Loss of Use of Property Clause Samples

The Loss of Use of Property clause defines the circumstances under which compensation is provided when a party is unable to use their property due to damage or other covered events. Typically, this clause applies in insurance or lease agreements, where it outlines the process for claiming losses related to the inability to utilize property, such as a building rendered uninhabitable after a fire. Its core function is to ensure that parties are financially protected against the indirect consequences of property damage, addressing the problem of lost income or utility during periods when the property cannot be used as intended.
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Loss of Use of Property. Owner (or Contractor upon written request of Owner and on Owner’s behalf and at Owner’s expense) shall purchase and maintain such insurance as will protect Owner and Contractor against loss of use of Owner’s property due to those perils insured pursuant to Article 11.6.1. Such policy will provide coverage for expenses of expediting materials, continuing overhead of Owner and Contractor, necessary labor expense including overtime, loss of income by Owner, and other determined exposures. Exposures of Owner and Contractor shall be determined by mutual agreement and separate limits of coverage fixed for each item. Owner and its insurers waives all rights of actions against Contractor for loss of use of Owner’s property including consequential losses due to the perils insured pursuant to Article 11.6.1.
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Loss of Use of Property. If for any reason Borrower is unable to use all or any material part of the Property for the purposes intended as of the date of this Mortgage, including as a result of (a) failure to obtain or comply with any Permit required for the ownership or operation of the Property, (b) any change in any zoning Law, (c) the enactment, adoption or implementation of any Law, (d) a Casualty, if the related Casualty Insurance Proceeds are not used in accordance with the terms of this Mortgage to pay for the cost of the applicable Restoration, or (e) a Condemnation, if the related Condemnation Award is not used in accordance with the terms of this Mortgage to pay for the cost of the applicable Replacement, or (f) issuance of an order by any Governmental Authority; Consolidation Modification Extension and SpreaderAgreement EXH-C Page 43
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Loss of Use of Property. If for any reason Borrower is unable to use all or any material part of the Property for the purposes intended as of the date of this Mortgage, including as a result of (a) failure to obtain or comply with any Permit required for the ownership or operation of the Property, (b) any change in any zoning Law, (c) the enactment, adoption or implementation of any Law, (d) a Casualty, if the related Casualty Insurance Proceeds are not used in accordance with the terms of this Mortgage to pay for the cost of the applicable Restoration, or (e) a Condemnation, if the related Condemnation Award is not used in accordance with the terms of this Mortgage to pay for the cost of the applicable Replacement, or (f) issuance of an order by any Governmental Authority;
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Loss of Use of Property. The Manager shall maintain insurance against loss of rental income from the Property (or business interruption insurance, if applicable) which shall meet the following requirements: (i) The amount of such insurance shall equal the maximum actual loss which might be sustained if the Property were totally destroyed, but in no event less than the maximum Tenants economic obligations for a twelve-month period, less a deductible as may be approved by FNF. (ii) Such insurance shall include extra expense coverage, if applicable. (iii) Such insurance shall provide coverage against the perils insured against under Section 4.1. (iv) Such insurance shall contain an agreed amount endorsement or a waiver of co-insurance as specified by FNF.
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Loss of Use of Property. With respect to Part 2, Sections 2, 3 and 5, this insurance does not apply to any damages, loss, cost or expense arising out of any loss of use of any property in connection with any:
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Loss of Use of Property. Owner (or Contractor upon written request of Owner and on Owner's behalf and at Owner's expense) shall purchase and maintain such insurance as will protect Owner and Contractor against loss of use of Owner's property due to those perils insured pursuant to paragraph 11.6. 1. Such policy will provide coverage for expenses of expediting materials, continuing overhead of Owner and Contractor, necessary labor expense including overtime, loss of income by Owner, and other determined exposures. Exposures of Owner and Contractor shall be determined by mutual agreement and separate limits of coverage fixed for each item. Owner and its insurers waive all rights of actions against Contractor for loss of use of Owner's property including consequential losses due to the perils insured pursuant to paragraph 11. 6.1. Contractor agrees that it shall properly secure equipment and materials on the Site to protect the equipment and materials from theft or other loss not due to casualty. Contractor acknowledges that Owner's insurance with respect to loss of equipment and materials will contain a deductible payable by Owner until certain limits of loss are reached. If the experience of loss of equipment and materials exceeds that which Owner's insurer believes customary for a project of the size and complexity of the Project, Owner shall so inform Contractor in writing. Promptly thereafter, Owner and Contractor shall meet to discuss additional security actions to be taken by Contractor at no cost to Owner to prevent further loss of equipment and materials, which additional steps Contractor shall implement promptly.
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Related to Loss of Use of Property

  • Loss of Property all or a substantial part of the business or assets of any Security Party is destroyed, abandoned, seized, appropriated or forfeited for any reason, and such occurrence in the reasonable opinion of the Agent (acting on the instructions of the Majority Lenders) has or could reasonably be expected to have a Material Adverse Effect; or

  • Use of Property The Property as defined herein shall be for the sole and exclusive use and occupation by the Tenant(s) and same’s exclusive family namely:

  • Maintenance and Use of Property Borrower shall cause the Property to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property or as permitted in the PETsMART Lease) without the consent of Lender. Except as provided in Section 3.8(f) hereof, Borrower shall promptly repair, replace or rebuild or cause to be repaired, replaced or rebuilt, any part of the Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.6 hereof and shall complete and pay for any structure at any time in the process of construction or repair on the Land. Borrower shall not initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or defining the uses which may be made of the Property or any part thereof, provided, that Borrower shall be permitted to enter into easement agreements or grant rights of way so long as such agreements or grants do not reduce the value of the Property or impair its use, and so long as Borrower has delivered to Lender a title endorsement satisfactory to Lender with respect to such agreements and/or rights of way. If under applicable zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower will not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

  • Release of Property Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Lease of Property Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease.