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Commercial Real Estate Leases: Preparation, Negotiation, and Forms, Sixth Edition

Commercial Real Estate Leases: Preparation, Negotiation, and Forms, Sixth Edition

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Overview

In the fast-changing world of commercial real estate, terms like “fair rental value,” “net lease,”or “duty of good faith”can mean many different things depending on the circumstances of the deal. So, when negotiating and drafting complex leasing agreements, it’s imperative you know what these provisions can mean, have alternate provisions readily available, and know when and how to use them properly Commercial Real Estate Leases: Preparation, Negotiation, and Forms, Sixth Edition can make it easier.

Written by nationally recognized real estate attorney Mark Senn, this highly acclaimed guide:

  • Explains the legal principles behind each lease provision in clear, user-friendly terms.
  • Offers balanced discussion of the practical applications of the law from the landlord, tenant and the lender perspectives (where applicable).
  • Provides specific examples of alternate clauses that address each party’s precise needs.

Logically organized to follow the typical commercial real estate lease, each chapter takes you clause-by-clause through all of the issues you need to understand in order to represent clients effectively in commercial real estate transactions, including:

  • Rent—fixed, market and percentage
  • Operating expenses
  • Options to expand, buy or extend
  • Space measurement—and resulting economics
  • Subordination, non-disturbance and attornment agreements
  • Drafting exclusive provisions
  • Understanding insurance provisions
  • Tax provisions and federal income tax consequences
  • Use issues
  • Condemnation

Previous Edition: Commercial Real Estate Leases: Preparation, Negotiation, and Forms, Fifth Edition, ISBN 9781454805304

Last Updated 12/05/2018
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781454891109
SKU 10045051-7777
Table of Contents

Part I - INTRODUCTION

Chapter 1. DEFINING THE COMMERCIAL LEASE

  • §1.01 Old Law and New Business
  • §1.02 Ownership and Possession
  • §1.03 Is the Lease a Conveyance or a Contract?
  • §1.04 Comparison of Leasing and Secured Lending
  • §1.05 Role of the Lender
  • §1.06 “Business Points” and “Legal Points”
  • §1.07 Taking Tenants from Another Landlord

Chapter 2. ORGANIZATION AND SCOPE

  • §2.01 Overview
  • §2.02 Using and Abusing Forms
  • §2.03 Need for Clarity of Expression
  • §2.04 Scope
  • §2.05 A Balanced Lease
  • §2.06 Letters of Intent
  • §2.07 The Most Favored Tenant Provision
  • §2.08 Green Lease

Part II - THE ESSENTIAL LEASE PROVISIONS

Chapter 3. INTRODUCTORY PROVISIONS

  • §3.01 Presenting Basic Lease Information
  • §3.02 Identifying the Lease
  • §3.03 Date of the Lease
  • §3.04 Tradenames and Service Marks
  • §3.05 Individuals
  • §3.06 Co-Owners and Co-Tenants
  • §3.07 Corporations
  • §3.08 Partnerships
  • §3.09 Agents, Representatives, and Guardians
  • §3.10 Charitable Associations, Campaign Committees, and Government Entities
  • §3.11 Tax-Exempt Organizations
  • §3.12 Tenants with Sovereign Immunity
  • §3.13 Franchisors and Franchisees
  • §3.14 “Anti-Terrorism” Provisions
  • §3.15 “And/or Assigns”
  • §3.16 Grant or Agreement of Lease
  • §3.17 Electronic Signature
  • §3.18 Federal Income Tax Consequences of Obtaining a Lease

Chapter 4. THE PREMISES

  • §4.01 An Approach to the Description of the Premises
  • §4.02 Description of the Single Tenant Building
  • §4.03 Description of the Shopping Center Premises
  • §4.04 Measurement of the Shopping Center Premises
  • §4.05 Appurtenances in a Shopping Center
  • §4.06 Designating Certain Areas
  • §4.07 Preserving Flexibility in Shopping Center Development
  • §4.08 Description of the Office Building Premises
  • §4.09 Introduction to BOMA Measurement (The 2010 Standard)
  • §4.10 Occupant Area, Usable Area, and Rentable Area
  • §4.11 Importance of Measurement
  • §4.12 Store Area in an Office Building
  • §4.13 Appurtenances in an Office Building
  • §4.14 Personal Property
  • §4.15 Storage Space
  • §4.16 Telecommunications Equipment
  • §4.17 Lenders’ Concerns About Premises
  • §4.18 Options—Generally
  • §4.19 Relocation

Chapter 5. THE TERM

  • §5.01 Defining the Term
  • §5.02 Landlord's Failure to Deliver Possession
  • §5.03 Existing Premises
  • §5.04 Completion of Office Premises
  • §5.05 Workletters
  • §5.06Completion and Acceptance of New Shopping Center Premises
  • §5.07 Requiring Completion of Other Parts of the Shopping Center and Occupancy by Other Tenants
  • §5.08 Allowing Early Occupancy
  • §5.09 Implied Warranty of Tenantability
  • §5.10 Lenders' Concerns about Term
  • §5.11 Option to Extend or Renew a Lease
  • §5.12 Notice
  • §5.13 Terms of Renewal (General)
  • §5.14 Terms of Renewal (Rent)
  • §5.15 Option to Terminate Lease
  • §5.16 Early Termination of Lease by Agreement
  • §5.17 Federal Income Tax Consequences of an Agreement to Terminate a Lease
  • §5.18 Federal Income Tax Consequences of a Construction Allowance

Chapter 6. THE RENT

  • §6.01 Base Rent
  • §6.02 Free Rent Arrangements
  • §6.03 Stepped Up Rent
  • §6.04 Cost of Living Adjustments
  • §6.05 Porter's Wage Escalations
  • §6.06 An Approach to Percentage Rent
  • §6.07 Lenders' Concerns about Rent
  • §6.08 Federal Income Tax Consequences at Payment and Receipt of Rent
  • §6.09 Renegotiating the Rent

Chapter 7. OPERATING EXPENSES

  • §7.01 Introduction to Operating Expenses
  • §7.02 Operating Expenses in Office Building Leases
  • §7.03 Preparing and Reviewing an Office Building Operating Expenses Provision
  • §7.04 “Grossing Up” Operating Expenses
  • §7.05 Comparing Several Office Leases
  • §7.06 Operating Expenses in Shopping Centers
  • §7.07 Operating Expenses in Single Tenant Leases
  • §7.08 Audits
  • §7.09 Related Provisions

Part III - ADDITIONAL EXPENSES FOR THE TENANT

Chapter 8. TAXES AND ASSESSMENTS

  • §8.01 Introduction
  • §8.02 Definition of Taxes
  • §8.03 Taxes and the Single Tenant Building
  • §8.04 Net Tax Provision in a Multitenant Development
  • §8.05 Base Amount Tax Provision in a Multitenant Development
  • §8.06 Base Year Tax Provision in a Multitenant Development

Chapter 9. UTILITIES

  • §9.01 Introduction
  • §9.02 Utilities in Single Tenant Building Lease
  • §9.03 Utilities in Shopping Center Lease
  • §9.04 Utilities in Office Building Lease
  • §9.05 Direct Metering, Submetering, and Electric Rent Inclusion
  • §9.06 Deregulation of the Electric Utility Industry

Chapter 10. INSURANCE

  • §10.01 Insurance in Leases: Its Meaning
  • §10.02 Insurance in Leases: Its Difficulty
  • §10.03 Methods of Risk Management
  • §10.04 The Principal Coverages: Property and Liability Insurance
  • §10.05 Property Insurance
  • §10.06 Rent Insurance
  • §10.07 Waiver of Subrogation
  • §10.08 Liability Insurance
  • §10.09 The Hierarchy of Insureds
  • §10.10 Certificates of Insurance and Binders
  • §10.11 The Insurance Company Ratings
  • §10.12 Self-Insurance
  • §10.13 Blanket Insurance, Excess Insurance, and Umbrella Coverage
  • §10.14 An Insurance Provision
  • §10.15 Related Provision

Part IV - CONTROLLING THE TENANT'S CONDUCT

Chapter 11. USE

  • §11.01 Introduction
  • §11.02 The Law
  • §11.03 Use Provisions
  • §11.04 Exclusive Uses
  • §11.05 Covenants and Other Obligations
  • §11.06 Radius Restrictions
  • §11.07 Bankruptcy
  • §11.08 The Covenant of Good Faith and Fair Dealing in Leases
  • §11.09 Related Provisions

Chapter 12. COMPLIANCE WITH LAWS

  • §12.01 General Compliance Provisions
  • §12.02 Right to Contest
  • §12.03 Compliance with Environmental Laws
  • §12.04 Negotiating the Environmental Compliance Provision
  • §12.05 The Americans with Disabilities Act of 1990
  • §12.06 Related Provisions

Chapter 13. ASSIGNMENTS AND SUBLEASES

  • §13.01 An Approach to Assignments and Subleases
  • §13.02 Assignment and Sublease Defined
  • §13.03 Privity
  • §13.04 An Absolute Prohibition
  • §13.05 Requirement of Landlord's Consent
  • §13.06 Requirement of Consent Not to Be Unreasonably Withheld
  • §13.07 Limiting the Tenants' Remedies
  • §13.08 Redefining the Assignment and Sublease
  • §13.09 Imposing Further Conditions to Consent
  • §13.10 Recapture and Profit Sharing
  • §13.11 Relationship of Prohibitions of Assignment and Sublease to Default Provisions
  • §13.12 Preparing a Form of Assignment
  • §13.13 Preparing a Form of Sublease
  • §13.14 Recognition Agreement (For a Sublease)
  • §13.15 Lenders' Concerns about Assignments and Subleases
  • §13.16 Related Provisions

Chapter 14 SIGNS

  • §14.01 Introduction
  • §14.02 Signs in Single Tenant Leases
  • §14.03 Signs in Office Building Leases
  • §14.04 Signs in Shopping Center Leases

Chapter 15. RULES AND REGULATIONS

  • §15.01 Introduction
  • §15.02 Rules and Regulations for Shopping Centers
  • §15.03 Rules and Regulations for Office Buildings

Chapter 16. MERCHANTS' ASSOCIATIONS, PROMOTION FUNDS, AND ADVERTISING FUNDS

  • §16.01 Merchants' Association
  • §16.02 Promotion Funds and Advertising Funds

Part V - GIVING THE TENANT RIGHTS

Chapter 17. LANDLORD'S SERVICES

  • §17.01 Writing and Reviewing the Provision
  • §17.02 Interruption of Services
  • §17.03 Security

Chapter 18. COMMON AREAS

  • §18.01 Introduction
  • §18.02 Common Areas in Office Buildings
  • §18.03 Common Areas in Shopping Centers—Grant

Part VI - PRESERVING THE PREMISES

Chapter 19. REPAIRS AND MAINTENANCE

  • §19.01 Introduction
  • §19.02 Common Law Rules
  • §19.03 Practical Overview
  • §19.04 Repair Provisions
  • §19.05 Related Provisions

Chapter 20. ALTERATIONS

  • §20.01 The Law
  • §20.02 Further Considerations
  • §20.03 Alteration Provisions
  • §20.04 Lenders' Concerns about Alterations
  • §20.05 Related Provisions

Chapter 21. MECHANICS' LIENS

  • §21.01 Introduction
  • §21.02 Mechanics' Lien Provision
  • §21.03 Related Provisions

Chapter 22. SURRENDER

  • §22.01 Early Termination of Lease by Operation of Law
  • §22.02 Redelivery at End of Term
  • §22.03 Fixtures and Other Property
  • §22.04 Lease Terminations as Fraudulent Transfers
  • §22.05 Related Provisions

Chapter 23. DAMAGE AND DESTRUCTION

  • §23.01 Introduction
  • §23.02 Landlord's and Tenant's Concerns
  • §23.03 Does the Damage Affect the Lease?
  • §23.04 Parts of the Lease Affected
  • §23.05 Damage and Destruction
  • §23.06 Lender's Concerns about Damage and Destruction
  • §23.07 Related Provisions

Chapter 24. CONDEMNATION

  • §24.01 Condemnation and Eminent Domain
  • §24.02 Takings
  • §24.03 Condemnation
  • §24.04 Landlord's Restoration of Premises
  • §24.05 Allocation of Condemnation Award
  • §24.06 Lenders' Concerns about Condemnation
  • §24.07 Deceptive Role of Some Mortgages

Part VII - PROTECTING THE LANDLORD

Chapter 25. SUBORDINATION

  • §25.01 Overview
  • §25.02 The Legal Principles
  • §25.03 The Landlord's Interests
  • §25.04 The Lender's Interests
  • §25.05 The Tenant's Interests
  • §25.06 Negotiating the Subordination, Nondisturbance, and Attornment Agreement
  • §25.07 Subleases and a Possible Unity of Interests

Chapter 26. LANDLORD'S ACCESS

  • §26.01 General Access Provisions
  • §26.02 Considerations for Shopping Center Tenants

Chapter 27. INDEMNIFICATION AND WAIVER

  • §27.01 Introduction
  • §27.02 Indemnification
  • §27.03 Waiver
  • §27.04 The Relevant Law
  • §27.05 Related Provisions

Chapter 28. SECURITY FOR TENANT'S PERFORMANCE

  • §28.01 Introduction
  • §28.02Preparing and Reviewing a Basic Security Deposit Provision
  • §28.03 Types of Security Deposits
  • §28.04 Limitations on Tenant's Liability
  • §28.05 Guarantors
  • §28.06 Guaranty of Lease
  • §28.07 Successor's Obligation to Return Security Deposits
  • §28.08 Lender's Other Concerns about Security Deposits
  • §28.09 Federal Income Tax Consequences of Security Deposits

Chapter 29. COVENANT OF QUIET ENJOYMENT

  • §29.01 General Rules
  • §29.02 Limitations of the Covenant
  • §29.03 Inappropriate Uses

Chapter 30. LIMITATION ON TENANT'S RECOURSE: SALE OF THE PREMISES

  • §30.01 Introduction
  • §30.02 Limitation on Tenant's Recourse
  • §30.03 Sale of the Premises

Part VIII - DEFAULT AND ARBITRATION

Chapter 31. DEFAULT

  • §31.01 Landlord's Default
  • §31.02 Tenant's Default
  • §31.03 Special Bankruptcy Provisions
  • §31.04 Duty to Mitigate
  • §31.05 Landlord's Lien
  • §31.06 Contesting Guaranties
  • §31.07 Bankruptcy
  • §31.08 Related Provisions

Chapter 32. ARBITRATION

  • §32.01 Introduction
  • §32.02 The Law of Arbitration
  • §32.03 Scope of the Arbitration
  • §32.04 Commencing the Arbitration
  • §32.05 The Proceedings
  • §32.06 Form of the Award
  • §32.07 Availability of Expertise
  • §32.08 Appropriate Topics for Arbitration
  • §32.09 Inappropriate Topics for Arbitration
  • §32.10 Judicial Review
  • §32.11 Drafting Arbitration Provisions
  • §32.12 Conclusion

Part IX - MISCELLANEOUS PROVISIONS

Chapter 33. MISCELLANEOUS PROVISIONS

  • §33.01 Submission of the Lease
  • §33.02 Brokers
  • §33.03 Recordation
  • §33.04 Leasehold Title Insurance
  • §33.05 Holding Over
  • §33.06 Time of the Essence
  • §33.07 Force Majeure
  • §33.08 No Light, Air, and View Easements
  • §33.09 No Partnership
  • §33.10 No Merger
  • §33.11 Modification and Financing Conditions
  • §33.12 Consents and Approvals
  • §33.13 Estoppel Certificates
  • §33.14 No Waiver
  • §33.15 Joint and Several Liability
  • §33.16 Authority
  • §33.17 Captions,Exhibits, Gender, and Number
  • §33.18 Entire Agreement
  • §33.19 Severability
  • §33.20 No Construction Against Preparer of Lease
  • §33.21 Notices
  • §33.22 Litigation Issues
  • §33.23 Binding Effect

Appendix A: Miscellaneous Forms

  • Office Lease
  • Shopping Center Lease
  • Single Tenant Lease

Table of Cases

List of Forms

Index

 

 

 

 

 

 

 

 

 

 

 

 

 

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