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 New York Condemnation Clause refers to a provision commonly included in real estate contracts and leases in the state of New York. This legal clause addresses the potential scenario where the government exercises its power of eminent domain and takes possession of the property for public use. The purpose of the clause is to establish the rights and responsibilities of the parties involved in such a situation. In the event of condemnation, the New York Condemnation Clause typically grants the landlord or property owner certain rights and remedies. These rights may include the right to receive just compensation for the property taken, the reimbursement of relocation expenses if applicable, and the ability to terminate the lease or contract. There are different types of New York Condemnation Clauses, depending on the specific circumstances and parties involved. Some common variations include: 1. Tenant Protection Clause: This type of condemnation clause provides additional rights and protections to tenants who may be displaced due to eminent domain. It may specify that the tenant is entitled to advanced notice of any condemnation proceedings and the option to terminate the lease without penalty. 2. Buyout Clause: A buyout condemnation clause allows the government or condemning authority to purchase the property directly from the landlord or property owner instead of initiating eminent domain proceedings. The terms and conditions for the buyout, including the purchase price and other relevant details, would be outlined in this type of clause. 3. Compensation Clause: This particular condemnation clause focuses on ensuring that the landlord or property owner receives fair and just compensation in the event of condemnation. It may specify the valuation methods used to determine the compensation amount, such as fair market value or replacement value, and provide procedures for negotiation or arbitration if a dispute arises. 4. Termination Clause: The termination clause within a New York Condemnation Clause permits the landlord or tenant to terminate the lease or contract if a significant portion of the premises is taken by eminent domain. This clause outlines the process of termination and the obligations of the parties once the lease or contract is effectively terminated. It is crucial to consult with legal professionals and experts in New York real estate law to draft and interpret the New York Condemnation Clause effectively. As eminent domain laws and regulations can vary and evolve, staying informed and ensuring the inclusion of relevant provisions is essential for protecting the rights and interests of all parties involved.
