transcript   Transcript

Building Today’s Tenant Improvements – Interrelationship of Commencement Date and Work Letter

Recorded on: Mar. 6, 2017
Running Time: 01:45:46

Full Transcript:

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Taken from the Web Program Negotiating Commercial Leases 2017 recorded March, 2017 in New York.

Building Today’s Tenant Improvements – Interrelationship of Commencement Date and Work Letter [01:45:46]
  • Agreements to enter into ground leases and master leases – conversion to condo
  • High value property – selling pieces of the property – future condominium declaration
  • Hot Topic – later creation of multiple superior interests and impact on expansion and option rights
  • Timeline of creation of interests – impairment of rights – securing the Landlord Work/$
  • Negotiations of the SNDRA – "R" is for full Recognition – Deal with the Lender in beginning – Abatements and Credits for Landlord's Work funded by Tenant Loan!
  • Purchase extensions and options may not work after conversion
  • Bring the lender and security interest holders to the table first – Secure the Landlord's Work funding and related rental credits/abatements – Hot Topic – Loss of abatements and offset protections
  • Owner in workout will not fund TI or brokerage commission – Tenant the "Equity Investor"
  • Negotiating today’s tenant options

Nancy N. Kennerly, Michael E. Meyer, John Busey Wood

The purchase price of this segment includes the following article from the Course Handbook available online:

  • Requests for Proposals and Letters of Intent—When and How to Use
    Michael E. Meyer
  • Mixed Use Property: Retail / Office / Residential (Chart)
    John Busey Wood
  • Saga of Superior Interests: Article 27—Subordination
    John Busey Wood
Nancy N Kennerly ~ Kennerly Lamishaw & Rossi LLP
Michael E Meyer ~ DLA Piper LLP (US)
John Busey Wood ~ Akerman LLP
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