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. 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. 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. 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. 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 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. 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) 35NEXT PAGE 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. 12.1. The LESSEE shall be liable for damages in respect of all damages to or destruction of the property as a result of his own or the act or negligence of his employees, guests, agents or invite.
Damage to or Destruction of Property. 16.1 If all or any part of the Property is lost or damaged beyond repair (“Casualty”), Lessee will, within ninety (90) days replace the affected Property with similar or better property (“Replacement Property”). All Replacement Property will be subject to this Master Leasing Agreement as Property. Insurance proceeds, if any, received by Lessor, with respect to any Casualty, will be paid to Lessee once Lessee acquires appropriate Replacement Property.
