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 Nevada condemnation clause is a provision commonly included in real estate contracts, specifically in relation to property located in the state of Nevada. It serves to address the potential scenario where a government entity exercises its power of eminent domain, which allows them to seize private property for public use, with just compensation to the property owner. The Nevada condemnation clause is designed to protect both parties involved in a real estate transaction, the seller and the buyer. It helps establish the rights and obligations of the parties in the event of a government taking. Here are some relevant keywords and types of Nevada condemnation clauses: 1. Condemnation Waiver: This type of clause essentially waives the buyer's right to terminate the contract or seek any compensation from the seller if the property is condemned. It provides protection for the seller by ensuring the sale will proceed regardless of potential condemnation. 2. Price Adjustment Clause: This type of condemnation clause allows for a potential adjustment in the purchase price should the property be condemned before the closing of the transaction. It sets out a formula or mechanism for determining the amount of adjustment based on factors like the fair market value, appraised value, or the amount of compensation offered by the condemning authority. 3. Right to Terminate: This type of clause allows either party, the buyer or the seller, to terminate the contract if the property is condemned before the closing. It protects the interests of both the buyer and seller, providing an option to walk away from the transaction if the property no longer meets their respective needs. 4. Escrow Deposit Release: In certain cases, a condemnation clause may dictate how escrow deposits are handled in the event of condemnation. It may require the release of the deposit to the seller despite the condemnation, ensuring they receive something of value for the property even if the sale does not proceed. 5. Notice and Negotiation: This type of clause requires the condemning authority to provide notice to both the buyer and the seller of any intended condemnation. It establishes a timeframe for negotiation, allowing the parties to assess the situation, potentially dispute the condemnation, or explore alternative options with the government entity involved. It is essential for buyers and sellers engaging in real estate transactions in Nevada to carefully review and understand the specific Nevada condemnation clause within their contracts. Consulting legal professionals with expertise in real estate law can provide valuable guidance and ensure compliance with Nevada's regulations regarding condemnation.
