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State and local governments grant tax-exempt status to properties that are used for certain activities, including religious and charitable purposes. Properties owned by government and educational institutions are tax-exempt as well, and these exemptions can extend to lessees of such property under certain circumstances, such as when the property continues to be used for a public purpose and such use is related to the function of the lessor entity.
By Janice G. Inman
In the real estate business, as in many others, the question of just who is contractually responsible when things go wrong is a recurring one, particularly when a closely-held corporation or other business entity is involved.
By Menachem J. Kastner and Ally Hack
The focus of this article is the “early termination provision,” a lease provision that affords landlords the tactical advantage they need. Specifically, this article seeks to: 1) guide the practitioner through the pitfalls of a poorly drafted termination provision; and 2) advise the practitioner how to craft a proper and effective termination provision.
Subtenants Not Entitled to Notice Under Law
Illegal Tenant Activity Negates Insurer’s Responsibility to the Landlord
By Marisa L. Byram and Wheeler Frost
Assignment provisions in a commercial lease often boil down to the following seemingly simple, but more often than not complex, standard: that the lease may only be assigned or the premises subleased with the landlord’s consent, not to be unreasonably withheld. The following examples of case law illustrate how courts have construed this provision under various circumstances.