Common use of Replacement of Property Clause in Contracts

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property (including fixtures) with replacement Property that is new and/or of better quality than the replaced Property. Borrower will not, without Lxxxxx’s prior written consent, remove any Property covered by this Instrument unless the same is replaced by Borrower with Property that is new and/or of better quality than the replaced Property and the replacement Property (i) is owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) is leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property was leased at the time of execution of this Instrument.

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property (including fixtures) with replacement Property that is new and/or of better quality than the replaced Property. Borrower will not, without LxxxxxLender’s prior written consent, remove any Property covered by this Instrument unless the same is replaced by Borrower with Property that is new and/or of better quality than the replaced Property and the replacement Property (i) is owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) is leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property was leased at the time of execution of this Instrument.

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property (including fixtures) with replacement Property that is new and/or of better quality than the replaced PropertyProperty . Borrower will not, without LxxxxxLender’s prior written consent, remove any Property covered by this Instrument unless the same is replaced by Borrower with Property that is new and/or of better quality than the replaced Property and the replacement Property (i) is owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) is leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property was leased at the time of execution of this Instrument.

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property (including fixtures) with replacement Property that is new and/or of better quality than the replaced PropertyProperty . Borrower will not, without Lxxxxx’s prior written consent, remove any Property covered by this Instrument unless the same is replaced by Borrower with Property that is new and/or of better quality than the replaced Property and the replacement Property (i) is owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) is leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property was leased at the time of execution of this Instrument.

Replacement of Property. Borrower will keep the Property (or cause the Master Tenant to keep the Property) fully equipped and will replace (or cause the Master Tenant to replace) all worn out or obsolete Property (including fixtures) personal property in a commercially reasonable manner with replacement Property that is new and/or of better quality than the replaced Propertycomparable fixtures or personal property. Borrower will not, without LxxxxxLender’s prior written consent, remove any Property personal property covered by this Instrument unless the same is replaced by Borrower in a commercially reasonable manner with Property that is new and/or of better quality than the replaced Property and the replacement Property a comparable article (i) is owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) is leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property personal property was leased at the time of execution of this Instrument.