Common use of Partial Takings Clause in Contracts

Partial Takings. If at any time during the Term there shall be a Taking of the Premises other than a Total Taking (a "Partial Taking"), this lease shall continue in full force and effect as to the Premises not Taken. Tenant shall repair or replace the building or other improvements affected by the Partial Taking, and the portion of any award relating to the value of any Land so taken which shall, for purposes of such valuation, be considered vacant, unencumbered and unimproved, shall belong to Landlord and the balance of the award shall be payable to the Insurance Trustee and shall be applied to the cost of any required Restoration of the buildings and other improvements on the Premises, substantially in the same manner and subject to the same conditions as apply to the use of Casualty insurance proceeds. If the costs of Restoration shall exceed the net award available to Tenant, Tenant shall pay the deficiency. Any balance remaining in the hands of the Insurance Trustee after payment of the costs of Restoration as aforementioned, or if Tenant does not elect to apply the award to Restoration as set forth above, the entire net award of the Partial Taking, shall be paid to Landlord as if a Total Taking had occurred.

Partial Takings. If at any time during the Term there shall be a Taking of the Premises other than a Total Taking (a "Partial Taking"), this lease shall continue in full force and effect as to the Premises not Taken. Tenant shall repair or replace the building or other improvements affected by the Partial Taking, and the portion of any award relating to the value of any Land so taken which shall, for purposes of such valuation, be considered vacant, unencumbered and unimproved, shall belong to Landlord and the balance of the award shall be payable to the Insurance Trustee and shall be applied to the cost of any required Restoration of the buildings and other improvements on the Premises, substantially in the same manner and subject to the same conditions as apply to the use of Casualty insurance proceeds. If the costs of Restoration shall exceed the net award available to Tenant, Tenant shall pay the deficiency. Any balance remaining in the hands of the Insurance Trustee after idler payment of the costs costs, of Restoration as aforementioned, or if Tenant does not elect to apply the award to Restoration as set forth above, the entire net award of the Partial Taking, shall be paid to Landlord as if a Total Taking had occurred.