Know the pros and cons of the use of guaranties from the perspective of both the landlord and the tenant.
This highly informative topic is designed to enhance your knowledge and understanding of how various types of guarantees are addressed in today's commercial lease environment. Explore the pros and cons of the use of guaranties from the perspective of both the landlord and the tenant, and discuss the importance of thoroughly reviewing these critical documents and their impact.
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Agenda
Overview
- Letter of Intent/Term Sheet
- Parties' Leverage
- General Economic Conditions
- Specific Location of Premises
- Desirability of Particular Property
- Tenant's Net Worth/Creditworthiness/Financial Condition
Basic Concepts
- Security Deposit - Cash and/or Letter of Credit
- Guaranty as Additional Security
- Lease Provision
- Separate/Stand Alone Document vs. Joinder
- Jointly and Severally vs. Jointly, Severally, and Collectively
- Primary Liability
Types of Guarantees
- Corporate vs. Personal
- Full vs. Limited
Landlord Perspective/Protections
- Tail (e.g., X Months After Expiration/Surrender Date)
- Analysis of Standard Form Guarantee/Provisions
Tenant Perspective/Protections
- Death of Guarantor
- New/Replacement Guarantor (i.e., Assignment of Lease to Entity Not Related to Tenant)/Release
- Reasonable Attorneys' Fees
- Guarantor to Receive Notice of Tenant Default
- Without Giving Effect To/Taking Into Consideration Any Acceleration of Rent
- If Lease Assigned to Unaffiliated Third Party, Guarantor Liability Should Not Be Increased or Expanded Beyond Liability of Guarantor Which Existed at Time the Lease Was Assigned
Miscellaneous Issues
- Reaffirmation of Guarantee in Lease Amendments/Modifications
- Termination - Landlord to Mark Guaranty Canceled and Return to Guarantor
- Designate Tenant as Agent for Service of Process
- Designate Agent for Service of Process
- Guarantee of Payment vs. Guaranty of Collection
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on October 27, 2022.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
- NM CLE 1.1
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.1 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jan Alan Lewis, Esq.
Cole Schotz P.C.
- Member of Cole Schotz P.C.’s Real Estate Department
- Over 40 years of experience, concentrating in commercial office and industrial leasing, representing both landlords and tenants, on a local, regional, and national basis
- Handled various complex real estate transactions on behalf of prominent owners, developers, and companies throughout the United States, and has frequently been retained as local counsel to represent tenants with respect to their leases
- Responsibilities include the preparation, review, and negotiation of leases and related documents for commercial (e.g., office, industrial, flex/warehouse, and retail) properties, including brokerage agreements, property management agreements, exclusive leasing agreements, estoppel certificates and subordination, non-disturbance and attornment agreements
- Member of the National Association of Industrial and Office Properties, as well as the New Jersey State Bar Association, New York County Lawyers’ Association, and the American Bar Association
- Frequent lecturer and author of numerous articles on the subject of commercial leasing
- Achieved the highest rating in the Martindale-Hubbell Law Directory
- J.D. degree, Temple University Beasley School of Law; B.A. degree, summa cum laude, Lehigh University
- Can be contacted at (201) 525-6228 or [email protected]
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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