But set clear limits.
Prospective tenants who aren’t fully financed might be reluctant to sign a lease unless and until they know they’ll be able to secure an operating loan. If they can’t get the loan they need, they’ll want the right to terminate the...
Don’t get boxed in by implied use restrictions.
Just about every lease includes a provision specifying the methods landlords and tenants must use to provide notice to each other. Deviations from notice requirements are a common source of litigation, especially when notice is required to exercise a purchase, renewal, or other lease option. We...
What Happened: Eighteen months after signing a five-year lease, a rug store went into liquidation, stopped paying rent, and abandoned the premises. The landlord then divided the space into two separate units, leasing one to another rug store and the other to a bath floor décor shop.
What Happened: A tenant leased property on a pair of shopping center outlots to operate restaurants. The ground lease required the tenant to pay a pro-rata share of the CAM costs the landlord incurred to keep the common areas in good repair. The landlord sold the property to a new owner who...