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Don't Give Rent Relief Without Any Strings Attached
In today's economic slowdown marked by slumping sales, many retail tenants are increasingly asking for rent concessions, and, in an effort to retain tenants, landlords are acquiescing to such requests. There are several different types of rent relief, ranging from an all inclusive “gross” rent, to a temporary reduction in base rent, or converting the economic terms of the lease from fixed rent payments to a “percent in lieu” deal, where the tenant's rental obligation is based on a percentage of gross sales generated at the premises. The duration of the rent reduction (referred to herein as the “Relief Period”) typically lasts only one or two years. All too often, however, rent relief and other incentives designed to keep a tenant in place are given without any strings attached, thereby denying the landlord some flexibility should market forces swing back more favorably in the landlord's direction.
In the current market, landlords have little choice but to give breaks to what may have historically been strong tenants. Chances are that landlords are going to work with their good tenants to get them through these bad times, because a landlord would usually rather have a leased space, even at reduced rent, rather than another empty space. What follows are some concepts and language that, from a landlord's perspective, should be included in all rent relief amendments.
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.
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.
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.
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.
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.