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Commercial Lease Options and Rights

Gain and understanding of purchase, right of refusal, first offer, expansion and contraction clauses.

Options and leasing - more often than not, these are negotiated (sometimes fiercely) at the letter of intent or drafting stage, but once the lease is signed, they are often forgotten. The future impact of granting and receiving option rights are often overlooked or not understood, many times leading to serious legal issues for both landlords, tenants and lenders. This topic is intended to provide real estate professionals with an overview of some of the most common (and some unusual) options found in commercial leases. The content will discuss what options are, how to preserve them and delve into legal issues often overlooked in transactions such as subleasing, assignments and lending transactions. You will learn about the types of options available (and those that will not work), how to preserve option rights and what legal issues could be impacted down the road. This is essential information for any real estate professionals who work with commercial leases.

Runtime: 91 minutes
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Why Lorman?

Over 32 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

Overview

  • Leasehold Rights Overview
  • Types of Options and Interplay With Leasehold Rights
  • Lender Issues and Enforcement Issues With Subsequent Owners

Common Options

  • Right(s) of First Refusal vs. Right(s) of First Offer vs. Right(s) of First Negotiation: Make Sure You Know the Difference and That Your Lease Is Clear
  • Expansion/Contraction Rights
  • Relocation Rights
  • Co-Tenancy Clauses and Tenant Termination Options

Unexpected Consequences

  • Sublease and Assignment Issues
  • Tenant Improvements
  • Broker Commissions
  • Guaranties and Other Forms of Credit Enhancement
  • Recapture Rights
  • Restoration Obligations

When Bad Things Happen to Good Options

  • Damage and Destruction
  • Condemnation
  • Money Held in Operating Account

Conclusion

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Why Lorman?

Over 32 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 Webinar

This course was last revised on June 19, 2017.

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

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

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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Why Lorman?

Over 32 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

Glenn Fuller

Glenn Fuller

Raines Feldman LLP

  • Partner and business lawyer with Raines Feldman LLP
  • Practice centers on a wide array of matters including real estate acquisitions, financing, and leasing of a variety of commercial urban and regional development
  • Substantial experience in the negotiation and preparation of sophisticated partnership agreements
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • 2010-2017 Southern California Super Lawyers
  • J.D. degree, Loyola Law School; B.A. degree, University of California
  • Can be contacted at 310-730-4370 or [email protected]
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Why Lorman?

Over 32 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: 399666
Published 2017
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