Hello All !
W.r.t a lease hold property and the obligations of the lessor in case of damage or destruction to the property by an insured risk (fire, earthquake etc.) , to what extent should the lease document cover the various scenarios around Lessors responsibility in rebuilding the property ?
Should it be enough if a covenant on the lessor mentions that the lessor to rebuild the property with the money obtained from insurance or should the document also explicitly cover state other scenarios - e.g. where for some reason the lessor is not able to rebuild the property ?
And if these negative scenarios are not explicitly mentioned in the lease then what should be done ?
Can there be a case where the Lessor receives the money from the insurance and does not build the property ? What happens to the insurance money in that case...
Any advise will be appreciated...
W.r.t a lease hold property and the obligations of the lessor in case of damage or destruction to the property by an insured risk (fire, earthquake etc.) , to what extent should the lease document cover the various scenarios around Lessors responsibility in rebuilding the property ?
Should it be enough if a covenant on the lessor mentions that the lessor to rebuild the property with the money obtained from insurance or should the document also explicitly cover state other scenarios - e.g. where for some reason the lessor is not able to rebuild the property ?
And if these negative scenarios are not explicitly mentioned in the lease then what should be done ?
Can there be a case where the Lessor receives the money from the insurance and does not build the property ? What happens to the insurance money in that case...
Any advise will be appreciated...
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