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OnDemand Webinar

Increasing Profits With Lease Audits

If a tenant is overcharged $1 million but does not know about it, does it matter? Tenants, landlords and their respective attorneys and brokers spend considerable time negotiating the operating expense, tax and additional rent provisions of commercial leases. If so much time and effort is expended before the lease commences, why do most tenants find they have been incorrectly charged for these costs? When the parties have negotiated for one result but obtain a different one, tenants will look to the audit rights in their lease, often without understanding how those rights are applied or enforced or whether their lease protects them from the error they perceive to have occurred.

This OnDemand Webinar helps tenants, landlords and their attorneys, and brokers better understand how first to determine whether, and to what extent, the tenant has an ability to audit a landlord's charges, and how the lease, legal precedent or their practice may have impacted those rights. This program will explain the audit process, including expectations of the landlord and tenant parties, impact of lease provisions on the conduct of the audit itself and explores common questions related to liability for repaying overcharges when a building has sold or been transferred. Examples of common issues uncovered in audits, along with practice tips on how to negotiate the best operating expense and property tax provisions - or at least avoid the worst ones - will be included, as will a discussion of factors impacting settlement negotiations. The program will help you understand whether that $1 million "tree" mattered.


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

Audit Rights: Obtaining, Exercising and Protecting Those Rights

  • Negotiating Audit Provisions, Recent Case Law and the Implied Covenant of Good Faith and Fair Dealing
  • When and How to Correctly Exercise Audit Rights
  • Common Errors and Challenges Tenants Face
  • Balancing Landlord Concerns and Sensitivities With Tenant Objectives and Expectations

The Audit Process

  • The Normal Progression of an Audit, Timing, Obstacles, Strategy
  • The Debate Over the Scope and Records Subject to the Audit; Lease Definitions Matter Greatly!
  • Determining Liability for Overcharges: Is the Landlord, the Old Landlord, the Lender or the Special Servicer Exposed?

Common Issues, Resolution and Lessons Learned

  • Examples of the More Common Issues That Result in Overcharges
  • Practice Tips: Negotiating Effective Operating Expense Provisions in the Lease: The Good, Bad and Ugly
  • Settlement Negotiations - Easy or Difficult? The Tenant, the Landlord and the Market All Play a Role
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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 March 1, 2011.

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 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

Marc A. Maiona

Marc A. Maiona

LeaseCalcs, Inc

  • Founder and president of LeaseCalcs, Inc., establishing the firm in 2011 as the first SaaS solution to address and solve the problems resulting from the new lease accounting standards from the FASB and IASB
  • Represented large, sophisticated tenants across a broad spectrum of industries, including firms like Fidelity Investments, State Street Bank, General Dynamics, Chevron, ExxonMobil, Boston Consulting Group, Andrews & Kurth, Cooley and scores of others in order to assist them with the auditing and accounting related to their real estate leases
  • Many articles on the subject of commercial leasing and lease accounting issues have been published in leading industry publications such as Corporate Real Estate Journal
  • Regularly serves as a faculty member for CLE and CPE accredited seminars on the subjects of lease accounting and additional rent provisions in office leases, including the “Negotiating Commercial Leases” program for Practising Law Institute, and similar programs for Lorman and other providers of continuing education, and is frequently called upon as an expert witness in commercial leasing disputes
  • Bachelor’s degree in economics, University of California, Irvine
  • Can be contacted at 949-284-6900 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: 386749
Published 2011
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