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 Kings New York Condemnation Clause is an important provision included in property contracts to protect the rights of property owners in the event of eminent domain actions or condemnation proceedings by the government or other authorized bodies. This clause sets forth the specific rights, obligations, and compensation mechanisms that will be applicable if the property is condemned. The Kings New York Condemnation Clause provides a detailed description of the rights of the property owner and outlines the process that would be followed in the event of a condemnation. It typically includes keywords such as "eminent domain," "condemnation," "compensation," "government action," and "authorized body" to emphasize its relevance. Under the Kings New York Condemnation Clause, there may be different types or variations, depending on the specific circumstances and individual contracts. Some common variations include: 1. Compensation Clause: This type of clause focuses on ensuring fair compensation for the property owner in the event of a condemnation. It may include keywords like "fair market value," "appraisal," or "just compensation." 2. Relocation Clause: In certain cases, the government may require the property owner to relocate as a result of the condemnation. A relocation clause may outline the obligations and rights of both parties in such circumstances, including details on moving expenses, alternate property options, or temporary housing assistance. 3. Severance Damages Clause: When only a portion of a property is condemned, leaving the rest intact, a severance damages clause may come into play. This clause provides compensation to the property owner for the decrease in the value of the remaining parcel due to the condemnation. 4. Timeframe Clause: This type of clause establishes clear timelines and deadlines for the government or authorized body to initiate and complete the condemnation proceedings. It may include keywords like "reasonable time," "notice period," or "anticipated timeline" to ensure a smooth and efficient process. It is important to consult legal professionals or real estate experts familiar with Kings New York laws to fully understand the implications of the specific condemnation clause and its variations in any property contract.The Kings New York Condemnation Clause is an important provision included in property contracts to protect the rights of property owners in the event of eminent domain actions or condemnation proceedings by the government or other authorized bodies. This clause sets forth the specific rights, obligations, and compensation mechanisms that will be applicable if the property is condemned. The Kings New York Condemnation Clause provides a detailed description of the rights of the property owner and outlines the process that would be followed in the event of a condemnation. It typically includes keywords such as "eminent domain," "condemnation," "compensation," "government action," and "authorized body" to emphasize its relevance. Under the Kings New York Condemnation Clause, there may be different types or variations, depending on the specific circumstances and individual contracts. Some common variations include: 1. Compensation Clause: This type of clause focuses on ensuring fair compensation for the property owner in the event of a condemnation. It may include keywords like "fair market value," "appraisal," or "just compensation." 2. Relocation Clause: In certain cases, the government may require the property owner to relocate as a result of the condemnation. A relocation clause may outline the obligations and rights of both parties in such circumstances, including details on moving expenses, alternate property options, or temporary housing assistance. 3. Severance Damages Clause: When only a portion of a property is condemned, leaving the rest intact, a severance damages clause may come into play. This clause provides compensation to the property owner for the decrease in the value of the remaining parcel due to the condemnation. 4. Timeframe Clause: This type of clause establishes clear timelines and deadlines for the government or authorized body to initiate and complete the condemnation proceedings. It may include keywords like "reasonable time," "notice period," or "anticipated timeline" to ensure a smooth and efficient process. It is important to consult legal professionals or real estate experts familiar with Kings New York laws to fully understand the implications of the specific condemnation clause and its variations in any property contract.
