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In the Spotlight: The Impact of Landlord Bankruptcies on Commercial Tenants
The current “Great Recession” has created massive amounts of work (and billable hours) for bankruptcy attorneys. Retailer bankruptcies and store closings (Circuit City, Linens n' Things, et. al.) have resulted in historically high vacancy rates at strip centers and malls, and the worst may be yet to come. Landlords of retail centers anchored by “big box” tenants are especially likely to suffer increases in empty space, resulting deterioration of cash flow, and difficulty in making debt service payments on their mortgages.
Adding to a bad situation is the fact that a large number of commercial landlords refinanced ' and took equity out of ' their properties during 2005-2007 in the midst of the bubble of high valuations. Many of those borrowers signed five-year mortgage notes for which balloon payments become due in years 2010'2012. In the worsening capital environment those landlords will simply not be able to refinance, especially given severely depressed values and their lack of access to additional equity. The result is a glut of “distressed assets” and “maturity defaults.”
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The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
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Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
When Is a Repair Structural or Nonstructural Under a Commercial Lease?
A common question that commercial landlords and tenants face is which of them is responsible for a repair to the subject premises. These disputes often center on whether the repair is "structural" or "nonstructural."