Common use of Application of Payments Relating to an Event of Loss Clause in Contracts

Application of Payments Relating to an Event of Loss. Subject to Section 13.4, all condemnation proceeds and property insurance proceeds received at any time by Lessee during the Lease Term from any Authority or other Person with respect to any Event of Loss shall be promptly remitted to the Lessor (up to, but not exceeding, the Break Even Price) and, upon the payment in full of the Break Even Price, the Lessor shall assign to the Lessee all rights to any condemnation proceeds and property insurance proceeds and any such condemnation proceeds and property insurance proceeds remaining thereafter or thereafter received shall be paid by the Lessor (whichever shall receive same) over to Lessee, or as Lessee may direct, and any receipt of such proceeds shall satisfy the Lessee’s obligations under Section 13.1.