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Hi there,
I've seen a template lease which includes a clause relating to a commercial property that has been damaged:
"6.1.1 To insure the Leased Subjects and any Relevant Common Parts (excluding tenants' trade fittings and fixtures) against the Insurance Risks and for the Full Reinstatement Value, to the Commercially Available Extent."
"6.1.3 To make good any shortfall (between the relevant proceeds of the Landlord's Insurance Policy and the actual cost of making good the loss or damage in question) caused by any failure by the Landlord to comply with its obligations under Clause 6.1.1 out of its own funds, save to the Excepted Extent."
Clause 6.1.3 is the clause is question, I understand the clause but I want to know whether this clause is mandatory for Commercial Leases under Scots law?
Thanks
Baz
I've seen a template lease which includes a clause relating to a commercial property that has been damaged:
"6.1.1 To insure the Leased Subjects and any Relevant Common Parts (excluding tenants' trade fittings and fixtures) against the Insurance Risks and for the Full Reinstatement Value, to the Commercially Available Extent."
"6.1.3 To make good any shortfall (between the relevant proceeds of the Landlord's Insurance Policy and the actual cost of making good the loss or damage in question) caused by any failure by the Landlord to comply with its obligations under Clause 6.1.1 out of its own funds, save to the Excepted Extent."
Clause 6.1.3 is the clause is question, I understand the clause but I want to know whether this clause is mandatory for Commercial Leases under Scots law?
Thanks
Baz
