Common use of Liability for Loss and Damage Clause in Contracts

Liability for Loss and Damage. If the Equipment is damaged or lost while in the Lessee’s possession, the Lessee shall be responsible for such damage or loss and shall pay to the Lessor the value of the lost or damaged Equipment. For purposes of calculating the Lessee’s payment obligations, the value of the Equipment shall be listed in Exhibit A. On receipt of any such payment, the Lessor shall, to the extent of the amount paid, assign to the Lessee any of its rights with respect to the damaged or lost Equipment under any insurance policy, together with all of the Lessor’s interest in the Equipment.

Liability for Loss and Damage. If the Equipment is damaged or lost while in the Lessee’s possession, the Lessee shall be responsible for such damage or loss and shall pay to the Lessor the value of the lost or damaged Equipment. For purposes of calculating the Lessee’s payment obligations, the value of the Equipment shall be listed in Exhibit A. $8,000.00. On receipt of any such payment, the Lessor shall, to the extent of the amount paid, assign to the Lessee any of its rights with respect to the damaged or lost Equipment under any insurance policy, together with all of the Lessor’s interest in the Equipment.