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Features
Highlights of the latest commercial leasing cases from around the country.
Recent rulings of interest to you and your practice.
Features
In last month's issue, we began an analysis of case law that followed the seminal decision in <i>Christian v. Christian</i>, 42 NY2d 63 (1977), in which the Appellate Division declared that a marital agreement can be set aside if it is 'manifestly unfair,' even if a similar contract between parties in a less 'fiduciary' relationship would be upheld. Part Two provides further guidance on this issue.
A commercial real estate attorney representing a client that needs title insurance in a commercial real estate transaction must consider which endorsements would be best to provide the client with all the necessary title insurance protection. The first part of this series discussed which American Land Title Association endorsements are typical when representing a buyer, tenant, or lender in an acquisition or lease of commercial property. The conclusion addresses Lender Only Endorsements.
In early sale transactions, particularly those involving lifestyle shopping centers, the seller may be faced with the prospect of closing the transaction prior to the date on which each of the tenants' opening co-tenancy conditions have been satisfied. As a result, the project is not generating its maximum level of income, thereby resulting in a lower income stream for the purchaser at closing. To avoid a reduction in the purchase price as a result of such opening co-tenancy rental relief, the seller can make post-closing payments to close this income gap.
Changing a child's surname in the Civil Court should not be a Sisyphusean task, and generally it is not, if the child is not born out of wedlock; then, both parents can simply petition the civil court either through counsel or pro se. The change is made with a judicial stroke of the pen, in just a few weeks. Generally, these types of name changes are relatively simple because they do not affect parental or substantive rights, such as custody and visitation, child support and inheritance.
Features
The broker provision of a lease should acknowledge the broker or brokers entitled to compensation and provide representations that the parties have not worked with any other broker in connection with the lease. Typically, the parties also agree to indemnify each other for violating these representations.
Features
While New York courts have struggled in recent years to apply the principles set forth in <i>McSparron</i> and <i>Grunfeld</i> regarding the merger doctrine with respect to the valuation of professional licenses, the recent Court of Appeals decision in <i>Keane v. Keane</i>, 8 NY3d 115 (2006) may serve to complicate matters even further.
In order to protect against a shopping center becoming less populated with retail department stores or so-called 'anchor' tenants, tenants will request, and frequently obtain, co-tenancy provisions in their lease documents. While theco-tenancy provisions will vary from tenant to tenant, most co-tenancy provisions will at least protect the tenant from 'anchor' stores ceasing to operate (<i>i.e.</i>, 'going dark') and from a certain percentage of 'in-line' tenants being closed for business. However, the co-tenancy provisions are often very vague as to how a landlord will be deemed to have cured a situation where an anchor store has closed for business.
Big law firms are snatching up qualified graduates as quickly as law schools can churn them out. And with those schools graduating about the same number of students each year, some observers say the tightest squeeze is on midsized firms, those with 150 to 350 attorneys that also want a steady, though smaller, supply of associates each year.