Common use of IN THE EVENT OF CONDEMNATION Clause in Contracts

IN THE EVENT OF CONDEMNATION. In the event of condemnation involving a total taking, the Lessee’s share of the amount paid on account of such condemnation shall be payable to the Permitted Mortgagee to the extent only of the remaining balance on the Permitted Mortgage; and in the event of a partial taking, the amount payable shall be applied first to restoration and any excess to the Permitted Mortgage. Any condemnation payments paid to the Lessor shall be paid to the Permitted Mortgagee in proportion to the Permitted Mortgagee’s interest in the condemnation proceeds.