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.
Texas Condemnation Clause
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US-OL11015A
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Section 21.0211 - Payment of Ad Valorem Taxes (a) A court may not authorize withdrawal of any money deposited under Section 21.021 unless the petitioner for the money files with the court: (1) a tax certificate issued under Section 31.08, Tax Code, by the tax collector for each taxing unit that imposes ad valorem taxes ...
Section 21.014 - Special Commissioners (a) The judge of a court in which a condemnation petition is filed or to which an eminent domain case is assigned shall, not later than the 30th calendar day after the petition is filed, appoint three disinterested real property owners who reside in the county as special ...
(a) The attorney general shall prepare a written statement that includes a bill of rights for a property owner whose real property may be acquired by a governmental or private entity through the use of the entity's eminent domain authority under Chapter 21, Property Code.
Filing Of The Condemnation Petition A condemnation suit is a lawsuit filed by the condemning entity against the property owner. The condemning entity files a petition with the court. The petition must state that the condemning entity adhered to the property owner's rights when making the initial and final offers.
21.0113. BONA FIDE OFFER REQUIRED. (a) An entity with eminent domain authority that wants to acquire real property for a public use must make a bona fide offer to acquire the property from the property owner voluntarily.
Texas Property Code, Section 21.018, states that a party in a condemnation proceeding may object to the findings of the special commissioners by filing a written statement detailing both specific objections and the ground for these objections.
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.
In Texas, the condemnation process is a two-phase litigation process. The first phase includes the Special Commissioners' Hearing. Three commissioners are appointed by the court to hear evidence and arguments from the parties. The commissioners determine the amount which should compensate the landowner.
