Common use of Premises and Improvements Clause in Contracts

Premises and Improvements. That no building or other property now or hereafter covered by the lien of this Mortgage shall be removed, demolished or materially altered without the prior written consent of Mortgagee, except that Mortgagor shall have the right, without such consent, to remove and dispose of, free from the lien of this Mortgage, such Building Equipment as from time to time may become worn out or obsolete, provided that simultaneously with or prior to such removal, any such equipment shall be replaced with other equipment of a value at least equal to that of the replaced equipment and free from any security agreement, and by such removal and replacement Mortgagor shall be deemed to have subjected such Building Equipment to lien of this Mortgage.

Appears in 2 contracts

Sources: Credit Agreement (Mediq Inc), Credit Agreement (Mediq Inc)