Common use of Replacement Value Clause in Contracts

Replacement Value. Equipment coverage shall be provided in replacement cost basis. Lessee agrees to whatever replacement value is set by Lessor. If provided on actual cash basis, and in the event of loss and/or damage, Lessee shall pay the difference between the actual cash value and replacement cost. If the property is in need of repair upon Lessee’s return of same, Lessee shall pay all costs of such repair. If the Property is damaged beyond repair or lost or destroyed from any cause, Lessee shall pay Lessor the replacement cost for such Property, without any allowance for depreciation or obsolescence. Repair or replacement of said equipment will be the sole, good faith decision of the Lessor. It is further understood and agreed that Lessee shall be obligated for loss of rental income until such time as equipment is fully repaired and returned to Lessor or full payment in settlement of loss received by Lessor.

Replacement Value. Equipment coverage shall be provided in replacement cost basis. Lessee agrees to whatever replacement value is set by LessorGear Up. If provided on actual cash basis, and in the event of loss and/or damage, Lessee shall pay the difference between the actual cash value and replacement cost. If the property is in need of repair upon Lessee’s return of same, Lessee shall pay all costs of such repair. If the Property is damaged beyond repair or lost or destroyed from any cause, Lessee shall pay Lessor Gear Up the replacement cost for such Property, without any allowance for depreciation or obsolescence. Repair or replacement of said equipment will be the sole, good faith sole decision of the LessorGear Up. It is further understood and agreed that Lessee shall be obligated for loss of rental income until such time as equipment is fully repaired and returned to Lessor Gear Up or full payment in settlement of loss received by LessorGear Up.

Replacement Value. Equipment coverage shall be provided in replacement cost basis. Lessee Xxxxxx agrees to whatever replacement value is set by LessorXxxxxx. If provided on actual cash basis, and in the event of loss and/or damage, Lessee shall pay the difference between the actual cash value and replacement cost. If the property is in need of repair upon LesseeXxxxxx’s return of same, Lessee shall pay all costs of such repair. If the Property is damaged beyond repair or lost or destroyed from any cause, Lessee shall pay Lessor the replacement cost for such Property, without any allowance for depreciation or obsolescence. Repair or replacement of said equipment will be the sole, good faith decision of the Lessor. It is further understood and agreed that Lessee shall be obligated for loss of rental income until such time as equipment is fully repaired and returned to Lessor or full payment in settlement of loss received by Lessor.