Include Five Protections in Lease Condemnation Clause
Although just about every lease has one, the condemnation clause is often overlooked. That’s understandable. After all, when landlords and tenants sit down to negotiate a lease, the possibility that the property will be condemned during the lease term is probably the furthest thing from their minds. But every once in a while, it does actually happen. And on those occasions, the parties are usually taken by surprise. Only upon receiving notice of condemnation do they wake up to the massive dollars and business implications involved.