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.
South Dakota Condemnation Clause
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US-OL11015A
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Generally, if the property in question has not had any activity within a certain period of time, e.g., three years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer's Office 1-866-357-2547 ...
In South Dakota, eminent domain gives the government the power to take your property, even if you don't want to sell.
Overview. 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.
In the simplest terms, condemnation is when a government agency, or a private agency with eminent domain, tries to assert ownership over private property. This means these agencies lay claim to the property, in exchange for ?just compensation?.
Is Condemnation the Same As Eminent Domain? While the two terms are sometimes used interchangeably, there is a subtle difference. Eminent domain grants a government the right to take over a property. condemnation is the actual act of taking it over.
Inverse Condemnation Eminent domain is initiated by the government. By contrast, inverse condemnation is initiated by the property owner when the government exacts a taking without following the eminent domain procedures.
A condemnation action is a lawsuit where a government is exercising eminent domain to procure private property for some public use or benefit.