as defined in the Act, (iii) (Reserved), and (iv) be effected following the settlement of any insurance claim relating thereto with due diligence in a good and workmanlike manner, in compliance with all applicable legal requirements and be promptly and fully paid for by the Lessee in accordance with the terms of the applicable contract(s) therefor. (d) (Reserved). (e) The Agency and the Lessee shall cooperate and consult with each other in all matters pertaining to the settlement, compromise, arbitration or adjustment of any claim or demand on account of any Loss Event. (f) Notwithstanding anything contained herein to the contrary, if all or substantially all of the Facility shall be taken or condemned, or if the taking or condemnation renders the Facility unsuitable for use by the Lessee (or Sublessee) as determined by Xxxxxx as contemplated hereby, the Lessee shall exercise its option to terminate this Agreement as provided in Section 8.1 hereof. (g) The Lessee shall be entitled to any insurance proceeds or condemnation award, compensation or damages attributable to the Facility. (h) The Lessee hereby waives the provisions of Section 227 of the New York Real Property Law or any law of like import now or hereafter in effect.

  • DAMAGE OR DESTRUCTION OF PREMISES If, in our opinion, your Bedroom should become unavailable or unlivable during the Lease Term because of damage or destruction by fire or other casualty, we shall have the right to terminate this Lease, or move you to similar accommodations within the Community and repair and restore your Bedroom. In the event of such damage or destruction to your Bedroom your obligations to pay Rent will be waived only if we terminate this Lease, or do not furnish you with a bedroom within the Community or reasonably similar accommodation.

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