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provlc cu tna t the �,VC)rcis "1n'sur'C?nce p1OC:eeas" there referred to shall for purposes Of this sub -paragraph (ii) refer to "condemnation award" . If the net condemnation award applicable to property owned by t!ie Lessor is in excess of the amount necessary to repair and rebuild as specified in (i) above, such (--:_cess shall be paid to and belong to the T css,_)r and the amount of such excess small be credited against basic rent next thereafter provided to be paid by Lessee under the provisions of Section 203 hereof, and Lessee shall not be required to pay any basic rent thereafter except when and to the extent basic rent becomes due and payable in excess of the amount so credited. If such excess is more than the remaining total basic rent obligations of the Lessee hereunder, and if at that time Lessee is not in monetary default with respect to any of its obligations under this Lease and Agreement, only that portion thereof equal to the remaining total basic rent obligations of Lessee shall be paid to and belong to Lessor, and the excess shall belong to and shall be paid to the Lessee. If Lessee is in default with reference to any of its monetary obligations, the .amount of excess over and above the amount necessary to satisfy said monetary obligations with reference to which Lessee is in default shall be paid to Lessee. If the net condemna- tion award is less than the amount necessary for the Lessee to repair and rebuild as set forth in (i) above, the Lessee shall nevertheless complete the repair and rebuilding work and pay the cost thereof; and (iii) If no part of the improvements is taken, the net condemnation award shall be paid to Lessor and credited against basic rent obligations next thereafter provided to be paid by Lessee under the provisions of Section 203 hereof, and the Lessee shall not be required to pay any basic rent thereafter except when and to the extent basic rent becomes due and payable in excess of the amount so credited. C . In the event of a taking under either A or B above, the Lessee shall have the right to participate in and to prove in the condemnation pro- ceedings and to receive any award (by way of negotiation, settlement or judgment) which may be made for damages sustained by Lessee by reason of the condemnation; provided, however, nothing in this sub -section C shall be construed to diminish or impair in any way Lessee's obligation under sub- section A of this Section 1401 to pay as additional rent the amount of any insufficiency of the net condemnation award and the funds in the Bond Fund to pay the total bond redemption expense as therein defined.