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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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Sui Generis: Negotiate Like You Mean It
By Lydia Pilch
As further follow-up regarding tracking of the lifecycle of a commercial lease, Part Two of this series addresses various negotiation events, strategies, desired outcomes and potentially low key disasters.
New York’s Guaranty Law Continues to Divide Opinion
By Matthew J. Schenker and Joshua Kopelowitz
This article discusses the recent developments surrounding the constitutionality of New York's Guaranty Law. In particular, we address the Southern District’s view that the statute is unconstitutional and the splintered view of the statute’s constitutionality expressed by New York State courts.
Don’t Get Caught Holding a Conditional Loan Approval at Closing
By Matthew Kramer
With rising interest rates and more stringent lending standards for both residential and commercial properties, security deposit disputes caused by buyers’ inability to satisfy pre-closing purchase-financing conditions are also increasing.
New York’s Seldom Used Expedited Money Judgment Mechanism: CPLR 3213
By Massimo F. D’Angelo and Gregory Wong
In New York state and local court cases, there is a seldom-used procedural mechanism for obtaining an expedited money judgment against a guarantor. This article provides an overview of CPLR 3213 motions, an update on the resolution of the split that previously existed between the New York State Supreme Court, Appellate Division, First and Second Departments, and practical guidance for transactional counsel drafting commercial leases and guaranties.
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