Removal and Destruction of Property. Except as otherwise provided in this Mortgage or as expressly permitted by the Facility Agreement, no part of the Property shall be removed, demolished or materially altered without the prior written consent of Mortgagee. Mortgagor shall have the right, without such consent, to remove and dispose of, free from the lien of this Mortgage, any part of the Property, which is a fixture as from time to time may become worn out or obsolete, provided, however, that either simultaneously with or prior to such removal, any such property necessary for the conduct of Mortgagor’s business at or on the Property shall be replaced with other property of equal utility and of a value at least equal to that of the replaced property when first acquired and free from any security interest of any other person, and by such removal and replacement Mortgagor shall be deemed to have subjected such replacement property to the lien of this Mortgage.
Appears in 3 contracts
Sources: Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Neutron Energy, Inc.), Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Neutron Energy, Inc.), Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing (Neutron Energy, Inc.)