Learn how to identify the issues that will help you evaluate, navigate, and memorialize lease termination transactions and minimize the risk.
When either a landlord or tenant approaches you, as either its outside or in-house attorney, to represent it in connection with the termination of a lease, there are a number of legal and business issues you should evaluate and consider to allow you to both assess the parties’ respective rights, obligations and determine how best to memorialize their agreements, to the benefit of the party you are representing. The facts of why a lease termination is being sought is generally at the forefront of any initial analysis, whether it is for convenience, is the implementation of lease rights, is due to one party’s need that the other party cannot fulfill or represents a workout, short of court proceedings. Lease terminations are most commonly sought by a tenant who can no longer utilize its leased premises, for a number of reasons.
Conversely, there are instances in which landlord requires a space for the expansion of a larger tenant or some other strategic reason, including extensive remodeling or demolition of the building (or to get rid of a problem tenant). These motivating factors will be discussed, as will the issues that arise from each of them. Although terminating a lease does not involve the negotiation of a document as long and complex as the lease itself, it can present its own complexities and issues that require careful consideration and attention (some of which are not that obvious and may require protracted negotiations). What I intend to convey in my presentation is how to identify the issues that will help you evaluate, navigate and memorialize these transactions and minimize the risk to your clients or companies. Like all transactions, there are pitfalls and unintended consequences that should be analyzed, so that what seems to be a fairly simple transaction does not end up having any unforeseen effect on your client (which could have been dealt with or at least conveyed as an issue to your client before execution and implementation). This will also minimize the risk of your client later asking you why you didn’t consider or warn it about an issue that later arises.
Learning Objectives
- You will be able to review lease termination rights and conditions.
- You will be able to discuss mutual agreements for termination based on convenience, tenant issues, or other reasons.
- You will be able to recognize potential joint and several liabilities for both parties involved in lease termination.
- You will be able to explain additional termination considerations.
Agenda
Introduction
Speakers
Stephen E. Friedberg,
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.- More than 40 years of experience in the practice of commercial real estate law, both nationally and locally
- Depth of experience provides him with the ability to provide solutions to complex problems his clients encounter in their transactions
- Focuses on sale/leaseback structuring and implementation; ground lease structuring and negotiation from both landlord and tenant perspectives; development construction and leasing of data centers, distribution centers, high-rise residential buildings and shopping centers; sales, acquisitions and financings of commercial properties; retail, office and industrial property leasing; structuring and utilization of public, private partnership transactions in the development or improvement of real estate properties; and financial restructurings for developers and other property owners
- Co-head of the firm’s interdisciplinary sale/leaseback practice, including both single and large scale sale/leaseback transactions and has worked on transactions as large as 600 properties
- Leads the firm’s ground lease practice, having worked on creating and implementing ground lease programs for a number of institutional and private company clients, as well as drafting and negotiating ground leases for both landlords and tenants, across multiple classes of properties
- Extensive experience in the shopping center industry, having served as in-house counsel to a major shopping center developer in the acquisition, sales, development, and leasing of numerous shopping center properties
- Has particular expertise in the interdisciplinary practice area defined by the intersection of real estate and communications law, which includes the acquisition, disposition, development, financing and leasing of data centers, switch facilities, colocation facilities, radio and television broadcast antennas, distributed and in-building antenna systems, rooftop antennas, and wiring of buildings for broadband communications access
- Has lectured on various issues concerning sale/leasebacks, ground and office leasing, data centers, and a number of topics regarding shopping center financing, development, and leasing
- J.D. degree, Case Western Reserve University; B.A. degree, Michigan State University
Who Should Attend
This live webinar is designed for attorneys, presidents, vice presidents, real estate professionals, owners, property managers, landlords, developers, lenders, collection professionals, and accountants.
