Commercial Lease Negotiations
A commercial lease is one of the most critical agreements affecting you or your business. Lease payments typically account for the greatest percentage of a business’ expenses, after payroll and insurance, and the consequences in the event of breach are often severe. Lease obligations afford the business owner fewer options in the event of business reversals, and often entangle the business and its owner in guarantees that can have a lasting financial impact. We have years of experience negotiating and closing real estate deals, writing commercial leases, drafting mortgages, and addressing landlord-tenant issues in and out of court. Who you use to negotiate your leases, terminations or extensions makes a big difference. We leverage our experiences as we have represented both sides of the landlord/tenant equation to ensure favorable and secured outcomes for our clients.
- Landlord-Tenant Law
- Commercial Real Estate Transactions
Can I purchase real property from someone or an entity in a pending bankruptcy case?
A person in bankruptcy can sell property. However, the buyer must proceed with caution as the transaction must be authorized by the Bankruptcy Court Whenever you want to purchase property from an individual or company that is in a pending bankruptcy case, consult an experienced bankruptcy attorney.
I am a tenant to a five-year commercial lease agreement with right of first refusal on option to purchase. My landlord wants to sell the property to a third party without providing me with the right of first refusal. Can I sue my landlord?
Parties to a contract must comply with the terms of the agreement. Whenever a party to a contract refuses to comply with the terms, they have breached the agreement and there are remedies available to the non-breaching party.
I am a tenant to a five-year commercial lease, can I vacate the property prior to the expiration of the lease term?
A tenant who vacates premises prior to the expiration of the lease term may be subject to a lawsuit and deficiency judgment for the remaining lease term. In order to determine the consequences of an early lease termination an experienced attorney must be consulted to review the terms of the agreement. Notwithstanding the lease agreement, the parties may negotiate a release of the lease.
In a foreclosure, how can I get a lender to consent to a waiver of deficiency?
Lenders determine on a case by case basis whether to waive any deficiency after a foreclosure. The benefit to a borrower to having a waiver of deficiency from the lender is the borrower is no longer obligated on the balance remaining on the debt after a foreclosure sale.
What is cash for keys and am I entitled to receive cash for keys in a foreclosure matter if I consent to a final judgment?
A lender will on a case by case basis give a borrower/homeowner whose property is being foreclosed on cash for the homeowner to consent to a foreclosure judgment and to vacate the property without destroying the property. This allows the lender to submit a consent final judgment to the court without the need to go to trial. A borrower/homeowner, prior to agreeing to a consent final judgment, should meet with an experienced attorney to determine what defenses they have available to them.