DISPOSITION OF SIGNALS NO LONGER REQUIRED Sample Clauses

DISPOSITION OF SIGNALS NO LONGER REQUIRED. If for any reason signals shall no longer be required at said grade crossing, the RAILWAY, on the approval of the STATE, may remove said signals. If in the opinion of the RAILWAY said signals are not obsolete, they may, as agreed to by the STATE and RAILWAY under a separate agreement, be reinstalled at some other State Highway-Railroad grade crossing. If no other crossing is agreed upon by the STATE and the RAILWAY, and prescribed by public authority, the STATE will be credited with the salvage value for material not previously replaced by the RAILWAY during maintenance, less cost of removal. Ownership of the signals vests in the RAILWAY or STATE, whichever one paid for the signals as shown on the face of this agreement.
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