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REAL Dealings with Retail REAs

Learn drafting tips in preparing a REA and the controversies regarding maintenance, operational controls and requirements found in any REA.

With the advent of big box retailers desire to own their parcel and the continuing division of shopping centers into different ownership structures, outlots, and other fee simple divisions, the importance of the reciprocal easement agreement governing the relationship between the shopping center's owners has never been greater. This material will provide drafting tips in preparing a retail reciprocal easement agreement (REA) and will review recent case law and developments on the subject. The topic will review controversies regarding maintenance and operational controls and requirements found in any REA and will particularly discuss issues relating to exclusive and prohibited uses, signage, parking, developer/big box control and other issues specifically affecting REAs that govern retail users. Any party reviewing, preparing or litigating a retail REA will find this material useful and very timely.

Runtime: 94 minutes
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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.

Agenda

Standard REA Provisions

  • Easements
    • Exclusive vs. Nonexclusive
    • Easement Scope Alteration of Use
    • Maintenance and Repair
    • Unity of Title Abandonment
    • Utilities
  • Maintenance and Repair of Common Areas
    • Who Operates?
    • Ownership of Common Areas
    • Maintenance and Repair Responsibilities
  • Alterations and Building Restrictions
    • Architectural Control
    • Zoning Lots
    • Esoteric Construction and Design Elements
  • Covenants and Use Restrictions
    • Exclusive Uses; Prohibited Uses
    • Going Dark; Change of Use
    • Lease Exclusives and Prohibitions

Operational and Practical Issues

  • Parking
  • Costs for Maintenance and Operation
  • Developer Rights
  • Site Plans
    • Congruence With REA
    • Graphic Relief
    • Implied Use Restrictions
    • Ability to Amend
    • Adherence to Site Plan
  • Litigation Issues
    • Enforcement Rights and Remedies
    • Mechanics Liens
    • Forcibly Amending or Dissolving REA
    • Judicial Intervention
    • Tort and Premises Liability
  • Big Box/Anchor Tenant Issues
    • Control of Operator
    • Use Restrictions
    • No Change Provisions
    • Outside Sales Areas
  • Signage
    • Set Pecking Order
    • Signage Restrictions as CC&Rs
    • Separate Parcel
  • Bankruptcy
    • Automatic Default
    • Right to Reject as Executory Contract
    • Section 363 Sale
    • Right Under Section 365(b)(3)

REA Redevelopment Issues

  • Amendments
    • Frozen Site Plans or Covenants
    • Parking Rights
    • Permitted Building Areas
  • Easements and Cross Shopping
  • Use Restrictions
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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 June 29, 2018.

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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Product ID: 404396
Published 2018
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