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You’re familiar with the boilerplate provisions, often under “Miscellaneous” at the end of a lease. Despite their B-side placement within the lease, these clauses can contain key lease terms. From integration and force...more
Earlier this year, Money and Dirt covered a then recent case, West Pueblo Partners, LLC v. Stone Brewing Co., LLC, which was one of the first California cases dealing with the aftermath of the Covid-19 pandemic and the legal...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
The increase in loan and lease defaults in the wake of COVID-19 has brought to the forefront numerous legal defenses by borrowers and tenants, such as force majeure, impossibility, and frustration of purpose. Force majeure...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
During this age of pandemic, lease modifications are going to be abundant. The silver lining to that necessity is that like renewals or assignments, they offer an opportunity to review the lease provisions and correct any...more
As discussed in our last update, the legal landscape continues rapidly to evolve in response to COVID-19. Six recent decisions, summarized below, highlight the continuing uncertainty as to the application of certain laws and...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
We are currently at the forefront of an economic downturn driven by conditions that none of us have experienced in our lifetimes. Unlike the “great recession” of 2008-2012 which was triggered by a systemic financial collapse,...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
In these unprecedented times where the businesses of many tenants are affected by the COVID-19 virus, landlords may be approached for rent relief. This short checklist is a reminder of some of the issues to be addressed when...more
How Does the Pandemic Alter Your Lease Obligations? Given the current circumstances arising from the COVID-19 pandemic and associated government-ordered closures, landlords and tenants both must analyze how their leases and...more
As COVID-19 continues to imperil the health of Americans, many state and local leaders have ordered businesses to close or to reduce services. In Rhode Island, for example, Governor Raimondo ordered restaurants to cease...more
As state and local governments issue orders restricting business operations due to the COVID-19 outbreak, commercial landlords and tenants have many questions about the effects of these government restrictions on their...more
Government mandates aside, tenants to a lease governed by Pennsylvania law may face an “uphill battle” to invoke force majeure protections — used to allocate risk that is considered beyond a party’s control — whether or not...more
We Americans face unprecedented and unparalleled times as we attempt to heed the warnings and follow the directives of the Centers for Disease Control and Prevention and the World Health Organization. These warnings and...more
Parties to commercial contracts that may be affected by COVID-19 are now examining their force majeure provisions, as well as all other risk allocation provisions, to determine which party bears the cost of delay or...more
This Alert is part one in a series of articles intended to examine the effect of the novel coronavirus (COVID-19) outbreak in the United States and its effect on commercial real estate assets whose tenant occupants are...more
Are you a commercial tenant? Has the coronavirus pandemic prompted you to consider temporarily closing your physical location? Does your lease have a “continuous operations” provision?...more
The coronavirus is causing a true Friday the 13th nightmare for many in the retail industry today. On March 12, 2020, the country began ardently practicing social distancing and self-quarantining to a degree never seen...more