This office lease clause is a condemnation clause that illustrates a mild effort to deal with some of the issues In the event the whole of the building or a substantial part of the building is condemned.
The Idaho Condemnation Clause refers to a legal provision typically included in contracts or agreements that pertain to real estate transactions within the state of Idaho. This clause outlines the rights and obligations of the parties involved in the event of a government or public entity exercising its power of eminent domain to take private property for public use. Under the Idaho Condemnation Clause, the property owner is entitled to certain protections and compensation if their property is subject to condemnation. The clause specifies the procedures and actions that need to be followed during the condemnation process, ensuring that the property owner is treated fairly and receives just compensation for the loss of their property. There are several types of Idaho Condemnation Clauses that may exist in different agreements or contracts. These include: 1. General Condemnation Clause: This is the most common type of condemnation clause used in Idaho and provides a general framework for the rights and obligations of the parties involved in a condemnation situation. 2. Specific Performance Condemnation Clause: This type of clause may be included in a contract to specify that if the property is condemned before the settlement or closing date, the seller is obligated to perform the necessary steps to complete the transaction. 3. Purchase Agreement Condemnation Clause: Found in purchase agreements, this clause outlines the rights of the buyer and seller if the property is condemned before or during the process of transferring ownership. It may address issues such as termination of the agreement or adjustment of the purchase price. 4. Leasehold Condemnation Clause: If a property subject to a lease agreement is condemned, this clause determines how the lease will be affected, including whether it will terminate or be adjusted accordingly. It is essential for property owners, buyers, sellers, and parties involved in real estate transactions in Idaho to have a clear understanding of the details contained within the Idaho Condemnation Clause. Consulting with a knowledgeable attorney familiar with Idaho's condemnation laws can ensure compliance and protect one's rights in the event of condemnation.
