Common use of Replacement Value Clause in Contracts

Replacement Value. The term “full replacement value” means the actual replacement cost thereof from time to time, including increased cost of construction endorsement, with no reductions or deductions. Tenant shall, in connection with each annual policy renewal, deliver to Landlord a redetermination of the full replacement value by the insurer or an endorsement indicating that the Leased Property is insured for its full replacement value. If Tenant makes any Alterations to the Leased Property, Landlord may have such full replacement value redetermined at any time after such Alterations are made, regardless of when the full replacement value was last determined.

Replacement Value. The term “full "replacement value” " means the actual replacement cost thereof from time to time, time including increased cost of construction endorsement, with no reductions or deductions. Tenant shall, in connection with each annual policy renewal, deliver to Landlord a redetermination of the full replacement value by the insurer or an endorsement indicating that the Leased Property is Premises are insured for its their full replacement value. If Tenant makes any Alterations permitted alterations to the Leased PropertyPremises, Landlord may have such full replacement value redetermined at any time after such Alterations permitted alterations are made, regardless of when the full replacement value was last determined.