Stay compliant and understand the key issues to consider in lease renewals.
This presentation will focus on the changing environment in lease renewals and lease amendments, both in the context of an option exercise and a negotiated lease renewal. Given the paradigm shift in vacancy rates and demand for space, tenants need to plan well in advance and avoid falling into the captive tenant category. The presentation will focus on the process of approaching lease renewal negotiations for each landlord and tenant, the due diligence needed to identify issues to be discussed, the nuances of the definition of fair market rent, and developments in compliance with laws, credit support, security deposits, energy efficiency and conservation, force majeure, and the use of improvement allowances that are impacting lease renewal negotiations.
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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.
Agenda
Why Focus on Lease Renewals
- Gives Parties the Ability to Address Issues Not Addressed in the Lease
- Gives Parties the Ability to Address New Laws and Allocate Responsibility for Compliance
- Opportunity for Remeasurement of RSF and to Reconsider Credit Support Matters
- Opportunity for Tenant to Obtain Concessions (Very Relevant in Today's Market)
- Opportunity to Adjust Rent and Extend Lease Term (a Blend and Extend)
- Opportunity to Obtain an Estoppel
When to Start Process
- Most Brokers Suggest Starting the Process 12 Months Prior to Date the Lease Term Expires or the Last Day Before a Tenant's Right to Exercise Any Applicable Option to Extend Is Set to Expire
- What Does the Term Captive Tenant Mean and How Does It Relate to the Period in Which to Exercise an Option to Extend and the End of the Lease Term
- What Impact Does the Current Uncertainty in the Market Have on Lease Renewals and Modifications, a Tenant's Leverage, and Timing
The Process Leading Up to a Lease Renewal and Lease Modification
- Are Brokers Involved and Who Pays the Broker Commission
- Is a Letter of Intent Used? Under What Circumstances?
- Make Sure to Check Existing Lease for Base Year, Floor Remeasurement, Calculation of Rent and Other Terms Applicable to an Option to Extend
- Determine If There Will Be Tenant Improvements and the Process To Do the Work While Your Company Is in the Leased Premises, Consider Swing Space, Consider Impact on Business Operations
- The Stay or Go Discussion
- Consider Needs of Existing Subtenants
- Determination of Market Rent in Option Exercise Scenario (Deep Dive Is Focus of a Different Program)
Role of Landlord's Property Management and Listing Broker Teams
What to Include in a Lease Renewal /Lease Modification Agreement
- The Basics: Rent, Term, Base Year, and Security Deposit - Do You Still Have the Same Landlord and Tenant Parties?
- Is This an Exercise of an Option or a Lease Modification Agreement
- Read the Lease
- Will a Tenant Work Letter Be Required - How Extensive Will Tenant Improvements Be?
- Revisit Assignment Sand Subletting
- Obtain Reaffirmation of Guaranty
- Consider SNDA Even If Not Obtained in Original Lease
- Revisit the Boilerplate Provisions
- Consider Time Pressure and Deadlines
- Consider Market Conditions and Impact of Hybrid Work Schedule
Summary and Concluding Remarks
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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 May 16, 2023.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 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 1.5
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- 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 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- 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: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- HI CLE 1.5
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
- MO CLE 1.8
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.5
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
- NH MCLE 1.5
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 89 Minutes.
- NM CLE 1.5
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
- NV CLE 1.5
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
- NY CLE 1.5 including Areas of Professional Practice 1.5
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. 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.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 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 1.5
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.8
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
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
Manuel Fishman, Esq.
Buchalter Nemer
- Shareholder with Buchalter Nemer
- Focuses practice on representing real estate developers and owners in the acquisition, sale, and financing of commercial properties
- Active leasing practice representing owners of several major office buildings in San Francisco, including the Transamerica Pyramid, as well as tenants in lease and sublease transactions
- Expertise includes letters of intent, tenant improvement work agreements, security deposits/letters of credit, signage rights, expansion and contraction rights, permitted transfers, operating expense audits, and lender and master landlord recognition agreements and extensive experience in the area of ground leasing and retail leasing
- Leading attorney in the area of landline and wireless communications and Internet-based services in commercial properties and rooftop installations
- 2020 Best Lawyer in America in real estate law, an honor he has received since 2007; 2014 Top Rated Lawyer by American Lawyer Media, 2012-2018; one of Bay Area Magazine’s Top Lawyers in the Bay Area; and recipient of the 2019 Raymond C. Nann Distinguished Service Award
- Frequent lecturer on office and shopping center leasing matters and frequently writes for industry newsletters
- J.D. degree, magna cum laude, Santa Clara University School of Law; B.A. degree, State University of New York at Purchase
- Can be contacted at [email protected] or 415-227-3504
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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.
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