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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.
By Peter E. Fisch and Mitchell L. Berg
The purpose behind rent reset clauses is simple — to capture any change in the fair market value (and fair market rental value) of the leased property. However, the application of rent reset clauses in practice is anything but simple, and the consequences of such clauses can be significant.
By Jeffrey B. Steiner and Scott A Weinberg
Federal programs have made insurance more readily accessible to protect real property in the event of a flood or an act of terrorism. These programs enable flood and terrorism insurance to be widely available at realistic price points by ensuring that the amount of the premiums payable for such insurance remain at a level that a borrower can afford, which in turn preserves the underwritten economics of the loan transaction.
By Steven M. Silverberg
A landowner challenged local zoning that banned holding a three-day music festival, arguing that the law was an unconstitutional violation of free speech and void for vagueness.
By Carmen Contreras-Martinez
Because bankruptcy can add significant expenses and increase the time it takes to remove a delinquent tenant, landlords should not allow tenants to fall far behind on rental payments. Here are some tips on how to address the issues raised by a bankrupt tenant.