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.
Maryland Condemnation Clause
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An action for condemnation shall be commenced by filing a complaint complying with Rules 2-303 through 2-305 and containing: (a) The names of all persons whose interest in the property is sought to be condemned. If any person is a nonresident or not known, that fact shall be stated.
Condemnation, also called eminent domain or a ?taking,? is the right of a government or its agent to take private property for public use, with payment of compensation. In a condemnation action, the government takes both physical possession and legal title to the property.
§ 17-307. All intangible personal property held for the owner by any court, public corporation, public authority, or public officer of this State or any political subdivision of it that has remained unclaimed by the owner for more than 3 years is presumed abandoned.
A condemned property is one that the government deems unfit for anyone to live in or utilize due to health and safety concerns. Living in a condemned home is illegal more often than not ? though the legality depends on your location.
In order to ?quick take? a property, the condemnor must deposit into the court's registry the amount of just compensation the condemnor believes is due the owner. Once just compensation is deposited, the date of the deposit is now known as the ?date of valuation? of the property.
In Maryland, eminent domain gives the government the power to take your property, even if you don't want to sell. But under the Fifth Amendment, eminent domain must be for a ?public use,? which traditionally meant projects like roads or bridges.
In Maryland, eminent domain gives the government the power to take your property, even if you don't want to sell. But under the Fifth Amendment, eminent domain must be for a ?public use,? which traditionally meant projects like roads or bridges.