T buys microwave and drills it inter cabinetry- T has probably added a fixture to property (It would damage the property to remove it) L’s Where T removes a fixture, he commits voluntary waste (even if T installed the fixture himself) (T should negotiate ahead The private agreement on the matter is binding parties’ of time that is not to be considered a fixture) “following installation If a chattel has been specially cast to fit the property or if been affixed to the it’s property, then the presumption is that it is a fixture. Exception- in the law of trade fixtures; “not fixtures” Special rule for commercial property: Commercial tend to T’s change the property a lot, so they can drill into the walls, add fixtures, etc. These fixtures will be considered as ‘trade fixtures,’ long as T returns the property in the same manner it was when T took the property. Condemnation of leased land of land government must pay just compensation (fair market value) “Taking” – Market value- what a willing buyer would pay a willing seller for the property Partial taking/condemnation Hypo: L rents out Blackacre to T and condemns part of it to build a gov’t library. T should have an abatement (lowering) of his rent to the amount he lost due to the condemnation. compensation- L reduces rent. T’s T’s compensation- pays L L’s gov’t Complete taking/condemnation compensation- absolved from obligation to pay rent T’s T can claim if T is paying less than the market rate and “bonus” can collect the discount from market for the rest of the rental period Not very common compensation- pays L L’s gov’t Well-drafted leases (especially long-term commercial leases) contain agreements for division of condemnation awards. Restrictive covenants (covenants running w/ interests in land) Servitude- a right to do something on someone land w/o a possessory else’s interest A servitude burdens one estate and benefits another estate. Restrictive covenants and easements are both servitudes Restrictive covenant- a promise to do something w/ your own property that not runs to somebody else A covenant is a promise that implicates a property interest. Personal covenant- does not run w/ the land (runs w/ people)
T buys microwave and drills it inter cabinetry- T has probably added a fixture to L’s property (It would damage the property to remove it) Where T removes a fixture, he commits voluntary waste (even if T installed the fixture himself) The parties’ private agreement on the matter is binding (T should negotiate ahead of time that “following installation is not to be considered a fixture) If a chattel has been specially cast to fit the property or if it’s been affixed to the property, then the presumption is that it is a fixture. Exception- trade fixtures; “not in the law of fixtures” Special rule for commercial property: Commercial T’s tend to change the property a lot, so they can drill into the walls, add fixtures, etc. These fixtures will be considered ‘trade fixtures,’ as long as T returns the property in the same manner it was when T took the property. Condemnation of leased land “Taking” of land – government must pay just compensation (fair market value) Market value- what a willing buyer would pay a willing seller for the property Partial taking/condemnation Hypo: L rents out Blackacre to T and gov’t condemns part of it to build a library. T should have an abatement (lowering) of his rent to the amount he lost due to the condemnation. T’s compensation- L reduces T’s rent. L’s compensation- gov’t pays L Complete taking/condemnation T’s compensation- absolved from obligation to pay rent T can claim “bonus” if T is paying less than the market rate and can collect the discount from market for the rest of the rental period Not very common L’s compensation- gov’t pays L Well-drafted leases (especially long-term commercial leases) contain agreements for division of condemnation awards. Restrictive covenants (covenants running w/ interests in land) Servitude- a right to do something on someone else’s land w/o a possessory interest A servitude burdens one estate and benefits another estate. Restrictive covenants and easements are both servitudes Restrictive covenant- a promise not to do something w/ your own property that runs to somebody else A covenant is a promise that implicates a property interest. Personal covenant- does not run w/ the land (runs w/ people)
Property_Shepard.docx