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 Guam Condemnation Clause, also known as the Guam Eminent Domain Clause, is a legal provision that is commonly included in contracts or agreements for real estate transactions in Guam. This clause specifically addresses the issue of government taking or acquiring private property for public use, also known as eminent domain. The Guam Condemnation Clause is designed to protect the rights of property owners by ensuring that they are adequately compensated in the event that their property is condemned by the government for public purposes such as the construction of roads, schools, parks, or other public facilities. There are several types of Guam Condemnation Clauses that can be included in contracts, each serving a specific purpose and providing different rights and protections for property owners. Here are some of the common types: 1. Compensation Clause: This clause states that in the event of condemnation, the property owner will be entitled to just compensation for the fair market value of the property taken. It ensures that property owners receive a fair financial settlement for their property. 2. Notice Clause: This clause requires the government or condemning authority to provide the property owner with written notice of the intent to acquire the property through eminent domain. The notice should include details about the purpose of acquisition and the procedures involved. 3. Relocation Clause: This clause addresses the issue of relocation expenses. It stipulates that if the property owner is forced to relocate due to condemnation, the government is responsible for providing financial assistance and covering the cost of moving to a comparable replacement property. 4. Diminution of Value Clause: This clause protects the property owner by ensuring that if only a portion of their property is condemned, they are entitled to compensation for any decrease in the value of the remaining property as a result of the condemnation. 5. Timeframe Clause: This clause establishes a timeline within which the government must complete the condemnation process. It ensures that property owners are not kept in a state of uncertainty and provides them with a timeframe for negotiating compensation or challenging the government's actions. In conclusion, the Guam Condemnation Clause is a crucial provision in real estate contracts that protects property owners in Guam in the event of government taking through eminent domain. By including specific types of clauses within the contract, property owners can ensure their rights are protected and that they receive just compensation and proper relocation assistance if their property is condemned.
