Leader-with-lease behaviour after losing leadership

[kozjan]

What is the URL of the document?

https://sdk.operatorframework.io/docs/building-operators/golang/advanced-topics/#leader-election

Which section(s) is the issue in?

Leader election

What needs fixing?

It would be nice to have more details about how Leader-with-lease implementation is working.
In the code I can see, that the manager has an Elected() method to return a channel, which being closed means that this specific manager is a leader.
I wonder, if the manager loses leadership, what happens to him? Channel cannot be reopened, I can't find where a new one could be created. Is this manager going to be removed from the cluster and replaced with a new one?

Additional context