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“Contracts are like hearts, they’re made to be broken,” says a smirking Michael Keaton, playing Ray Kroc in the movie The Founder. As many tenants discovered during the COVID-19 pandemic, this philosophy is not true of commercial leases. Unless the lease specifically gives the tenant a right to terminate, the tenant cannot simply walk away from its lease without risking substantial liability.
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A Look At What 2022 Has In Store for Commercial Real Estate
By Erik Sherman
Disaster — a seemingly closed economy, crashed supply chains, tight labor availability, and many millions out of work — turned into rising values, some hot sectors, and rising rents and increased stability by 2021. Stepping into 2022 should be a good deal less jarring. And yet, there might be changes and surprises. Here’s what experts see as coming up.
Enforcement of Obligations Imposed In SEQRA Findings Statements
By Stewart E. Sterk
When, at the culmination of environmental review under the State Environmental Quality Review Act (SEQRA), a municipality resolves to require a developer to ameliorate environmental impacts, can anyone other than the municipality itself enforce the requirement?
Making the Office a Destination: The Rise of Hospitality In Law Firms
By Anthony Davies
The law firm office cannot remain unchanged, therefore, as if frozen in time set to some date prior to the onset of pandemic, when all the terms and meaning have all changed. In fact, the office must now provide benefits or an experience the lawyers and staff cannot get at home.
Pros and Cons of Master Leases
By Peter E. Fisch and Salvatore Gogliormella
Section 365 of the Bankruptcy Code grants debtors the ability to assume or reject any executory contract or unexpired lease. Debtors must assume or reject a lease in its entirety and are not free under Section 365 to assume only favorable provisions of a lease. Courts, however, have consistently held that they will not find a multi-property master lease to be a unitary lease merely because such properties are demised in a single document.
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