Dealing With COVID-19 Crisis as a Business Leasing Commercial Space
After listening to several discussions with LL, LL reps, attorneys, PM's over past several days, here are few take aways for business owners leasing space:
If you were able to pay April's rent, you should, if you haven't already, start having an open & collaborative dialogue about rent relief & different relief structure.
Some landlords are willing to offer relief but it won't be w/o something in return i.e. executing a renewal option early or adding months to your original term.
Some landlords will be asking for P&Ls to verify your financial situation so you'll want have those prepared as well as possible future financial projections.
If your lease expires this year, I would consider negotiating a 1yr extension to allow yourself an opportunity to reevaluate the landscape & prepare for a new normal.
When negotiating rent relief, push for as long as possible 90 days minimum.
According to few attorneys, businesses who are trying to invoke Force Majeure be prepared for a uphill battle as this could also work in the landlords favor plus you'll need evidence to substantiate claim.
There maybe an option of the impracticability or frustration of purpose concept for businesses that were forced to close but with all matters review your lease & consult with an attorney
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