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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
Commercial leases are a critical source of income and financial stability for property owners, but the current evolving economic environment presents many risks. One of the primary concerns is when a tenant falls behind on...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
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
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
Briefcase: Quarterly update on key real estate cases including: Pandemic Clause Included in Business Lease Renewal - ..A shopping centre lease renewal decision contains useful guidance on how the court will assess...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
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
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
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
As the COVID-19 pandemic spreads across the globe, so does uncertainty. Landlords and tenants are facing unprecedented impacts on their businesses, and it is no surprise in this environment that both parties are looking to...more
It will not have escaped the attention of anyone in the real estate industry that today is the March quarter day. For many landlords and occupiers, the immediate focus will be on rent payments due today and the media are...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
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
Commercial tenants sometimes bargain for “free rent” periods from landlords as part of the lease negotiation process, and both tenants and landlords may view free rent periods as a “concession” by the landlord in lease...more