Get Control Over Content in 'Short-Form Lease'
If you own a shopping center or office building and have financial difficulties, you may be dealing with one, or even several, liens filed against the property. A savvy tenant knows that if it doesn’t have priority if you become bankrupt, it could be dramatically affected, up to and including having to move out of its space. That’s why it might demand that you agree to sign a “memorandum of lease” when you sign the lease with it. A memorandum of lease, also known as a “short-form lease,” typically includes only a few of the lease’s provisions.