§ 25.1-421. Buildings, structures and other improvements on real property.
A. To the greatest extent practicable, where an interest in real property isacquired by a state agency, the state agency shall acquire an equal interestin all buildings, structures, or other improvements located upon the realproperty so acquired and that are required to be removed from such realproperty so acquired and that are determined to be adversely affected by theuse to which such real property will be put.
B. For the purpose of determining the just compensation to be paid for anybuilding, structure or other improvement required to be acquired as providedin subsection A, such building, structure or other improvement shall bedeemed to be a part of the real property to be acquired, notwithstanding theright or obligation of a tenant, as against the owner of any other interestin the real property, to remove such building, structure or improvement atthe expiration of his term. In such event, the tenant shall be paid an amountequal to the greater of (i) the fair market value that such building,structure or improvement contributes to the fair market value of the realproperty to be acquired or (ii) the fair market value of such building,structure or improvement to be removed from the real property.
C. Payment for such building, structures or improvements as set forth insubsections A and B shall not result in duplication of any payments otherwiseauthorized by other laws of the Commonwealth. No such payment shall be madeunless the owner of the land involved disclaims all interest in theimprovements of the tenant. In consideration for any such payment, the tenantshall assign, transfer and release all his right, title and interest in andto such improvements. Nothing with regard to such acquisition of buildings,structures or other improvements shall be construed to deprive the tenant ofany rights to reject payment under this section and to obtain payment forsuch property interests in accordance with other laws of the Commonwealth.
D. The provisions of this section create no rights or liabilities and shallnot affect the validity of any property acquisitions by purchase orcondemnation.
(1972, c. 738, §§ 25-235.1, 25-252; 2003, c. 940.)
§ 25.1-421. Buildings, structures and other improvements on real property.
A. To the greatest extent practicable, where an interest in real property isacquired by a state agency, the state agency shall acquire an equal interestin all buildings, structures, or other improvements located upon the realproperty so acquired and that are required to be removed from such realproperty so acquired and that are determined to be adversely affected by theuse to which such real property will be put.
B. For the purpose of determining the just compensation to be paid for anybuilding, structure or other improvement required to be acquired as providedin subsection A, such building, structure or other improvement shall bedeemed to be a part of the real property to be acquired, notwithstanding theright or obligation of a tenant, as against the owner of any other interestin the real property, to remove such building, structure or improvement atthe expiration of his term. In such event, the tenant shall be paid an amountequal to the greater of (i) the fair market value that such building,structure or improvement contributes to the fair market value of the realproperty to be acquired or (ii) the fair market value of such building,structure or improvement to be removed from the real property.
C. Payment for such building, structures or improvements as set forth insubsections A and B shall not result in duplication of any payments otherwiseauthorized by other laws of the Commonwealth. No such payment shall be madeunless the owner of the land involved disclaims all interest in theimprovements of the tenant. In consideration for any such payment, the tenantshall assign, transfer and release all his right, title and interest in andto such improvements. Nothing with regard to such acquisition of buildings,structures or other improvements shall be construed to deprive the tenant ofany rights to reject payment under this section and to obtain payment forsuch property interests in accordance with other laws of the Commonwealth.
D. The provisions of this section create no rights or liabilities and shallnot affect the validity of any property acquisitions by purchase orcondemnation.
(1972, c. 738, §§ 25-235.1, 25-252; 2003, c. 940.)
§ 25.1-421. Buildings, structures and other improvements on real property.
A. To the greatest extent practicable, where an interest in real property isacquired by a state agency, the state agency shall acquire an equal interestin all buildings, structures, or other improvements located upon the realproperty so acquired and that are required to be removed from such realproperty so acquired and that are determined to be adversely affected by theuse to which such real property will be put.
B. For the purpose of determining the just compensation to be paid for anybuilding, structure or other improvement required to be acquired as providedin subsection A, such building, structure or other improvement shall bedeemed to be a part of the real property to be acquired, notwithstanding theright or obligation of a tenant, as against the owner of any other interestin the real property, to remove such building, structure or improvement atthe expiration of his term. In such event, the tenant shall be paid an amountequal to the greater of (i) the fair market value that such building,structure or improvement contributes to the fair market value of the realproperty to be acquired or (ii) the fair market value of such building,structure or improvement to be removed from the real property.
C. Payment for such building, structures or improvements as set forth insubsections A and B shall not result in duplication of any payments otherwiseauthorized by other laws of the Commonwealth. No such payment shall be madeunless the owner of the land involved disclaims all interest in theimprovements of the tenant. In consideration for any such payment, the tenantshall assign, transfer and release all his right, title and interest in andto such improvements. Nothing with regard to such acquisition of buildings,structures or other improvements shall be construed to deprive the tenant ofany rights to reject payment under this section and to obtain payment forsuch property interests in accordance with other laws of the Commonwealth.
D. The provisions of this section create no rights or liabilities and shallnot affect the validity of any property acquisitions by purchase orcondemnation.
(1972, c. 738, §§ 25-235.1, 25-252; 2003, c. 940.)
