Lease Work Outs in the Age of Covid*

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Lease Work Outs in the Age of Covid*

Real Property Law Section

Credit(s):

1 Participatory MCLE Credits

Course Number:

RP_06-01-21

Original Program Date:

June 1, 2021

Duration:

56 minutes

Access:

Available for 3 months after Registration

Passport:

This product is Passport Eligible

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Category: Real Property Law

Category: Real Property Law (show less)

In the aftermath of social distancing measures and “shelter-in-place” orders enacted to mitigate the significant impacts of the COVID-19 pandemic, commercial landlords and tenants are facing a number of critical, unprecedented issues both in the short-term as well as the foreseeable future. How should parties address the myriad of changes many tenants are facing, including business closure, workforce reduction and/or revenue losses affecting its ability to operate, pay rent and repair its leased space? How should a landlord respond to a tenant’s request for rent or other relief, taking into account the landlord’s own responsibilities to pay maintenance costs, real estate taxes and debt service on the property? Holding workout discussions will require both sides to assess a variety circumstances and issues, many of which are in a state of flux due to the uncertainty of the ongoing COVID-19 pandemic. After more than a year from the start of the COVID-19 pandemic, we are seeing many industries start to re-open, especially with vaccination rates on the rise. As things continue to open up (with California, for example, set to fully reopen by June 15), it is a good time to engage in workout discussions to understand the path forward. This is uncharted territory, so active, open communication will be crucial to finding creative solutions. This webinar provides some guidance for commercial landlords and tenants on how to navigate the business impacts of the COVID-19 pandemic and work together on practical solutions.

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