Alterations definition
Examples of Alterations in a sentence
If a Premises Partial Damage that is an Insured Loss occurs, then Lessor shall, at Lessor’s expense, repair such damage (but not Lessee’s Trade Fixtures or Lessee Owned Alterations and Utility Installations) as soon as reasonably possible and this Lease shall continue in full force and effect.
Subject to the requirements of Section 8.5, Lessee, at its cost, shall either by separate policy or, at Lessor’s option, by endorsement to a policy already carried, maintain insurance coverage on all of Lessee’s personal property, Lessee Owned Alterations and Utility Installations in, on, or about the Premises similar in coverage to that carried by the Insuring Party under Section 8.3. Such insurance may be full replacement cost coverage.
Other than as provided immediately above, Lessee shall have no obligation to restore the Premises at the expiration or earlier termination of the Term of this Lease, unless notified in writing by Lessor upon approval of Lessee improvement work plans, and notwithstanding anything to the contrary in this Lease, Lessee shall not be required to restore any initial Alterations to the Premises described in Section 7.2(b) except as provided in that section.
Notwithstanding anything to the contrary in this Lease, other than the removal of tele-data wiring and alterations identified by Lessor by written notice to Lessee at the time of plan approval, Lessee shall have no obligation to restore the Premises or to remove any Alterations or other improvements upon early termination or at the expiration of the Term of this Lease, unless notified by Lessor in writing to Lessee upon approval of Lessee’s improvement work.
The proceeds from any such insurance shall be used by Lessee for the replacement of personal property or the restoration of Lessee Owned Alterations and Utility Installations.