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 Oregon condemnation clause refers to a provision included in real estate contracts within the state of Oregon to address property condemnation issues. This clause plays a crucial role in protecting the rights of property owners in situations where their property is subjected to government condemnation or eminent domain. The primary purpose of the Oregon condemnation clause is to outline the rights and responsibilities of both the property owner and the governmental authority in the event of a condemnation. It covers various aspects, including compensation, relocation costs, and the process to be followed during the condemnation proceedings. The Oregon condemnation clause ensures that property owners are fairly compensated for the value of their property, as determined by independent appraisals. It establishes the right of property owners to receive just and adequate compensation based on the fair market value of their property, its specific use, and any damages caused by condemnation. There are different types of Oregon condemnation clauses that can be included in contracts, depending on specific requirements and circumstances. These include: 1. Compensation Clause: This type of clause describes the approach to determining the compensation owed to the property owner for the condemned property. It might specify factors such as fair market value, replacement cost, or the value of improvements made on the property. 2. Relocation Clause: This clause addresses the issue of relocation expenses incurred by the property owner as a result of condemnation. It outlines the process for the property owner to receive reimbursement for reasonable moving costs, fees, and related expenses. 3. Public Use Clause: In certain cases, the condemnation clause might emphasize the requirement that the governmental authority's use of the condemned property be for a public purpose. This ensures that the property is not taken for private or personal use. 4. Payment Clause: This clause defines the timeline and procedure for the payment of compensation to the property owner. It can include details about the method of payment, installment options, or interest on the amount owed. It is important for property owners, buyers, and sellers in Oregon to carefully consider the inclusion of an Oregon condemnation clause in their contracts. This clause provides crucial legal protection and ensures that fair compensation is received in the unfortunate event of property condemnation.
