Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Finding Common Ground In Lease Provisions During COVID-19
The coronavirus has fundamentally altered our lifestyles, working conditions and our consumer-driven economy. It has devastated certain retailers, crippled others and, as a consequence, caused landlords and tenants to re-think (and, in many cases to renegotiate) their short-term and long-term contractual relationships. This article seeks to examine key current issues, and offers practical advice to landlords and tenants seeking common ground to address the ongoing financial toll of the pandemic, and suggests approaches that should be considered when drafting and negotiating lease provisions such as force majeure, early termination rights and co-tenancy obligations.
The Pandemic's Effects
Landlords and tenants are breaking established conventions to try to assure their survival. These efforts focus on the common theme of full or partial abatement of rent payments during periods of mandated closure or to afford relief due to diminished sales performance or a tenant's inability to fully utilize a leased premises. As numerous tenants in retail and office centers seek or require fiscal relief, landlords should be mindful of their loan covenants if the property is financed. Rent deferments, abatements or long term rent restructuring may trigger lender consent requirements or may simply be forbidden under applicable loan documents. Similarly, a careful analysis of loan covenants such as debt service coverage ratios and loan to value requirements should be undertaken to determine whether property that is financed remains in compliance with financing constraints and whether leases will, once modified, qualify if and when refinancing becomes necessary.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Protecting Innovation in the Cyber World from Patent Trolls
With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.