Common use of ALTERATIONS, REMOVAL Clause in Contracts

ALTERATIONS, REMOVAL. (a) At any time, so long as no Default or Event of Default or Environmental Trigger shall have occurred and be continuing, the Lessee may, at its sole cost and expense, make Alterations to the Property or any part thereof; provided, however, that (i) the fair market value of the Property shall not be lessened by such Alterations; (ii) such Alterations shall not materially diminish the capacity, utility, efficiency, or remaining useful life of the Property or any part thereof; and (iii) such work shall be completed in a good and workmanlike manner free and clear of any Liens for labor, services or materials (other than Permitted Encumbrances) and in compliance with all applicable Legal Requirements and Insurance Requirements. (b) Title to all Alterations shall vest in the Lessor (free and clear of all Liens, except Permitted Encumbrances) subject to the right of Lessee to remove such Alterations as provided hereunder. Upon any removal of the Alterations permitted hereunder, the Lessor (at the sole cost and expense of the Lessee) shall execute and deliver to the Lessee such instruments and releases as are reasonably