Common use of LOSS AND DAMAGE; CONDEMNATION Clause in Contracts

LOSS AND DAMAGE; CONDEMNATION. Leasee hereby assumes and shall bear the entire risk of loss of and damage to the Equipment. No loss of or damage to the Equipment or any part thereof shall impair, diminish or otherwise affect any obligation of Leasee under this Agreement, which shall continue in full force an effect in all events. If Lessor determines that part but not all of the Equipment is so lost, stolen, destroyed or damaged beyond reasonable or practical replacement or repair, and so notifies Leasee, and if Lessor so elects, Leasee shall pay Lessor in cash the replacement Value of all the Equipment.

LOSS AND DAMAGE; CONDEMNATION. Leasee hereby assumes and shall bear the entire risk of loss of and damage to the Equipment. Equipment No loss of or damage to the Equipment or any part thereof shall impair, diminish or otherwise affect any obligation of Leasee under this Agreement, which shall continue in full force an effect in all events. If Lessor determines that part but not all of the Equipment is so lost, stolen, destroyed or damaged beyond reasonable or practical replacement or repair, and so notifies Leasee, and if Lessor so elects, Leasee shall pay Lessor in cash the replacement Value of all the Equipment.