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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Thursday, April 25, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will advise landlord and tenant counsel on drafting specific provisions of a commercial lease that are often ignored. The panel will address when and what to include in memoranda of a lease, aspects of utilizing a memorandum that can protect the tenant, and how a landlord can mitigate risks to the title once recorded. The panel will also provide advice on drafting brief, but comprehensive work letters, how to incorporate enforceable exclusive use provisions, and minimum requirements for a common area maintenance provision.

Faculty

Larry N. Woodard
Partner
K&L Gates, LLP

Mr. Woodard has experience in virtually every facet of real estate law, representing such diverse clients as Fortune 500 companies, public and private REITs, family offices, private equity funds, pension funds, developers, regional and national banks, institutional investors, special servicers, institutions of higher education, units of local government, contractors, subcontractors, material suppliers, landlords, tenants, condominium associations, property managers, receivers, and real estate brokers across the U.S. He handles complex matters involving multiple parties, properties, and sources of capital in the development, construction, leasing, management, financing, zoning, acquisition, and disposal of their real estate interests. Mr. Woodard’s diverse practice includes virtually all asset classes, such as mixed-use developments, adaptive reuse developments, urban and suburban office complexes, shopping malls and retail centers, hotels and resorts, hospitals, senior housing, master-planned communities, wind and solar farms, and industrial and manufacturing facilities.

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Caitlin Nevin
Attorney
K&L Gates, LLP

Ms. Nevin represents real estate clients across an array of transactions, including acquisitions, disposition, financings, leases, ground leases, development, joint ventures, and obtaining economic incentives. She has particular experience representing clients in the renewable energy sector on development projects, as well as in the healthcare, retail and hospitality industries. Ms. Nevin also has experience in mergers and acquisitions and finance, and works with the firm’s corporate/M&A and asset and corporate finance groups on asset acquisitions.

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Description

Although commercial leases are often lengthy and over-detailed, there are often exhibits to the lease that are vitally important. Landlord and tenant attorneys need to consider what is included in a memorandum of lease--the recorded, short-form document used to alert third parties to a tenant's interest in the property. Properly worded memoranda of the lease will provide the tenant with certain protections, such as exclusive use in multi-tenant facilities, and ensure that the landlord's title is not clouded.

Work letters also need particular scrutiny to accurately describe each party's responsibilities during the construction process. The landlord and tenant must determine who is funding and controlling the property's buildout and answer questions related to design and permitting, construction contracting and supervision, scheduling delays, and change orders.

Common area maintenance provisions in multi-unit and mixed-use properties can be extensive and complex. Counsel for landlords and tenants must consider how future costs should be calculated to address unexpected needs.

Listen as our expert panel discusses memorandums of the lease, work letters, and CAM provisions in commercial leases. The panel will discuss best practices when drafting these particular aspects of leasing.

Outline

  1. Commercial lease exhibits and provisions
    1. Memorandums of lease
      1. Landlord considerations
        1. Clouded title
      2. Tenant considerations
    2. Work letters
      1. Design and permitting
      2. Construction contracting and supervision
      3. Scheduling delays
      4. Change orders
    3. CAM
  2. Best practices

Benefits

The panel will discuss these and other important topics:

  • How can a memorandum of lease protect the landlord's and tenant's interests?
  • What are the most significant issues in a work letter for the landlord? For the tenant?
  • How can CAM be determined to address the potentially catastrophic needs of the property?