Common use of Substitution or Release of Property Clause in Contracts

Substitution or Release of Property. If the City exercises its option under Section 3.3 of the Lease Agreement to substitute property for the Leased Property in whole or in part, such substitution shall also operate to substitute property for the Leased Property which is leased hereunder. If the City exercises its option under Section 3.4 of the Lease Agreement to release a portion of the Leased Property from the Lease Agreement, such substitution shall also operate to release such portion of the Leased Property hereunder. The description of the Leased Property which is leased hereunder shall conform at all times to the description of the Leased Property which is leased under the Lease Agreement.

Substitution or Release of Property. If the City exercises its option under Section 3.3 of the Lease Agreement to substitute property for the Leased Property in whole or in part, such substitution shall also operate to substitute property for the Leased Property which is leased hereunder. If the City exercises its option under Section 3.4 of the Lease Agreement to release a portion of the Leased Property from the Lease AgreementLease, such substitution shall also operate to release such portion of the Leased Property hereunder. The description of the Leased Property which is leased hereunder under the Lease shall conform at all times to the description of the Leased Property which is leased under the Lease Agreementhereunder.