Feature
March 29, 2024
Ramifications could extend beyond New York.
Drafting Tips
March 29, 2024
Allowing tenants to sublease the property they lease from you to third-party subtenants over whom you have no direct control carries a degree of risk. Since you don’t have a direct contract with the subtenant, you may be dependent on the tenant to enforce the terms of the sublease and have no...
Plugging Loopholes
March 29, 2024
Percentage rent leases commonly permit tenants to deduct or exclude certain kinds of transactions that don’t generate a profit for the tenant from the gross sales on which percentage rent is due. Typical examples include revenues from gift wrapping, deliveries, repairs to items purchased from...
Owner Wins
March 29, 2024
What Happened: An office tenant didn’t exercise its renewal option on a lease that expired in April 2022. However, the tenant continued to pay, and the landlord continued to accept rent after the expiration date. A few months later, when the tenant ran into problems that interfered with his...
Owner Wins
March 29, 2024
What Happened: A tenant leased the ground-floor store in a building for use as “a first-class convenience shop doing business as ‘AM PM Market’.” Just over a year into the 10-year lease, the landlord’s property manager discovered that a company called Bing Bong was in...
Owner Loses
March 29, 2024
What Happened: A tenant assigned its lease for commercial office space in Texas to its corporate sibling. The landlord and new tenant then amended the terms of the original lease. After evicting the new tenant for nonpayment of rent, the landlord sued the old tenant for the new tenant’s...
Feature
February 27, 2024
Here’s how to motivate tenants to sign estoppel certificates promptly.
Drafting Tips
February 27, 2024
But set clear limitations.
Commercial leases typically require tenants to refrain from creating nuisances that interfere with other tenants’ use and enjoyment of their property. The problem is that “nuisance” is often in the eye of the beholder. While they might not...
Owner Wins
February 27, 2024
What Happened: Wracked by COVID-19 financial struggles, a restaurant filed for Chapter 11 bankruptcy while continuing to operate its restaurant in Chicago’s prestigious Magnificent Mile District as a debtor-in-possession with hopes of assuming the lease after being discharged. But having...
Owner Wins
February 27, 2024
What Happened: After receiving a notice to file claim from a contractor who didn’t get paid for fire prevention work performed on a Boston Market restaurant, the landlord notified the tenant leasing the property that it was in default of the lease and gave it 30 days to cure. The tenant...