Common use of Application of Payments Not Relating to an Event of Loss Clause in Contracts

Application of Payments Not Relating to an Event of Loss. In case of a Condemnation or Casualty with respect to the Garage or which is not an Event of Loss or does not otherwise result in a termination of this Lease in accordance with the above provisions of Article 12, this Lease shall remain in full force and effect, without any abatement or reduction of Rent. Except as set forth herein, and subject to Section 12.4, all Net Casualty Proceeds and all Net Condemnation Proceeds, as the case may be, shall be paid to Lessee to be applied, as necessary, to the repair or restoration of the Property so such Property shall have a value, utility and remaining useful life as close as reasonably practicable to the value, utility and remaining useful life existing immediately prior to such Casualty or Condemnation. Except as otherwise provided to the contrary, any excess insurance proceeds remaining thereafter shall be retained by Lessee and any excess condemnation award remaining thereafter shall be applied in the same manner as set forth in Section 12.2 above.