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.
Virginia Condemnation Clause
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US-OL11015A
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FAQ
Condemnation includes a resolution of public need, an offer to purchase, and, if a negotiated purchase is not possible, then a condemnation suit. The government may take the property at the time of suit if it deposits money with the court in the amount of the government's appraisal.
Unfit for Human Occupancy Condemnation may also be used if there is no water, electricity or gas active in the dwelling. Hot water is necessary for proper sanitation of the home. Water is also necessary to flush commodes. Heat is necessary in the winter.
What Constitutes Destruction of Property in Virginia? Virginia Code § 18.2-137 makes it a crime to damage any personal or real property that is not one's own property without the intent to steal it. The damage to the property does not need to be serious for this offense to be committed.
Condemnation proceedings may be instituted when: the locality and owner cannot agree on the compensation to be paid or other terms of purchase or settlement; the owner is legally incapacitated; either the owner or his whereabouts is unknown; or. the owner is unable to convey valid title to the property.
The locality may require the owner or occupant of the property so obstructing or encroaching to remove the property and, pending such removal, may charge the owner of the property so obstructing or encroaching compensation for the use of such portion of the street, highway, road, alley, bridge, viaduct, subway, ...
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.
§ 25.1-204. Effort to purchase required; prerequisite to effort to purchase or filing certificate. A. A condemnor shall not institute proceedings to condemn property until a bona fide but ineffectual effort to purchase from the owner the property sought to be condemned has been made.
In Virginia, state law allows the landowner to elect a jury or commissioners to determine the amount of compensation to be paid to the owner who loses his or her property through condemnation.