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A young attorney once asked me a question about a lease she was reviewing where the building was condominiumized. Before I responded, I had one question for her: “Did you review the condominium documents?” She looked at me with a blank look. That was not a good answer. I explained that the condominium “declaration” and the by-laws, floor plans and rules and regulations attached to it (all referred to, many times, in the lease as the “condominium documents”) should be a starting point for any lease review where a condominium “unit” or “units” comprise all, or part of the premises leased by a tenant. To obtain a copy of the condominium documents an attorney can request them from the landlord who owns the unit or, as is the case in New York City, the documents may be found online if you know the block and lot number of the building. Reviewing the condominium documents may provide information about the actual unit you are leasing that you cannot glean from a review of only the lease itself. That means that, no matter how carefully you reviewed the lease, if you don’t read the condominium documents you could be missing critical information relating to the unit and the building that is available only by reviewing the condominium documents.
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By Howard B. Epstein and Theodore A. Keyes
Many businesses have sought to recover their pandemic losses under commercial property insurance policies, only to be denied coverage. A significant number of policyholders have filed lawsuits challenging these disclaimers, primarily in state courts. But to the dismay of the insureds, a growing majority of high state courts have sided with the insurers in these disputes.
Navigating the Intersections of Commercial Real Estate and Eminent Domain Actions
By Ellen Smith and Elizabeth Story
For real estate attorneys, knowing how to navigate around eminent domain actions in the midst of various transactions and operations is critical to best position clients for the future condemnation conundrum.
A Prepackaged Bankruptcy Could Be the Answer to a Mortgage Default
By Timothy Little, Scott Vetri, Julie Lee and Peter Siddiqui
This article discusses the value of prepackaged bankruptcy as an alternative route for addressing commercial mortgage defaults in high tax jurisdictions.
NJ Supreme Court: Commercial Property Owners Have a Duty to Maintain Abutting Sidewalks
By Colleen Murphy
In a 4-3 decision on June 13, the New Jersey Supreme Court reversed an Appellate Division opinion in a slip-and-fall case, concluding that all commercial landowners have a duty to maintain public sidewalks and are liable to pedestrians who are injured as a result of their negligent failure to do so.