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Trouble in Lease Land
Usually, the best thing that can happen to a lease after it is signed is for the parties to put the lease into a drawer (or, nowadays, scan it into the computer) and never look at it again until the term is about to end. Unfortunately, too often in recent times, when the lease is pulled out of the drawer, it is because either the tenant or the shopping center is in financial trouble.
In these situations, both the retail landlord and the retail tenant benefit from working together to identify the underlying problem and to pursue solutions that will keep the tenant in the premises and the landlord getting rent. The solutions often include modifications to terms of the original lease. Both sides need to understand the available alternatives and subsequent consequences of the lease workout.
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