Our last posting brought out dozens of comments, representing a wide spectrum of views. Almost all responders noted the connection between letters of intent and the time it takes to get a deal done. Beyond that there was little consensus. So, we’ve had over 100 comments on that topic – getting the deal done faster – but no one yet has suggested a major reason. Ruminations has a suggestion – the people responsible for negotiating leases (especially) don’t seem to have a sense of urgency. [Read more…]
For What Would A Landlord Want To Be Indemnified?
July 1, 2012 By 1 Comment
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Does a Landlord Have An Implied Duty To Maintain a Shopping Center?
September 8, 2011 By 8 Comments
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I just read a July 7, 2011 New Jersey Superior Court, Appellate Division decision that puzzles me. Basically, it says that in a lease that required the tenant to operate its business in a “first class and reputable manner,” the landlord had the implied covenant to operate a “first-class” shopping center. Then, when the landlord didn’t do so, it breached the lease and the tenant could vacate its premises.
Fourteen years ago, I wrote an article titled: “What Is This Thing Called Quiet Enjoyment? (in the Context of Commercial Leases).” The article may be dated, but I think I have followed the thrust of the law since then and that is why I’m surprised at the result in this case. I’m not surprised that a trial court might find such an implied covenant to maintain commercial property, but I didn’t think that, even in New Jersey, an appellate court would agree. [Read more…]
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