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Banks that provide financing for commercial tenants and the real estate landlords for those same tenants both want additional security in the tenant’s personal property located at the premises. The interests of the landlord and the lender are in conflict. The landlord is looking to secure the tenant’s rental obligations by taking a lien against the tenant’s fixtures, inventory and equipment located in the space. These items may be particularly valuable in the case of certain retail, restaurant or industrial tenants. At the same time, the tenant’s lender, providing tenant improvement and/or working capital financing, desires a security interest in the same property.
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The NY Court of Appeals Provides Important Guidance for Lease Surrender Agreements
By Bruce H. Lederman
At a time when the COVID-19 crisis is causing an unprecedented number of lease defaults, a recent NY Court of Appeals decision provides both guidance and warnings to attorneys asked to negotiate and litigate leasehold surrender agreements.
Extra-Judicial Evictions of Commercial Tenants During COVID-19
By Adam Leitman Bailey and John M. Desiderio
This article addresses and updates the law on the self-help remedy that enables commercial landlords to regain possession of leased premises from tenants in material breach of one or more lease covenants.
2020 Provides Roadmap for Success in 2021
By Erika B. Morphy
If commercial real estate is going to have a successful 2021, it will require the ability to seek out unexpected advantages.
‘Frustration’ and ‘Impossibility’: Viable Defenses Amid the Pandemic?
By Warren A. Estis and Alexander Lycoyannis
As the COVID-19 pandemic and its accompanying economic fallout continue to unfold, commercial tenants have increasingly come to rely on the common law doctrines of impossibility of performance and frustration of purpose as defenses to the nonpayment of rent.
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