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.
Nevada Condemnation Clause
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US-OL11015A
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FAQ
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.
In the simplest terms, condemnation is when a government agency, or a private agency with eminent domain, tries to assert ownership over private property. This means these agencies lay claim to the property, in exchange for ?just compensation?.
Condemnation is the process a government or private entity uses to legally acquire property. Condemnation may be used to enforce housing and safety codes for abandoned or dilapidated properties. Authorities can condemn properties through eminent domain to seize property from their owners.
Condemnation occurs when a public authority, such as the local government, seizes a piece of private property for public use. However, they must pay the owner a fair market price for the property.
In Nevada, 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.
520 - When lien or security interest in tenant's household goods may be enforced; distraint for rent abolished; damages.
A condemned property or a condemned building is a property or building that local (usually municipal) authorities have closed, seized, or placed restrictions on for various reasons, including public safety and public health, in ance with local ordinance.
Condemnation is used in law, and means the same thing as sentencing; you might have heard a judge say ?I condemn you to ten years of hard labor.? Also, a very dangerous building will be sealed up and deemed uninhabitable by an act of condemnation.