Tenant's Real Estate Taxes Not Capped Like CAM Costs
Facts: A tenant rented space in a shopping center to run its bakery. It executed a letter of intent (LOI) with the center’s owner and signed a lease. The LOI set forth terms, including terms pertaining to CAM cost increases and taxes, which were later incorporated into the lease. Six months after the lease was signed, the owner sold the shopping center to a new owner and assigned to it the tenants’ leases.