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.
Wisconsin Condemnation Clause
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US-OL11015A
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Liquidated Damages: These types of damages are awarded when there is a provision in a contract which states the amount of damages that shall be awarded in the event of a breach. Liquidated damages cannot be used as punishment to a party or to harm the party for the breach.
In Wisconsin, a house may be condemned if it poses an immediate danger to the health and safety of its occupants or the community. This could include structural issues, contamination, lack of utilities (such as water or electricity), or code violations.
Property becomes unclaimed or abandoned when there isn't owner activity on the account for a period of one to five years (depending upon the type of property) and is reportable to the Department of Revenue (DOR) if the holder of the asset does not make contact with the owner as a result of due diligence.
Condemnation, also called eminent domain or a ?taking,? is the right of a government or its agent to take private property for public use, with payment of compensation. In a condemnation action, the government takes both physical possession and legal title to the property.
Generally, liquidated damages are meant to be compensatory rather than punitive. This is why the amount of compensation that a party is required to pay in a liquidated damages clause should be a genuine estimation of the loss that would result from a breach of contract.
A liquidated damages clause is a means of ensuring that you are compensated if the party you hired fails to do the job. It should include a clause that sets out the specific amount of damages you are to receive if a specific type of breach occurs.
The main difference between a penalty clause and liquidated damages is that the former is intended as a punishment and the latter simply attempts to make amends or rectify a problem.
To be enforceable in Wisconsin, liquidated damages must be reasonable. That is, they must reflect a rational estimate of the owner's likely damages caused by delay. Liquidated damages that are far greater than the owner's actual damages will be deemed unreasonable and unenforceable.