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A rent-ready credit is a legal provision commonly included in a multifamily real estate purchase agreement that allows a buyer to recover turnover costs at closing. The credit is used to cover the costs needed to make vacant...more
After serving a 30-day notice to terminate a commercial lease and filing an unlawful detainer case, a landlord continued to bill a tenant for rent and common area maintenance (CAM) fees, and unconditionally accepted rent...more
On September 30, 2024, Governor Newsom signed into law Senate Bill 1103, an unprecedented legislative measure affecting non-residential landlords’ transactions with a broadly defined class of “qualified commercial tenants.”...more
When commercial landlords negotiate leases with prospective tenants, they understandably focus on key commercial terms, such as rental rate and renewal options. While that focus is justified, landlords should never overlook...more
Exercising break clauses in commercial leases can often prove to be a legal minefield for any tenant (and, in some cases, a landlord) seeking to do so. Strict adherence to any conditions and notice requirements for the...more
Markets change. Situations change. Plans change. And in the face of change, tenants are often faced with future lease obligations that no longer suit their business plans. They need (or at least want) to change the deal with...more
Recently, in On Point Window Treatment, Inc. v. 208 Clinton Place, LLC, 2024 N.Y. Slip Op. 50241 (N.Y. Sup. Ct. 2024), the Kings County Supreme Court held that even when paired with an insurance procurement requirement, a...more
As the new year approaches, entrepreneurs across Virginia are gearing up to take their ventures to the next level and turn plans into reality. For many, the first crucial step in this journey involves securing a commercial...more
The King’s speech announced a new Leasehold and Freehold Reform Bill ‘to reform the housing market by making it cheaper and easier for leaseholders to purchase their freehold and tackling the exploitation of millions of...more
If you’re venturing into the world of commercial real estate, whether as a tenant or a landlord, there’s a plethora of terms you’ll come across. Among these is the seemingly simple idea of the “Lease Commencement Date.” While...more
A bill adding to the list of prohibited provisions in rental agreements recently became law in Colorado. Although the state already had rules in place for what can appear in rental agreements, HB 23-1095 adds prohibitions...more
Idaho’s Supreme Court recently issued a new opinion discussing the requirements to form a valid lease agreement. Unfortunately, the case raises as many questions as it answers....more
On March 30, 2022, the New York State Supreme Court, New York County (the “Court”) decided in Times Square JV LLC v. Walber Broadway LLC that a ground lease-tenant that is in default under the ground lease for failure to pay...more
What is the allocation of responsibility for damage and defects after the expiry of a tenancy - The dispute in So Hon Ming Francis v Cheung Lau Shau Chun and Another ([2021] HKDC 1494, DCCJ 367/2019, 29 November 2021)...more
In S. Franses Limited v The Cavendish Hotel (London) Limited [2021] the High Court had to determine a number of issues including, importantly, what rent would be payable by the tenant under the terms of its renewal leases of...more
Lately, each day has brought more signs that pandemic restrictions are being loosened and the opportunity for a “return to normal” is growing. But for commercial real estate landlords and tenants, will there be a new normal?...more
The lingerie brand Victoria’s Secret (“VS”) has struggled in recent years. VS’ overtly sexy aesthetic has failed to keep up with shifting consumer tastes towards comfort and gender and size inclusivity....more
On April 1, 2020, an exemption from the landlord's termination right comes into force, which protects tenants against the loss of their apartment or commercial space in the event of late payment of the rent. However, this...more
Much has been written about commercial real estate in a post-Covid world. As real estate users consider how Covid will change their space needs, they should also consider what provisions will serve them in future...more
Trends in Real Estate Litigation - Commercial Landlords and Tenants Take Their COVID-Related Lease Disputes to Court - The slow-burning standoffs between commercial landlords and tenants in the COVID-19 pandemic are...more
Most commercial leases require the tenant to pay its rent quarterly, and invariably include a provision allowing the landlord to forfeit if that rent has been unpaid for a period of time, e.g. 7, 14 or 21 days. Outside of...more
New York courts are resuming some operations, but eviction proceedings, including for violations of commercial leases, are still suspended. However, those contracts — and the obligations they created — still exist. ...more
I have heard from two clients with variations on what I suspect may be the next type of request professional apartment management receives from residents during this time of the Coronavirus: a request to terminate a lease...more
Tenants and landlords should consider whether certain provisions such as force majeure, frustration of purpose, and/or impracticability of performance can protect them under current leases—and whether to include such...more
Delivery and Rent Commencement - As companies struggle to adjust to the quickly changing business landscape during the novel coronavirus pandemic, those office tenants that continue letter of intent (LOI) and lease...more