You may be negotiating a lease with a restaurant tenant that wants to be the only restaurant at your center to “specialize” in a certain type of cuisine'such as seafood. And it may demand that you agree in the lease not to rent space to any other tenant that specializes in that...
A retail tenant may ask you to let it use its space to sell certain merchandise and “accessories.” But by doing so, you may unwittingly let the tenant sell many more items than you intend. That's because the word “accessories” is so vague. It can mean almost any type...
If a strong retail tenant has either a performance kickout right or a reduced rent right, promptly audit the tenant's gross sales records if it tells you that it will exercise its right, advises Dallas attorney T. Andrew Dow. With a performance kickout right, the tenant can terminate its...
Identify all of the documents comprising the lease in any estoppel certificate you give to a tenant to sign, advises Arnold J. Kohn, general counsel of The Tower Companies. As an alternative, attach a copy of the lease and all of those documents to the estoppel certificate as an exhibit, he says...
If an existing tenant has an exclusive use right, don't agree to a broad use clause in a new tenant's lease (unless the existing tenant's exclusive specifically makes an exception for the new tenant's use), warns Denver attorney Neil B. Oberfeld. Otherwise, the new tenant could...
If you are engaging a real estate attorney for a new deal, don't spend time and money disclosing the deal's details to the attorney before you are sure that no conflict of interest exists that could prevent him from fairly representing your interests, says real estate expert Kevin M....
