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The COVID-19 pandemic’s immediate effect on commercial leasing was obvious. Businesses, compelled by executive orders to reduce in-person operations or even to cease operation altogether, looked for relief from their rental obligations. Commercial landlords, who were subject to a state-ordered eviction moratoriums but no corresponding state-ordered mortgage forbearance, faced the prospect of losing the income they needed to support ongoing expenses such as mortgage payments, taxes, insurance, and maintenance costs. Landlords, tenants, and insurance companies are still negotiating and litigating over how that financial impact should be apportioned.
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Commercial Bankruptcy Filings On the Rise Due to Economic Turbulence
By Erich N. Durlacher
With the recent economic turbulence and pessimism, prudent lenders should be bracing themselves for the coming storm by adopting a five-point “CAPER” strategy: Communicate, Analyze, Preserve, Execute, and Resolve.
Specific Performance Clause May Not Be Enforced In Sale-Leasebacks
By Peter E. Fisch and Salvatore Gogliormella
Specific performance is an important remedy in real estate transactions, however, it is disfavored by the courts and under certain circumstances (particularly in the case of sale-leasebacks), a specific performance clause, even if properly drafted, may not be enforced by the courts.
Bankruptcy Court Opens Door for Tenants to Assume Leases After a Pre-Bankruptcy Eviction Warrant
By Paul A. Rubin and Hanh V. Huynh
A recent decision in a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Southern District of New York highlights the significant impact that a 2019 amendment to the New York Real Property and Procedures Law will have on future disputes in bankruptcy cases where the tenant files for bankruptcy after the issuance of a warrant of eviction but before its execution.
The Real Estate Leasing Lawyer’s Role In an M&A Deal With a Reps & Warranties Policy
By Aaron L. Pawlitz
This article provides an overview of the most commonly-accepted purposes of an RWI policy and an overview of the RWI policy underwriting process.
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