Common use of Unit Replacement Clause in Contracts

Unit Replacement. If any Unit is lost, stolen, destroyed, seized by governmental action or, in Second Party's opinion or First Party's opinion, damaged ("Event of Loss"), this Lease shall remain in full force and effect without abatement of Rent and Second Party shall promptly replace such Unit at its sole expense with a Unit of equivalent value and utility, and similar kind and in substantially the same condition as the replaced Unit immediately prior to the Event of Loss. Title to such replacement unit immediately shall vest and remain in First Party, and such unit shall be deemed a Unit under this Lease. Upon such vesting of title and provided Second Party is not in default under this Lease, First Party shall cause to be paid to Second Party or the vendor of the replacement unit any insurance proceeds actually received by First