Common use of Removal of Property; Replacements Clause in Contracts

Removal of Property; Replacements. Lessee may, in the ordinary course of maintenance or repair of any Unit, remove any item of property constituting a part of such Unit, and, unless the removal of such item is required by Section 12.1, Lessee shall replace such item as promptly as practicable with an item of property that is free and clear of all Liens (and Lessor Liens) and in as good operating condition as, and with a current value and estimated residual value, utility and useful life at least equal to, the current value, estimated residual value, utility and useful life as the item of property being replaced, assuming that such replaced item was in the condition required to be maintained by the terms of this Lease. Any item of property removed from such Unit as provided in the preceding sentence shall remain the property of Lessor free and clear of all rights of Lessee until replaced in accordance with the terms of such sentence, but shall then, without further act, become the property of Lessee. Any such replacement property shall, without further act, become the property of Lessor and be deemed part of such Unit for all purposes.

Removal of Property; Replacements. Lessee may, in the ordinary course of maintenance or repair of any Unit, remove any item of property constituting a part of such Unit, and, and unless the removal of such item is required by Section 12.19.1 hereof, Lessee shall replace such item as promptly as practicable with by an item of property that is free and clear of all Liens (and Lessor other than Permitted Liens) and in as good operating condition as, and with a current value and estimated residual fair market value, utility utility, capacity and remaining economic useful life at least equal to, the current value, estimated residual value, utility and useful life as the item of property being replaced, assuming that such replaced item was in the condition required to be maintained by the terms of this Lease. Any item of property removed from such Unit in the ordinary course of maintenance and repair as provided in the preceding sentence shall remain the property of Lessor free and clear of all rights of Lessee until replaced in accordance with the terms of such sentence, but shall then, without further act, become the property of Lessee. Any such replacement property replaced in the ordinary course of maintenance and repair shall, without further act, become the property of Lessor and be deemed part of such Unit for all purposespurposes hereof.

Removal of Property; Replacements. Lessee may, in the ordinary course of maintenance or repair of any Unit, remove any item of property constituting a part of such Unit, and, unless the removal of such item is required by Section 12.19.1 hereof, Lessee shall replace such item as promptly as practicable with an item of property that is free and clear of all Liens (and Lessor other than Permitted Liens) and in as good operating condition as, and with a current value and estimated residual value, utility and useful life at least equal to, the current value, estimated residual value, utility and useful life as the item of property being replaced, assuming that such replaced item was in the condition required to be maintained by the terms of this Lease. Any item of property removed from such Unit as provided in the preceding sentence shall remain the property of Lessor free and clear of all rights of Lessee until replaced in accordance with the terms of such sentence, but shall then, without further act, become the property of Lessee. Any such replacement property shall, without further act, become the property of Lessor and be deemed part of such Unit for all purposespurposes hereof.

Removal of Property; Replacements. Lessee may, in the ordinary course of maintenance or repair of any Unit, remove any item of property constituting a part of such Unit, and, unless the removal of such item is required by Section 12.1, Lessee shall replace such item as promptly as practicable with an item of property that is free and clear of all Liens (and other than Lessor Liens) and in as good operating condition as, and with a current value and estimated residual value, utility and useful life at least equal to, the current value, estimated residual value, utility and useful life as the item of property being replaced, assuming that such replaced item was in the condition required to be maintained by the terms of this Lease. Any item of property removed from such Unit as provided in the preceding sentence shall remain the property of Lessor free and clear of all rights of Lessee until replaced in accordance with the terms of such sentence, but shall then, without further act, become the property of Lessee. Any such replacement property shall, without further act, become the property of Lessor and be deemed part of such Unit for all purposes.