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(5) Loss Payment <br />(a) Loss Payment provisions (b), <br />(c), (d) and (e) below are <br />subject to the apportionment <br />procedure set forth in above <br />Application of Coverages, <br />paragraph (2)(c). <br />(b) When there is a loss in value of <br />an undamaged portion of the <br />building to which Coverage for <br />Loss to the Undamaged Portion <br />of the Building applies, the loss <br />payment for that building, <br />Including damaged and <br />undamaged portions, will be <br />determined as follows: <br />(i) If the property is repaired or <br />replaced on the same or <br />another premise, we will not <br />pay more than the lesser of: <br />1) The amount you actually <br />spend to repair, rebuild <br />or reconstruct the <br />building, but not for <br />more than the amount it <br />would cost to restore <br />the building on the same <br />premises and to the <br />same height, floor area, <br />style and comparable <br />quality of the original <br />property insured; or <br />2) The Limit of Insurance <br />shown in the <br />Declarations as <br />applicable to the <br />covered building. <br />(ii) If the property is not <br />repaired or replaced. We <br />will not pay more than the <br />lesser of: <br />1) The actual cash value of <br />the building at the time <br />of loss; or <br />2) The Limit of Insurance <br />shown in the <br />Declarations as <br />applicable to the <br />covered building. <br />(c) The most we will pay for the <br />total of all covered losses for <br />Demolition Cost Coverage and <br />Increased Cost of Construction <br />is the Limit of Insurance shown <br />in paragraph (d) below. Subject <br />to this combined Limit of <br />Insurance, the following loss <br />payment provisions apply: <br />(1) For Demolition Cost <br />Coverage, we will not pay <br />for more than the amount <br />(d) <br />you actually spend to <br />demolish and clear the site <br />of the described premises. <br />(ii) Loss payment under <br />Increased Cost of <br />Construction Coverage will <br />be determined as follows: <br />1) We will not pay for the <br />increased cost of <br />construction until the <br />property is actually <br />repaired or replaced at <br />the same or another <br />premises; and <br />2) Unless the repairs or <br />replacement is made <br />as soon as reasonably <br />possible after the loss <br />or damage, not to <br />exceed two years. We <br />Tay extend this period <br />in writing during the <br />two years. <br />(III) If the building is repaired <br />or replaced at the same <br />premises, or if you elect to <br />rebuild at another <br />premises, the most we will <br />pay for the Increased Cost <br />of Construction Coverage <br />is the lesser of: <br />1) The increased cost of <br />construction at the <br />same premises; or <br />2) The Limit of Insurance <br />described in paragraph <br />(d) below. <br />(iv) If the ordinance or law <br />requires relocation to <br />another premise, the most <br />we will pay for the <br />increased cost of <br />construction is the lesser <br />of: <br />1) The increased cost of <br />construction at the new <br />premises; or <br />2) The Limit of Insurance <br />described in paragraph <br />(d) below. <br />The most we will pay for the <br />total of all covered losses for <br />Demolition Cost and Increased <br />Cost of Construction for each <br />building described in th <br />Declar <br />amou <br />Additio <br />391-1003 08 16 Includes copyrighted material of Insurance Services Office, Inc., with its permissii <br />e <br />ations is $5,000 or the <br />nr <br />chnsun the <br />_ xmk>un�I,R <br />c:``•�"_�rf°� RenE &NroRov®ar. <br />A- fe Aew&4 <br />- Risk Management Specialist <br />