By Mark Caruso and Andrew Kasman
The Covid-19 emergency has created a unique number of issues in Real Estate. The payment of rent and the performance of other lease obligations has become a focal point for commercial Landlords and Tenants alike. Mortgage rights and obligations at this time are of a special concern.
At Abrams Fensterman we have a team of highly experienced attorneys focused on real estate clients, with the ability to bring in, as necessary, other attorneys in other practice areas from all 5 of our offices for their specialized knowledge and experience. We deliver timely, thoughtful counsel that makes an impact. Our highly collaborative approach across offices and practice areas improves our effectiveness to identify paths most likely to achieve desired goals. We leverage our reputation, size, skills and depth of industry knowledge to mitigate risk, avoid obstacles and get our clients results in a timely, cost-effective manner.
Landlords and tenants should be taking steps to preserve their rights. Giving necessary or recommended notices pursuant to their leases and insurance policies is critically important. Moreover, the parties should carefully consider how their current decisions and communications during this crisis will be viewed in the future, when the pandemic ends.
We are available to review the terms of your leases and to discuss applicable legal concepts including Force Majeure, Impossibility of Performance and Frustration of Purpose, as well as any applicable insurance coverage that you may have under loss of rent or business interruption provisions in your policies. We can act to monitor the newest legal developments, preserve your rights, and structure an amicable resolution. We can also handle any contested disputes that may require Court intervention.
We can also advise regarding rights and obligations under mortgages and other loan documents and help to design practical solutions for the parties.
If you would like help in navigating the new landscape of commercial real estate, please contact Mark Caruso at Mcaruso@abramslaw.com or Andrew Kasman at Akasman@abramslaw.com.