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 New Jersey Condemnation Clause refers to a legal provision within property law that outlines the rights and compensation available to property owners in the event of condemnation by the government for public use or public purpose. When the government exercises its power of eminent domain and condemns someone's property, the New Jersey Condemnation Clause ensures that fair compensation is provided to the affected property owner. In New Jersey, there are different types of Condemnation Clauses, namely: 1. Just Compensation: This clause ensures that property owners receive fair market value compensation for their property when it is condemned. The assessment of compensation takes into account factors such as property value, potential for development, and disturbance caused by the condemnation. 2. Temporary Condemnation: In certain situations, the government may temporarily take possession of a property without permanently acquiring it. The Temporary Condemnation Clause outlines the conditions, compensation, and duration of such temporary takings. 3. Inverse Condemnation: This clause provides protection to property owners when the government's actions, such as public infrastructure development or zoning regulations, devalue their property. In such cases, property owners can seek compensation from the government for the loss in property value caused by these actions. 4. Public Use and Purpose: The New Jersey Condemnation Clause emphasizes that the government can only exercise the power of eminent domain if the condemnation is for the public use or purpose. Public use can include projects such as roads, schools, hospitals, parks, or any infrastructure that benefits the community at large. 5. Procedural Protections: The Condemnation Clause in New Jersey law includes safeguards to protect property owners' rights during the condemnation process. This may include the right to notice, the right to legal representation, the right to challenge the government's actions, and the right to a fair hearing or trial. In summary, the New Jersey Condemnation Clause serves as a vital legal safeguard for property owners in situations where the government exercises its power of eminent domain. It ensures that fair compensation is provided for property owners, outlines the different types of condemnation clauses, and protects property owners' rights throughout the condemnation process.
