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November issue in PDF format
Landlord & Tenant
A rundown of the latest cases.
Landlord & Tenant
Cases of importance to your practice.
Around the Firms
Attorney movement among major law firms and corporations.
The Leasing Hotline
Highlights of the latest commercial leasing cases from around the country.
'As Is' Deals: What Do the Parties Really Mean?
In today's competitive commercial real estate market, landlords and tenants spend much time and effort to structure lease transactions to add value to their respective portfolios. They each factor into their economic analysis relevant concerns such as rent, construction costs, construction build-out periods, operating expenses and revenue forecasts. An additional factor that should be considered in this process is the cost incurred by both parties to administer the lease obligations during the lease term for ongoing maintenance, repair and replacement items.
Methods for Securing Against Tenant Defaults
Security deposits are an age-old form of security for the performance of the tenant's obligations under a lease. In the simplest of transactions, the tenant deposits a fund with the landlord to be used to protect the landlord against the economic consequences of a tenant's default. The amount of the fund is the product of negotiations and usually involves a multiple of the monthly rent payable under the lease. In more sophisticated commercial transactions with other than the most creditworthy of tenants, the landlord wants the tenant to deposit a substantial sum, perhaps a multiple of the yearly rent payable under the lease, especially if the landlord pays for substantial tenant improvements. <p><i>Part Two of a Two-Part Series</i>
In the Spotlight: Agreement to Agree, Enforceable?
Recently, the Court of Special Appeals of Maryland held that a letter of intent was binding on the parties. <i>Windsor Development, L.L.C. v. Clearcomm Technologies, Inc., No. 999 (Md.App. filed Aug. 5, 2002).</i> The court granted a summary judgment motion enforcing the provisions of the letter of intent relying on the "plain and unambiguous" language.
The Unfriendly California Skies: Avoiding Sales/Use Tax on Aircraft Purchases
Imagine getting slapped with a $100,000 past-due tax bill from the state of California several years after you purchased an aircraft, and you don't even live in that state. Think it can't happen? Better think again, as this type of scenario plays out with increasing frequency as California grapples with perennial budget shortages.
In the Marketplace
Highlights of the latest equipment leasing news from around the country.

MOST POPULAR STORIES

  • The 'Sophisticated Insured' Defense
    A majority of courts consider the <i>contra proferentem</i> doctrine to be a pillar of insurance law. The doctrine requires ambiguous terms in an insurance policy to be construed against the insurer and in favor of coverage for the insured. A prominent rationale behind the doctrine is that insurance policies are usually standard-form contracts drafted entirely by insurers.
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  • Abandoned and Unused Cables: A Hidden Liability Under the 2002 National Electric Code
    In an effort to minimize the release of toxic gasses from cables in the event of fire, the 2002 version of the National Electric Code ("NEC"), promulgated by the National Fire Protection Association, sets forth new guidelines requiring that abandoned cables must be removed from buildings unless they are located in metal raceways or tagged "For Future Use." While the NEC is not, in itself, binding law, most jurisdictions in the United States adopt the NEC by reference in their state or local building and fire codes. Thus, noncompliance with the recent NEC guidelines will likely mean that a building is in violation of a building or fire code. If so, the building owner may also be in breach of agreements with tenants and lenders and may be jeopardizing its fire insurance coverage. Even in jurisdictions where the 2002 NEC has not been adopted, it may be argued that the guidelines represent the standard of reasonable care and could result in tort liability for the landlord if toxic gasses from abandoned cables are emitted in a fire. With these potential liabilities in mind, this article discusses: 1) how to address the abandoned wires and cables currently located within the risers, ceilings and other areas of properties, and 2) additional considerations in the placement and removal of telecommunications cables going forward.
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