In the Spotlight: Be on the Lookout for More 'Icebergs'
November 01, 2005
Landlords frequently run into unexpected problems — which I call "icebergs" — with their tenants, some of which were discussed in last month's Spotlight, <i>ie</i>, hazmat remediation. Here are a few more icebergs to watch out for.
Landlord & Tenant
November 01, 2005
Recent rulings of interest to you and your practice, with key analysis.
Index
November 01, 2005
Everything in this issue, in an easy-to-follow format.
Real Property Law
October 06, 2005
Writ Of Assistance Upheld As to Non-Parties in Foreclosure Action Citibank, N.A. v. Plagakis NYLJ 8/15/05, p. 32, col. 1 AppDiv, Second Dept (memorandum…
Index
October 06, 2005
Everything contained in this issue in an easy-to-follow format.
Using Letters of Credit to Secure Lease Obligations
October 04, 2005
As discussed in Part One last month, a tenant may be able to apply for and have its bank issue to its landlord a letter of credit ("L/C") to secure the tenant's obligations under a long-term lease. From the tenant's perspective, an L/C may be preferable to a large security deposit. An L/C will not necessarily tie up large amounts of the tenant's cash or other liquid collateral, as would a security deposit. Instead, the cash can be deployed as working capital in the tenant's business. Part One discussed six tips for drafting an L/C: 1) <i>Use the ISP (International Standby Practices 1998) instead of the UCP (Uniform Customs and Practice for Documentary Credits)</i>; 2) <i>Keep the Draw Conditions Simple</i>; 3) <i>Avoid Documents Not Within the Landlord's Control</i>; 4) <i>Allow Partial Draws</i>; 5) <i>Avoid Specification of Use of Funds</i>; 6) <i>Provide for Coverage of a Settlement Period After Lease Termination.</i> This conclusion provides six more tips that address issues such as providing coverage of the settlement period after lease termination, shortening the time period to honor the letter and using a transferable L/C. It also discusses matters of concern to the issuing bank.
The Leasing Hotline
October 04, 2005
Highlights of the latest commercial leasing cases from around the country.
In the Spotlight: Beware of Real Estate 'Icebergs'
October 04, 2005
If you own a shopping center, a regional mall or a strip of stores in an office building, you very likely anticipate the more frequent business problems: Tenants don't pay their rent on time or don't pay the rent at all; tenants alter their premises, install signs or assign their leases without your consent; tenants use the wrong parking spaces or the wrong dumpsters. Generally, these common problems are an expected part of owning retail property. Upcoming Spotlight columns will discuss some of these problems. But for now, we address something unanticipated ...
