demolition clause

demolition clause

A clause that allows landlords to cancel a lease in the event they decide to demolish the building.

References in periodicals archive ?
The building is neither landmarked nor part of a historic district, and the retail tenant has a demolition clause in its lease.
The lease includes one, five-year renewal option and a demolition clause that may be exercised with six-months' notice.
All leases contain demolition clauses, posing a prime development opportunity.
Approximately 55 percent of the leasable area operates on a month-to-month basis and/or operates on leases with demolition clauses.
Currently, the parcel is occupied by month-to-month or short term tenants leasing either yard or billboard space, all leases have demolition clauses, and there is an annual income of $1.
Eastern Consolidated senior director Azita Aghravi with financial services director Gary Meese are promoting the sate of the pair of buildings, currently occupied by four retail tenants that have demolition clauses stipulated in their leases,
The latter are on leases which expire in 2014 and 2015 and both have demolition clauses.
The property at 112-14 West 31st Street, currently occupied by a five-story commercial building with retail stores--all possessing demolition clauses in their respective leases--is located on the south side of West 31st Street between 6th and 7th Avenues.
Approximately 55% of the leasable area operates on a month-to-month basis and/or operates on leases with demolition clauses.
Demolition clauses offer landlords the ability to reclaim the leasehold upon reasonable notice, which is typically six months, in order to engage in the substantial renovation or demolition of a building.