The importance of drafting CC&Rs in mixed-use projects cannot be overstated. CC&Rs create complex contractual rights and obligations and property rights and obligations that impact the owners' ability to use, sell, and finance the property.
A significant component of CC&Rs is creating easements that impact daily business operations and other users of the property subject to the document. Properly drafted easements will address critical business issues such as access, construction, shared parking, signage, and maintenance.
Counsel must avoid pitfalls and conflicts to minimize owner disputes and operational problems when drafting or amending CC&Rs. Using boilerplate language is ineffective at best and, at worst, is a risky means of dealing with the specific needs and demands of a developer or business owner.
Listen as our authoritative panel provides practitioners with a clear understanding of how to draft effective CC&Rs for mixed-use projects, avoid common pitfalls, and amend existing documents.
Water leaks can significantly impact NOI at seniors housing properties: Toilets are the number one cause of water waste in seniors housing properties, Flood claims are the primary and most costly insurance claims among multi-unit properties.
The increased transition to work-from-home has led to renewed renegotiations of office leases. Companies large and small face concerns as to obligations under their commercial leases. There are several potential solutions for both landlords and tenants.
Some businesses may consider whether office sharing or hoteling is the solution to reducing their footprint in office space. Still, co-tenants have to consider an agreement that addresses the ownership of assets and repairs of the leased property.
The parties must determine whether a proper contractual resolution is possible. Tenants positioned for a true resurgence may want to look at abatements or deferrals. Tenants subject to a true contraction may consider subleasing or assigning portions of the space or term of the lease to a new tenant.
Outside of contract, there are common law solutions if either party identifies grounds to pursue (or defend) a claim regarding the doctrines of impossibility, impracticality of purpose, or frustration of purpose.
Finally, the stakeholders must consider the context of the overarching situation when attempting negotiations. What is the current occupancy level of an office development and how will that impact negotiations? What is the financial condition of the tenant? Is bankruptcy more or less a certainty such that a deferral is simply moving a few months down the calendar?
Tenants negotiating new leases should consider language that will address rent relief if and when there is another pandemic or other health emergency that results in closures or reduced business hours or restricted occupancies.
Listen as our expert panel discusses the possibilities to negotiate and resolve lease issues landlords and tenants face in light of the current economic trends and addresses the contractual, common law, and contextual issues that come into play when trying to meet each parties' needs.
Real Estate has historically been a very stable and largely predictable sector that has benefited from the extraordinary economic growth that has taken place globally. However, this is about to change as the way we live, shop and work is evolving, new economies are emerging and new technologies are disrupting the status quo. We have proven concepts underpinning our decision-making when dealing with issues such as how we evaluate our assets and how we decide where to allocate our capital, but these are often siloed and take a long time to refine. We are having to make decisions in shorter timescales taking more and more variables into account in order to stay relevant and ahead of our competitors.