Restaurant Unstoppable with Eric Cacciatore 714: Eric Bernheim on 9 Strategies to Resolve Landlord-Tenant Relations
Eric Bernheim is a partner at Halloran Sage law firm where he skillfully leads his clients through complex real estate transactions. His practice includes transactional work, zoning, land use, and commercial leasing matters focusing on representing restaurant operators interested in expanding throughout the country. With over a decade of experience, Eric's solid understanding of commercial and residential real estate matters provides his clients with peace of mind and confidence.
Check out Coronavirus Chronicle #31 with David Denny as mentioned in today's episode.
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In today's episode with Eric Bernheim we will discuss:
- Can you pay rent? If you can, you should.
- Triple net only
- Security deposits
- Abatement
- Forbearing rent extending terms
- Condemnation provision
- Environment provision
- Landlord defaults
- Force majeure
Leasing Issues
- How does COVID-19 affect my obligations under my lease?
- So if my lease doesn't get me out of paying rent, what should I do?
- What should I do if I have not paid rent and my landlord has sent me a default notice?
- Can my landlord evict me for nonpayment of rent?
- Is my landlord in default of its lease obligations?
General guidance to help restaurants evaluate their options and work out solutions.
With certain important exceptions, leasing parties should exercise patience, restraint, and consider practical short-term workouts only.
The most practical approach is for landlords and tenants to focus on addressing key issues over the short-term through a lease amendment or forbearance agreement (Short-Term Workouts), such as:
- Rent Relief
- Rent Repayment
- Tenant Assurances and Reporting and Landlord Forbearance
- Modification of Operating Clauses, Etc.: .
- Third Party Consents:
Does Force Majeure help?
The ability of leasing parties to enter into Short-Term Workouts will depend on their evaluation of a number of critical legal, practical, and financial issues:
- Tenant's Short-Term Outlook or Business Plan. If occupancy is restricted to 25%, what next?
- Access to Government Relief Programs. – do they help restaurants?
- Landlord Ability to Recover Leased Space.
- Landlord Ability to Prepare and Fit-out Premises for Reletting.
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Contact info:Website: www.halloransage.com
LinkedIn: Eric Bernheim
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Huge thanks to Eric Bernheim for joining me for another awesome episode. Until next time!
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