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On Dec. 18, 2019, the SEC proposed amendments to the definition of “accredited investor” in Rule 501(a) of Regulation D under the Securities Act of 1933 (1933 Act). See, Amending the “Accredited Investor” Definition, SEC Release 33-10734 (Dec. 18, 2019) (proposing release). The definition of “accredited investor” uses income and net worth thresholds to identify natural persons as accredited investors. The bright line standard also identifies entities with the financial sophistication and ability to bear the risk to participate in certain securities offerings including Regulation D based on their statutes alone.
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COVID-19 Related Governmental Shut Down Order Triggers Force Majeure Provision In Restaurant Leases
By Marisa L. Byram
As we all expected, cases are being brought and decided on the issue of whether the COVID-19 pandemic and related governmental shut down orders trigger force majeure clauses in commercial leases and operate to excuse the performance of commercial tenants. While force majeure clauses vary widely, a recent decision from an Illinois Bankruptcy Court may provide guidance to help resolve disputes without resorting to the courts.
NYC Law Providing Relief for Commercial Tenants Faces Constitutional Scrutiny
By Ian Steinberg
New York City Mayor Bill de Blasio delivered another striking blow to property owners when he signed into law N.Y.C. Council Int. No. 1932-A (2020) on May 26, 2020. The new legislation prohibits landlords from enforcing personal guaranties on certain commercial leases for defaults occurring between March 7, 2020 and Sept. 30, 2020.
New York’s Commercial Lease Defenses to Paying Rent
By Adam Leitman Bailey and Dov Treiman
Not including what may have been negotiated in a commercial lease, there are three traditional theories under which commercial tenants could seek to assert entitlement to forgiveness of their rent: frustration of purpose, impossibility of performance, and force majeure.
Commercial Real Estate Market Lags Behind Residential Rebound
By Phillip Bantz
National Association of Realtors Survey Shows Most Commercial Tenants Struggling to Pay Rent
While the residential real estate market is experiencing what appears to be a swift rebound from the coronavirus-induced slump, the commercial landscape still looks relatively bleak.
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