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Negotiating Commercial Lease Terms That Challenge Property Management

Understand property management issues in drafting and negotiating lease terms.

In commercial lease negotiations, lease terms are often divided by the legal terms that are relegated for the lawyers and the business and practical lease terms that are ideally negotiated and agreed upon before the lease reaches the lawyer's desk. However, the business terms of the lease often have legal consequences impacting the attorney and practical consequences impacting the management of the property. A multi-disciplinary review of the business terms of the lease by the legal team and property management team should be made so that the language of the lease comports with the intent of the parties, which in turn allows for the property to be effectively and efficiently managed. This topic will review those commercial lease terms that have legal, business and management ramifications and will provide suggestions on how to approach those terms from a practical and day-to-day property management point of view.

Runtime: 93 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Important Lease Clauses

Services Provided by Landlord

  • Base-Line Standard
  • Delineation of Maintenance Responsibilities
  • Utilities
  • Addressing Specific Services for Specific Tenants

Operating Expenses

  • Cash vs. Accrual Accounting
  • Base Years, Caps, Controllable Expenses and Quasi Triple Net
  • CAM Carve-Outs and Exceptions
  • Taxes-Type, Appeal Costs and Refunds
  • Pass Thru of Capital Expenditures
  • Issues With Tenant's Pro Rata Share and Gross-up Clauses
  • Audit Rights

Initial Buildout

  • Workletter Terms
    • Construction Standards
    • Construction Management
  • Buildout Financing Structure
  • Turnkey Terms and Risks
  • Premises Delivery and Delays

Use

  • Co-Tenant Exclusives
  • CC&Rs
  • Common Areas Necessary for Tenant's Use
  • Access/Parking/Afterhours Use/Security

Landlord's Lender's Rights/Leasehold Financing

Insurance

  • Casualty Terms
  • Builder's Risk Terms

Expansion and Contraction Rights

  • Rights of Other Tenants
  • Computation of New Rent Amount

Rights of Other Tenants

Duty to Restore at End of Term

Practical Issues of Casualty Clauses

Specific Issues by Property Type

  • Office
  • Retail
  • Industrial
  • Mixed Use
  • Single Tenant
  • Ground Lease
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on November 30, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Larry N. Woodard

Larry N. Woodard

Honigman LLP

  • Partner of real estate practice group of the Chicago office of Honigman LLP
  • Practice emphasis in all areas of real estate law, including commercial real estate transactions, real estate development, joint ventures, real estate-based lending, loan workouts, foreclosures, construction law and mechanics liens
  • Represents Fortune 500 companies, developers, regional and national banks, institutional investors, special servicers, higher education institutions, units of local government, REITs, contractors, landlords, tenants, receivers and real estate brokers
  • Noted speaker and writer on a variety of real estate topics
  • Completing acquisition, economic incentives, leasing and complete redevelopment of 1.6 million square food corporate headquarters
  • Recently completed one of the largest investments of Chinese capital in the country
  • Publishing a treatise on reciprocal easement agreements and vertical subdivisions
  • Adjunct professor of law, The John Marshall Law School
  • Member of the International Council of Shopping Centers and the American, Illinois State and Chicago Bar Associations
  • J.D. degree, LL.M. and B.S. degrees in real estate, University of Illinois and The John Marshall Law School
  • Can be contacted at 312-701-9331 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401029
Published 2017
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