1. Originally introduced in the late 1970s because of increased costs and expenses associated with tenants holding over in space after default and terminations while not paying or performing under the Lease. The instrument was given by the controlling member or members (shareholders) of the tenant entity and substituted with new controlling members in the event of assignment or change in ownership of the tenant entity. The intent was to make the tenant remove from the premises by exerting financial pain on the controlling decision maker(s) with the power to effect such removal action.
2. Eviction or disposes recovery of space could in many jurisdictions take up to 2 years to evict a defaulting tenant while being required by common or statutory laws to provide services and electricity to the premises.”
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John Busey Wood is a member of the Real Estate Group in the New York City office of Akerman LLP. He practices in commercial and construction real estate. He advises public and private companies on real estate acquisitions, facilities management and standardization, construction and development, brokerage law, commercial leasing, cross-border retail entry, commercial property management and litigation.
Agenda
Faculty
John Busey Wood
Akerman LLP
- Member of the Real Estate Group in the New York City office of Akerman LLP
- Practices in commercial and construction real estate
- Advises public and private companies on real estate acquisitions, facilities management and standardization, construction and development, brokerage law, commercial leasing, cross-border retail entry, commercial property management and litigation
- Represented owners in the design and negotiation of commercial leases and ground leases covering in excess of 100 million square feet of retail, office, and mixed-use space projects for more than thirty years
- Negotiated the largest ground/space lease transaction in the history of New York City, containing more than 2 million square feet, including fast-track rehabilitation, construction lending, permanent financing, and options for fee acquisition in excess of 9 million square feet
- Expert witness and a noted authority on construction and operations, improvable/financeable ground leases, and rental escalations
- Listed in Who’s Who in Real Estate, Who’s Who in American Law, 2nd and 4th editions, Who’s Who Registry of Global Business Leaders, 1993 and 1994 editions and New York Super Lawyers
- Received the highest preeminent peer rating by Martindale-Hubbell Law Directory and was peer-nominated and elected an American Bar Foundation Fellow
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