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 Phoenix Arizona Condemnation Clause is a legal provision that is included in many real estate contracts and lease agreements in the region. This clause addresses the potential risk of the government or other entities exercising their power of eminent domain to acquire private property for public use. In essence, a condemnation clause protects both parties involved in the contract by outlining the procedures and compensations in the event of a property condemnation. When the government decides to condemn a property, typically for the construction of public infrastructure like roads, bridges, or schools, the property owner faces the risk of losing their property rights. Under the Phoenix Arizona Condemnation Clause, the property owner usually holds the right to be compensated fairly for the taking of their property. The clause ensures that the property owner will receive just compensation, even if it is determined that the government has the authority to condemn the property. It may also stipulate that the government is responsible for the cost of any related litigation, relocation, or other expenses incurred due to the condemnation. There are different types of Phoenix Arizona Condemnation Clauses that can be tailored to specific situations. Some common variations include: 1. Total Taking Clause: This clause specifies the compensation and procedures in cases where the property is entirely taken by the government. 2. Partial Taking Clause: This clause addresses the circumstances where only a portion of the property is condemned, leaving the property owner with the remainder. It outlines the valuation and compensation for the portion taken. 3. Temporary Taking Clause: This clause deals with situations where the government temporarily restricts the owner's use of the property without actually acquiring it. It defines the rights, terms, and compensations during the temporary taking period. 4. Constructive or Inverse Condemnation Clause: This clause provides protections to the property owner when the government's actions result in the devaluation or deprivation of the property without an official condemnation. It allows the property owner to seek compensation or remedies for the loss suffered. Including a Phoenix Arizona Condemnation Clause in real estate contracts or lease agreements is crucial for property owners to safeguard their rights and ensure fair compensation in the event of a governmental condemnation.The Phoenix Arizona Condemnation Clause is a legal provision that is included in many real estate contracts and lease agreements in the region. This clause addresses the potential risk of the government or other entities exercising their power of eminent domain to acquire private property for public use. In essence, a condemnation clause protects both parties involved in the contract by outlining the procedures and compensations in the event of a property condemnation. When the government decides to condemn a property, typically for the construction of public infrastructure like roads, bridges, or schools, the property owner faces the risk of losing their property rights. Under the Phoenix Arizona Condemnation Clause, the property owner usually holds the right to be compensated fairly for the taking of their property. The clause ensures that the property owner will receive just compensation, even if it is determined that the government has the authority to condemn the property. It may also stipulate that the government is responsible for the cost of any related litigation, relocation, or other expenses incurred due to the condemnation. There are different types of Phoenix Arizona Condemnation Clauses that can be tailored to specific situations. Some common variations include: 1. Total Taking Clause: This clause specifies the compensation and procedures in cases where the property is entirely taken by the government. 2. Partial Taking Clause: This clause addresses the circumstances where only a portion of the property is condemned, leaving the property owner with the remainder. It outlines the valuation and compensation for the portion taken. 3. Temporary Taking Clause: This clause deals with situations where the government temporarily restricts the owner's use of the property without actually acquiring it. It defines the rights, terms, and compensations during the temporary taking period. 4. Constructive or Inverse Condemnation Clause: This clause provides protections to the property owner when the government's actions result in the devaluation or deprivation of the property without an official condemnation. It allows the property owner to seek compensation or remedies for the loss suffered. Including a Phoenix Arizona Condemnation Clause in real estate contracts or lease agreements is crucial for property owners to safeguard their rights and ensure fair compensation in the event of a governmental condemnation.
