The retail world is coming back with a bang and many retailers and developers are focusing on deals that were signed prior to or during the recent economic downturn. As a result, it’s time to dust off lease documents from 2008, 2009 and 2010 as new sales, financing and equity investments pick up.
A review of these lease documents is necessary for landlords and retailers to put themselves in the best possible position when bringing projects out of hibernation.
Passage of time
When many leases were executed, estimates for closing on construction loans and commencement of construction were based on the facts known at the time. Since then, difficulties obtaining construction financing created major delays on many developments. The uncertainty in the retail business sector also made it challenging to hit the leasing thresholds necessary to start construction.
Tara A. Scanlon
These delays pushed project schedules well beyond what would reasonably have been anticipated. Here are some provisions that warrant a review: ...
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