Definition of Full Replacement Value. The term “full replacement value” of improvements as used herein shall mean the actual replacement cost thereof from time to time.
Definition of Full Replacement Value. The "Full Replacement Value" of Tenant's personal property, improvements and alterations, shall be determined by the company issuing the fire insurance policies at the time said policies are initially obtained. Not more frequently than once every three (3) years, either party shall have the right to notify the other party that it elects to have the replacement value redetermined by an insurance company. The redetermination shall be made promptly and in accordance with the rules and practices of the Board of Fire Underwriters, or a like board recognized and generally accepted by the insurance company, and each party shall be promptly notified of the results by the company. The insurance policy shall be adjusted according to the redetermination.
Definition of Full Replacement Value. The term “full replacement value” of improvements as used herein, shall mean the actual replacement cost thereof from time to time less exclusions provided in the normal fire insurance policy. In the event either party believes that the full replacement value (that is to say, the then replacement cost less exclusions) has increased or decreased, it shall have the right, but, except as provided below, only at intervals of not less than two (2) years, to have such full replacement value redetermined by the fire insurance company which is then carrying the largest amount of fire insurance carried on the demised premises (hereinafter referred to as “impartial appraiser”). The party desiring to have the full replacement value so redetermined by such impartial appraiser shall forthwith on submission of such determination to such impartial appraiser shall forthwith on submission of such determination to such impartial appraiser give written notice thereof to the other party hereto. The determination of such impartial appraiser shall be final and binding on the parties hereto, and Lessee shall forthwith increase (or may decrease) the amount of the insurance carried pursuant to this section as the case may be to the amount so determined by the impartial appraiser. Such determination shall be binding for a period of two (2) years, and until superseded by agreement between the parties hereto or by a subsequent redetermination by an impartial appraiser. Lessee shall pay the fee, if any, of the impartial appraiser. If during any such two (2) year period Lessee shall have made improvements to the premises, the City may have such full replacement value redetermination at any time after such improvements are made, regardless of when the full replacement value was last determined.
Definition of Full Replacement Value. In the event either Party believes that the Full Replacement Value has increased or decreased, it shall have the right, but, except as provided below, only at intervals of not less than two (2) years, to have such Full Replacement Value redetermined by the fire insurance company which is then carrying the largest amount of fire insurance carried on the Premises (hereinafter referred to as “impartial appraiser”). The Party desiring to have the Full Replacement Value so redetermined by such impartial appraiser shall, prior to submission of such request for determination, give written notice thereof to the other Party. The determination of such impartial appraiser shall be final and binding on the Parties, and Tenant shall forthwith increase or decrease the amount of the insurance carried pursuant to this section, as the case may be, to the amount so determined by the impartial appraiser. Such determination shall be binding for a period of two (2) years or until superseded by agreement between the Parties or by a subsequent redetermination by an impartial appraiser. Each Party shall pay one-half of the fee, if any, of the impartial appraiser. If during any such two (2) year period Tenant shall have made substantial improvements to the Premises, Landlord may have such Full Replacement Value redetermined at any time after such Improvements are made regardless of when the Full Replacement Value was last determined.
