Commercial leasing has been one of the hardest hit sectors by the COVID-19 pandemic. As another month’s rent becomes due, landlords are seeing a massive surge in new requests from tenants for rent relief. But rent concessions require a delicate balance of providing meaningful assistance to the tenant so they can survive short-term financial difficulties, while still allowing the landlord to meet a myriad of its own ongoing obligations. This timely, highly practical presentation addresses negotiating a rent relief agreement in a commercial tenancy, from both the landlord and tenant perspectives. Commercial lawyers Devin Itterman and Alixandra Stoicheff explore key considerations when negotiating rent relief, options for structuring concessions, and practical tips for preserving the landlord and tenant relationship. By the end of the program you’ll better understand general principles relating to defaults in commercial leases, and have new tools, including sample clauses, for negotiating rent relief. Topics include:
Why Force Majeure and frustration may not be the right solutions for commercial lease defaults
The importance of a written rent relief agreement
Key elements of a rent relief arrangement
Adding new or modifying existing lease terms in exchange for rent concessions
Requiring applications for governmental assistance and/or insurance proceeds
With no reliable end in sight to the current crisis, landlords and tenants will need to continue to plan and adjust their actions. Don’t miss this opportunity to get the information you need to confidently advise clients through these important discussions and decisions.
Live webinar with chat includes 60 day replay. This program features real-time audio of the presenter with synchronized presentation slides, and a chat feature that allows for live Q & A.