Common use of Substitution or Release of Property Clause in Contracts

Substitution or Release of Property. If the District exercises its option under Section 4.7 of the Lease and satisfies the conditions therein provided to substitute property for the Leased Property in whole or in part, such substitution shall also automatically operate to substitute property for the Leased Property leased hereunder. If the District exercises its option under Section 4.8 of the Lease and satisfies the conditions therein provided to release any portion of the Leased Property from the Lease, such release shall also automatically operate to release property hereunder. The description of the property leased under the Lease shall conform at all times to the description of the property leased hereunder.

Substitution or Release of Property. If the District exercises its option under Section 4.7 of the Lease Agreement and satisfies the conditions therein provided to substitute property for the Leased Property in whole or in part, such substitution shall also automatically operate to substitute property for the Leased Property leased hereunder. If the District exercises its option under Section 4.8 of the Lease Agreement and satisfies the conditions therein provided to release any portion of the Leased Property from the LeaseLease Agreement, such release shall also automatically operate to release property hereunder. The description of the property leased under the Lease Agreement shall conform at all times to the description of the property leased hereunder.