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.
Colorado Condemnation Clause
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US-OL11015A
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FAQ
In Colorado, a house may be condemned if it poses an immediate danger to the health and safety of its occupants or the community. This could include structural issues, contamination, lack of utilities (such as water or electricity), or code violations.
Tenant shall have no claim against the condemning authority, Landlord, or otherwise, for any portion of the amount that may be awarded as damages as a result of such taking or condemnation or for the value of any unexpired term of this lease; provided, however, that Landlord shall not be entitled to any separate award ...
Inverse condemnation claims provide a means of obtaining just compensation for those whose property has been taken by a governmental entity without a proper exercise of the power of eminent domain.
Condemnation Clauses The clause gives the mortgage holder the right to all proceeds to be paid in the condemnation case up to the amount owed on the mortgage. Obviously, the bank can't take more than it is owed. The second type is based upon a calculation related to how much equity you have in your property.
To condemn private property, the condemning authority must follow a specific procedure and pay just compensation to any party with a compensable interest in the property. A ?compensable interest? would be, for example, fee simple title, an easement right on the property, or a lease.
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 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.