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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 commercial leases and the force majeure clauses contained in such leases vary widely, the recent decision from the United States Bankruptcy Court for the Northern District of Illinois in In re Hitz Restaurant Group, 616 B.R. 374, 2020 WL 2924523 (Bankr. N.D. Ill. 2020) may provide guidance to parties and help them to resolve similar disputes without resorting to the courts.
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By Scott R. Lippert and Darcy Baboulis-Gyscek
Only a handful cases have addressed force majeure clauses in commercial real estate agreements in the wake of the pandemic, which has produced conflicting views as to whether performance was excused.
By David Samole
There have been plenty of cases during the pandemic that shape the landlord-commercial tenant dynamic both in Chapter 11 bankruptcies and in workouts.
By Aron Solomon
By moving away from demand for traditional offices and office space, employers will be able to select from a much broader range of talent and a much greater geographical range of places to find and use these employees.
By Erika Morphy
Underwriting clearly has been affected by the pandemic-led downturn. Lenders are using higher vacancies and reserves to underwrite, leading to more conservative loan proceeds.