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<b><i>In the Spotlight:</i></b> Restaurant Leasing
Restaurant lease agreements represent a highly unique subcategory in commercial leasing. Whether a free-standing bistro, an in-line coffee shop or a fast-food drive-thru on a shopping center outlot, restaurants present characteristics and challenges that merit careful consideration by landlords. Conditions to occupancy, use restrictions and transfer of interests are all topics that are commonly negotiated in these types of leases. This article highlights a variety of lease provisions that are particularly germane to restaurant tenants.
Guaranties and Key-Man Clauses
From a landlord's perspective, the importance of understanding the underlying business identity of a restaurant tenant cannot be overstated. Like many other businesses, restaurants are often operated by limited liability entities that possess few, if any, assets. If the liability under the lease is to lie with a limited liability company or other similar entity, then the landlord should also receive a guaranty of all lease obligations from the parent entity or other affiliate of the tenant, or from a member or principal of the LLC who has been determined to have the requisite assets. Given the economic uncertainty that is common throughout the restaurant industry, a landlord is wise to seek this kind of credit enhancement from the tenant.
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