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What's in a Name? All 'Ground Leases' Are Not the Same
The term “ground lease” may be used in connection with shopping center development in two ways. In some deals, the developer of the shopping center leases the shopping center land from its owner and develops the shopping center on the leased land, building store buildings and leasing space to the actual users (a “development ground lease”). In other cases, the shopping center developer owns the shopping center land and leases an unimproved portion of the shopping center (usually a “pad” or out-parcel) to a tenant who will build its own building on the leased land and operate a business there, such as a fast food restaurant, drug store or bank (a “retail ground lease”).
While both are commonly referred to as a “ground lease,” there are some big differences. If counsel for a shopping center developer who owns fee title to the shopping center land and is going to “ground lease” an out-parcel to a bank uses a form that is a “development ground lease,” the expectations of the client will be thwarted. Just as significantly, if counsel for a tenant who is ground leasing a small pad in a shopping center is familiar only with a “development ground lease,” the tenant will have greatly exaggerated expectations about what the shopping center landlord will agree to in a retail ground lease. The purpose of this article is to look at these two types of ground leases ' development ground leases and retail ground leases ' and see how key issues differ between the two. The article assumes some familiarity on the part of the reader with respect to ground leases in general.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.