Common use of RIGHT TO SUBSTITUTION Clause in Contracts

RIGHT TO SUBSTITUTION. If Lessee determines that it is economically unfeasible to continue operations in or at the Leased Premises, Lessee may exchange the Leased Premises for another of like kind, value, size and demographic location acceptable to Lessor. If Lessor elects to accept a replacement property in exchange for the Leased Premises owned by Lessor, Lessee shall provide a replacement property of comparable size, cost, location and ownership interest in a Section 1031 "like-kind" exchange and shall lease the replacement Premises from Lessor on identical terms as contained in the lease for the original Leased Premises. All costs associated with making such exchange, including the provision of surveys, title, environmental and all other documentation normally required or obtained by Lessor, shall be paid by Lessee.

RIGHT TO SUBSTITUTION. If Lessee determines that it is economically unfeasible to continue operations in or at the Leased Premises, Lessee may exchange the Leased Premises for another of like kind, value, size and demographic location acceptable to Lessor. If Lessor elects to accept a replacement property in exchange for the Leased Premises owned by Lessor, Lessee shall provide a replacement property of comparable size, cost, location and ownership interest in a Section 1031 "like-like- kind" exchange and shall lease the replacement Premises from Lessor on identical terms as contained in the lease for the original Leased Premises. All costs associated with making such exchange, including the provision of surveys, title, environmental and all other documentation normally required or obtained by Lessor, shall be paid by Lessee.