Do financial losses that a landlord, tenant, or other business incurs as a result of COVID-19 and the resulting government shutdowns count as a “direct physical loss” covered by business interruption insurance?
By enabling tenants to surrender part of their space, contraction options can keep tenants viable, out of bankruptcy, and in their leases. This may be the perfect antidote to the staff reductions, stay-at-home orders, and uncertainty over future space needs created by the pandemic.
ADOPT SEVEN KEY PROTECTIONS IN YOUR LEASES FROM NOW ON.
As businesses reopen, landlords and tenants should be thoroughly preparing for the next public health crisis. One key question both sides will have to address in their future leases: To what, if any, kind of rent...
While each lease is different, COVID-19 generally doesn’t excuse tenants’ duty to pay rent. But, in times of pandemic, having the lease on your side may not count for much. The simple fact is that for many landlords, strict enforcement of lease rent obligations is not a realistic...
We’ll look at three coronavirus scenarios and the lease clauses you can use to address them.
The coronavirus has taken the world by surprise. And that includes commercial landlords and tenants. But there’s a big difference between lack of warning and lack of...
Giving tenants construction allowances to make improvements to the property exposes you to legal risks. If the tenant doesn’t pay its contractors, they may try to collect the debt from you, which can include placing a mechanic’s lien on the property. True, most leases expressly ban...
In many states, tenants who are in default of their lease can avoid immediate eviction by getting a court to issue an order granting them a temporary reprieve to cure the problem. These orders, called “Yellowstone Injunctions” in New York, are supposed to be a last resort measure...
