Common use of Full Replacement Value Clause in Contracts

Full Replacement Value. For the purposes of Section 14.1 the "Full Replacement Value" of any building, improvements or equipment shall be determined by the Tenant at the time the insurance is initially taken out and thereafter at least once every 12 months, and the Tenant shall promptly notify the Landlord in writing of each such determination, provided that the Landlord may at any time, by written notice to the Tenant, require the Full Replacement Value of any building, improvement or equipment to be redetermined by an independent qualified valuator designated by the insurer's agent. Such redetermination shall be made promptly and the results thereof communicated in writing to the Tenant and the Landlord.

Full Replacement Value. For the purposes of Section paragraph 14.1 the "Full Replacement Valuefull replacement value" of any building, improvements or equipment shall be determined by the Tenant at the time the insurance is initially taken out and thereafter at least once every 12 months, and the Tenant shall promptly notify the Landlord in writing of each such determination, provided that the Landlord may at any time, by written notice to the Tenant, require the Full Replacement Value full replacement value of any building, improvement or equipment to be redetermined by an independent qualified valuator designated by the insurer's agent. Such redetermination shall be made promptly and the results thereof communicated in writing to the Tenant and the Landlord.