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Retail Property Values and Land Use Regulation: Judicial Approaches to Measuring Diminution of Value and Strategies to Redress Loss of Property Value
Part One of this article discussed the <i>Penn Central</i> multifactor takings test. The conclusion addresses the "whole parcel" rule announced in <i>Penn Central</i> as well as the two-part takings test established by <i>Agins v. City of Tiburon</i>, 447 U.S. 255 (1980) and suggests strategies to redress loss of property values due to regulations.
Landlord & Tenant
Recent rulings of interest to you and your practice, with key analysis.
Index
Everything in this issue, in an easy-to-follow format.
Landlord & Tenant
Expert analysis of key cases.
Real Property Law
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
Everything contained in this issue in an easy-to-follow format.
October issue in PDF format
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Using Letters of Credit to Secure Lease Obligations
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
Highlights of the latest commercial leasing cases from around the country.
In the Spotlight: Beware of Real Estate 'Icebergs'
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 ...

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