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 Utah Condemnation Clause is a legal provision included in contracts or agreements in the state of Utah that addresses the potential exercise of eminent domain by the government entities. This clause aims to provide protection and establish certain rights for property owners in situations where the government may seize or take private property for public use. The Utah Condemnation Clause manifests in various forms depending on the type of agreement or document it is included in. Some common types include: 1. Real Estate Contracts: In real estate transactions, the Utah Condemnation Clause outlines the rights and obligations of both the property owner and the government entity in case of a condemnation action. It may specify the parties' rights to compensation, procedures for valuation, and the timeline for the condemnation process. 2. Lease Agreements: When a lease agreement involves a property that is subject to potential condemnation or has the potential to be impacted by eminent domain, the Utah Condemnation Clause protects the rights of both the landlord and the tenant. It details the effect of condemnation on the lease, compensation for any loss, and potential lease termination options. 3. Mortgage and Financing Agreements: The Utah Condemnation Clause incorporated into mortgage contracts or financing agreements safeguards the interests of lenders and borrowers in cases where the mortgaged property is condemned. It may specify how the compensation received from condemnation is to be used, and whether the mortgage is to be released or modified. 4. Construction Contracts: In construction contracts, where a project may be at risk of condemnation, the Utah Condemnation Clause lays out the rights, responsibilities, and potential remedies for all parties involved. It might address issues such as delay, compensation, or contract termination in the event of condemnation. It is crucial for individuals and businesses entering into contracts in Utah to understand the specifics of the Condemnation Clause relevant to their situation. Seeking guidance from legal professionals familiar with Utah's condemnation laws is highly recommended ensuring adequate protection of rights and interests.The Utah Condemnation Clause is a legal provision included in contracts or agreements in the state of Utah that addresses the potential exercise of eminent domain by the government entities. This clause aims to provide protection and establish certain rights for property owners in situations where the government may seize or take private property for public use. The Utah Condemnation Clause manifests in various forms depending on the type of agreement or document it is included in. Some common types include: 1. Real Estate Contracts: In real estate transactions, the Utah Condemnation Clause outlines the rights and obligations of both the property owner and the government entity in case of a condemnation action. It may specify the parties' rights to compensation, procedures for valuation, and the timeline for the condemnation process. 2. Lease Agreements: When a lease agreement involves a property that is subject to potential condemnation or has the potential to be impacted by eminent domain, the Utah Condemnation Clause protects the rights of both the landlord and the tenant. It details the effect of condemnation on the lease, compensation for any loss, and potential lease termination options. 3. Mortgage and Financing Agreements: The Utah Condemnation Clause incorporated into mortgage contracts or financing agreements safeguards the interests of lenders and borrowers in cases where the mortgaged property is condemned. It may specify how the compensation received from condemnation is to be used, and whether the mortgage is to be released or modified. 4. Construction Contracts: In construction contracts, where a project may be at risk of condemnation, the Utah Condemnation Clause lays out the rights, responsibilities, and potential remedies for all parties involved. It might address issues such as delay, compensation, or contract termination in the event of condemnation. It is crucial for individuals and businesses entering into contracts in Utah to understand the specifics of the Condemnation Clause relevant to their situation. Seeking guidance from legal professionals familiar with Utah's condemnation laws is highly recommended ensuring adequate protection of rights and interests.
