US Legal Forms
Condemnation Clauses: Contract for Real Property

Condemnation Clauses: Contract for Real Property

Name: Condemnation Clauses: Contract for Real Property
Brand: US Legal Forms
Price: 59.00 USD
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Category:

Contracts - Clauses

State:

Multi-State

Control #:

US-C-CL-710-1

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Instant download

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A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Condemnation Clauses for a Contract for Real Property. Typically, a condemnation clause permits a landlord or a tenant to either terminate the lease or abate the rent in the event of a government "taking" of the leased property. The clause may require notification be made between Seller and Buyer. Condemnation Clauses: Contract for Real Property, also known as "expropriation clauses," are clauses in a real estate contract that provide for financial compensation to the buyer if the property is taken by a government agency. These clauses are used to protect the buyer in the event of a taking of the property through eminent domain. There are two types of condemnation clauses, which are known as “Inverse Condemnation” and “Direct Condemnation”. Inverse Condemnation occurs when the government takes the property without making an offer. In this case, the buyer will be compensated for the fair market value of the property plus any other damages incurred. Direct Condemnation occurs when the government makes an offer to buy the property. In this case, the buyer is entitled to the amount offered by the government plus any additional damages. In either case, the clause is designed to protect the buyer and ensure that they receive appropriate compensation in the event of a taking.

Condemnation Clauses: Contract for Real Property, also known as "expropriation clauses," are clauses in a real estate contract that provide for financial compensation to the buyer if the property is taken by a government agency. These clauses are used to protect the buyer in the event of a taking of the property through eminent domain. There are two types of condemnation clauses, which are known as “Inverse Condemnation” and “Direct Condemnation”. Inverse Condemnation occurs when the government takes the property without making an offer. In this case, the buyer will be compensated for the fair market value of the property plus any other damages incurred. Direct Condemnation occurs when the government makes an offer to buy the property. In this case, the buyer is entitled to the amount offered by the government plus any additional damages. In either case, the clause is designed to protect the buyer and ensure that they receive appropriate compensation in the event of a taking.

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DEFINITION OF A CONDEMNATION CLAUSE. A condemnation clause in a lease provides for the contingency that the leased premises or a part of the leased premises may be taken for a public purpose by an entity with the power of eminent domain before the lease has expired.

In order for a mortgagee to be satisfied with responses to such questions, a condemnation clause will usually provide the mortgagee the right to withhold a release of the mortgage (or condemnation proceeds to the mortgagor) until the mortgagee is satisfied that the remaining property is of sufficient value to secure

Description. Casualty and condemnation provisions in mortgage loan documents typically give the lender some degree of control over the proceeds and how to apply the proceeds toward repair or restoration of improvements.

A condemnation action does not invalidate an existing lease agreement, so you would still have the obligation to fulfill the terms of your lease. For this reason, many tenants may use any compensation they receive to pay off their lease.

A Condemnation clause in a lease determines what happens in the event that the leased premises are taken from the landlord by a governmental agency for public use, either by condemnation or eminent domain.

A condemnation clause provision that would allow the tenant to recover just and adequate compensation for items that would not reduce the landlord's recovery often are included in the lease. These items would include business damage, fixtures and personal property of the tenant and relocation benefits.

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E) The condemnation clause should explicitly state whether the tenant will recover the bonus value. Landlords will want an explicit waiver of bonus value.If the buildings or fixtures are attached to the real estate, they must be treated as real estate in determining the total award. In a total taking, the condemnor takes the whole of a property. In the wake of government orders closing businesses, the oftenoverlooked condemnation clause in real estate leases may be important. In the wake of government orders closing businesses, the oftenoverlooked condemnation clause in real estate leases may be important. Complete condemnation terminates a lease because there is no housing left for a tenant to live in. Condemnation is when a government orders a dwelling, building, or other property to be vacated and kept vacant. Property may be condemned after the construction of a project, as well as prior thereto. The provisions of Chapter 3 of Title 25.

Condemnation Clauses: Contract for Real Property

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What does condemnation mean in a lease?

What is a condemnation clause in a mortgage?

What is the casualty and condemnation clause?

What happens to tenants when a property is condemned in NY?

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