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.
Tennessee Condemnation Clause
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US-OL11015A
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FAQ
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 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.
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.
The process of condemnation in Tennessee requires the government to demonstrate that the taking of private property is necessary and that the public purpose for which it is being taken is legitimate.
A property owner whose property is taken for a public use without the payment of just compensation has a remedy for the taking in a ?reverse condemnation? or ?inverse condemnation? action. T.C.A. § 29-16-123.
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.
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.
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.