In the universe of agreements that can protect a tenant’s fundamental right to life, liberty and undisturbed tenancy—at least until the end of the agreed upon term—one of the most important is the SNDA: Subordination, Non-Disturbance and Attornment Agreement. In our scenario, the building has … [Read more...]
The Dirt Dictionary: ‘C’ is for Co-Tenancy
May 24, 2017 by Leave a Comment
With ICSC deal making just behind us, I was looking to write about a complex, heavily negotiated, not freely given by landlords and potentially disastrous in its consequences to the overall fiscal health of a shopping center, clause and one easily hit every button. Namely, co-tenancy. Co-tenancy … [Read more...]
The Dirt Dictionary: ‘F’ is for Food Halls (Please Don’t Call It a Food Court!)
May 24, 2017 by Leave a Comment
Going out for a casual lunch ain’t what it used to be… and that’s good. This is in large part due to the superheated growth of the food hall concept with its diverse offerings and a side of millennial communal interaction. A simple definition in today’s day and age would be: a commercial space with … [Read more...]
The Dirt Dictionary: ‘R’ is for Recognition Agreement
May 24, 2017 by Leave a Comment
Last month we talked about the SNDA (subordination, nondisturbance and attornment) agreement, a device by which a tenant can protect its leasehold interests from termination by a defaulting landlord’s foreclosing lender. Today we look at a sister agreement, this one in the context of the … [Read more...]
The Dirt Dictionary: ‘T’ is for Tenant Improvement Allowance
May 23, 2017 by Leave a Comment
Yes, you know this, but this column is a dictionary (of sorts), so let’s define a TIA—tenant improvement allowance—as the amount of money a landlord will give toward preparing a space for occupancy and delve into it. Typically, a TIA is stated either as a per-square-foot amount or a fixed sum. Any … [Read more...]
The Dirt Dictionary: ‘L’ is for Lease (Or Maybe It’s a License)
December 18, 2015 by Leave a Comment
Lease or license, and what difference does it make? I know many see a license as some more casual type of rental, but does it really make any difference? I mean in our scenario we’re just looking to lay-off a few offices until needed...[Read More...] … [Read more...]
The Dirt Dictionary: ‘E’ is for Estoppel Certificate
December 18, 2015 by Leave a Comment
With props to Rodney Dangerfield, some legal documents just don’t get no respect—or at least are not regarded with the importance deserved...[Read More...] {This is considered Attorney Advertising by some Bar Associations. Prior results do not imply future similar results. Communication … [Read more...]
The Dirt Dictionary: ‘N’ is For Notices
December 18, 2015 by Leave a Comment
From the mundane notice concerning window cleaning to a notice of default for nonpayment, the boilerplate notice clause in the lease has to be strictly followed to make the notice effective...[Read More...] … [Read more...]
The Dirt Dictionary: ‘E’ is for Exclusives
December 18, 2015 by Leave a Comment
There is a special symbiotic relationship between shopping center landlords and tenants, with each looking to the other to promote the “product.” But negotiations of lease terms are often contentious. With NY’s National ICSC in full swing, let’s look at one unique-to-retail hot-button benchmark: … [Read more...]
The Dirt Dictionary: ‘C’ Is for Co-Tenancy
December 18, 2015 by Leave a Comment
There is a special symbiotic relationship between shopping center landlords and tenants, with each looking to the other to promote the “product.” The same holds true for the tenant and other tenants of the shopping center. Let’s look at one unique-to-retail hot-button benchmark: co-tenancy … [Read more...]
The Dirt Dictionary: ‘M’ is for Medical/Dental Office Leasing
December 18, 2015 by Leave a Comment
With Obamacare dominating the headlines, doctors (yes, and dentists, too) have gotten more than their fair share of publicity lately. For those of us in commercial leasing, that also brings to mind the business of running a medical or dental practice and the need for suitable office space—a lease … [Read more...]
The Dirt Dictionary: ‘F’ Is for Franchise Leasing
December 18, 2015 by Leave a Comment
The franchise has become ubiquitous throughout the country and the world and, yes, even in cosmopolitan New York. Some recent statistics may be worth citing: There are an estimated 1,500 different franchisors (franchise business companies) operating in the U.S., employing more than 8 million people … [Read more...]
The Dirt Dictionary: ‘F’ is for Force Majeure
December 18, 2015 by Leave a Comment
Sandy taught us a dramatic lesson as to nature’s vagaries and the sanctity of our commercial “home.” The force majeure clause stands high in the pantheon of mostly overlooked boilerplate provisions, but that –as many have found out to their chagrin—is a big mistake...[Read More...] {This is … [Read more...]
The Dirt Dictionary: Shopping Center Exclusives
June 14, 2012 by Leave a Comment
Tips and Traps for Owners and Tenants by Jeffrey A. Margolis There is a special symbiotic relationship between shopping center landlords and tenants, with each looking to the other to promote the "product." But negotiations of lease terms are often contentious. With RECON in full swing, let's … [Read more...]
The Dirt Dictionary, Part I: How to talk the talk of shopping centers
September 29, 2011 by Leave a Comment
SHOPPING CENTER: A group of retail and other commercial establishments that is planned, developed, owned and managed as a single property. On-site parking is provided. The center’s size and orientation are generally determined by the market characteristics of the trade area served by the center. The … [Read more...]