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In the wake of the global pandemic which caused widespread unforeseen business interruption, “best efforts” clauses in commercial leases have come under scrutiny. While these clauses are often heavily negotiated, they inherently require a degree of interpretation because they speak to the uncertainty of a party’s future performance, which is constrained by variables outside of both parties’ control. For example, a restaurant lease may obligate the tenant to use “commercially reasonable efforts” to increase gross sales if they fall below a threshold, where the landlord is receiving a percentage of those revenues; or the restaurant tenant may be required to use “best efforts” to obtain a liquor license by a date certain as a condition for receiving the benefit of rent forgiveness prior to opening.
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Second Circuit Erects Barriers to Due Process When Challenging Permit Denials
By Stewart E. Sterk
Although the federal constitution protects against deprivation of property without due process, the Second Circuit and federal district courts have erected significant barriers to dues process claims by landowners who challenge municipal permit denials or revocations.
Effective Hybrid Work Polices Need To Have Teeth
By Anthony Davies
What seemed almost a near certainty a year ago — that law firms would fully and permanently embrace work-from-home — is experiencing a seeming reversal. While many firms have, in fact, embraced hybrid operations, the meaning of hybrid has evolved from “office optional,” to an average required 2 days a week, to now many firms coming out with four-day work week mandates — this time, with teeth.
By Erika Morphy
Of all the categories of commercial real estate, net lease is proving to be as resilient as it typically has been during down times. That is not to say that transactions haven’t plummeted in this space — they have — but it does point to the asset class’ ability to pivot, or make a reset when necessary.
Pressing Issues for Landlords and Tenants In the Event of a WeWork Bankruptcy
By Gregory Plotko and Marissa Higgins
This article discusses in substance the most pressing issues for both landlords and tenants in the event of a WeWork bankruptcy filing under the U.S. Bankruptcy Code.
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