Common use of Substitution of Leased Property Clause in Contracts

Substitution of Leased Property. Notwithstanding anything to the contrary contained in this Lease, in the event of the total destruction of any single Facility, Lessor shall make available to Lessee and add to the Leased Property a facility of equal or approximate value to the destroyed Facility. If necessary, Lessor shall apply insurance proceeds received by it towards the replacement of the destroyed Facility. Lessor may elect to satisfy the foregoing obligation either by purchasing an already existing facility, by constructing a new facility, or otherwise.

Substitution of Leased Property. Notwithstanding anything to the contrary contained in this Lease, in the event of the total destruction of any single Facility, Lessor shall make available to Lessee and add to the Leased Property a facility of equal or approximate value to the destroyed Facility. If necessary, Lessor shall apply insurance proceeds received by it towards the replacement of the destroyed Facility. Lessor may elect to satisfy the foregoing obligation either by purchasing an already existing facility, by constructing a new facility, or otherwise.. -22-

Substitution of Leased Property. Notwithstanding anything to the contrary contained in this Lease, in the event of the total destruction of any single Facility, Lessor shall make available to Lessee and add to the Leased Property a facility of equal or approximate value to the destroyed Facility. If necessary, Lessor shall apply insurance proceeds received by it towards the replacement of the destroyed Facility. Lessor may elect to satisfy the foregoing obligation either by purchasing an already existing facility, by constructing a new facility, or otherwise.. ARTICLE XV