Common use of Rent receivable Clause in Contracts

Rent receivable. Our liability in respect of rent receivable is limited to loss of rent receivable and additional expenditure and the amount payable under this section will be: a) in respect of loss of rent receivable: the amount by which, in consequence of the damage, the rent receivable during the indemnity period falls short of the standard rent receivable; b) in respect of additional expenditure: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the loss of rent receivable which but for that expenditure would have taken place during the indemnity period in consequence of the damage, but not exceeding the amount of the reduction in rent receivable thereby avoided; c) minus any sum saved during the indemnity period in respect of such of the expenses and charges payable out of rent receivable as may cease or be reduced in consequence of the damage; except that if the sum insured in respect of rent receivable is less than the annual rent receivable (or a proportionately increased multiple thereof where the maximum indemnity period exceeds twelve (12) months), our liability will be proportionately reduced.

Rent receivable. Our liability in respect of rent receivable is limited to loss of rent receivable and additional expenditure and the amount payable under this section will be: a) in respect of loss of rent receivable: the amount by which, in consequence of the damage, the rent receivable during the indemnity period falls short of the standard rent receivable; b) in respect of additional expenditure: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing d iminishing the loss of rent receivable which but for that expenditure would have taken place during the indemnity period in consequence of the damage, but not exceeding the amount of the reduction in rent receivable thereby avoided; c) minus any sum saved during the indemnity period in respect of such of the expenses and charges payable out of rent receivable as may cease or be reduced in consequence of the damage; except that if the sum insured in respect of rent receivable is less than the annual rent receivable (or a proportionately increased multiple thereof where the maximum indemnity period exceeds twelve (12) months), our liability will be proportionately reduced.