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.
New Jersey Condemnation Clause
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US-OL11015A
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FAQ
Condemnation, also called eminent domain or a ?taking,? is the right of a government or its agent to take private property for public use, with payment of compensation. In a condemnation action, the government takes both physical possession and legal title to the property.
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 ...
Eminent domain refers to the power of the government to take private property and convert it into public use, referred to as a taking. The Fifth Amendment provides that the government may only exercise this power if they provide just compensation to the property owners.
The Eminent Domain Trial Anyone with an interest in the property and the agency will have the opportunity to present evidence of value, and the jury will determine the property's fair market value. In cases where the parties choose not to have a jury, the judge will decide the property's fair market value.
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.
Eminent domain in New Jersey follows the quick-take process. If the municipality and the property owner do not agree on the value of the property, the municipality files a declaration of taking in Superior Court and deposits what it considers to be fair market value with the court.
You can negotiate with the government. Typically, after the government agency has given the initial offer, you can try to negotiate a higher amount directly with the government official. However, once a complaint has been filed and a lawsuit has commenced, the informal negotiation period has ended.
1936). The United States exercising power of eminent domain can acquire property in two ways: the government can enter into physical possession of property without authority of a court order; or. the government can institute condemnation proceedings.