In a commercial lease, a “good guy” guaranty is often signed by one or more of the tenant’s principals. A “good guy” guaranty functions to ensure the payment of rent (and sometimes the performance of other obligations) under the lease through the date that the tenant surrenders possession of the premises. It is less onerous than a personal guaranty which would obligate the guarantor to all of the lease obligations during the entire term of the lease Continue reading »
Category: Commercial Corner
Business Improvement Districts (BIDs) have serious monetary implications to tenants of commercial buildings. NYC has 69 BIDs, the most of any city in the U.S., so commercial tenants should be aware of their existence and their potential monetary effect.
Is your restaurant tenant planning to have a mural painted? Are you planning to install a sculpture in the lobby of one of your buildings? Be cautioned that it might not be easy to remove that work and you might find yourself on the wrong end of a lawsuit if you damage the work. Even after artists transfer their ownership interests in artwork they created, they still may have rights known as “moral rights” to works located on your property. Here’s the skinny on what you need to know about moral rights and how they can affect your property. Continue reading »
A knock on the door interrupts the banter of the cooperative’s board of directors, who are sitting around the living room of the president’s apartment. It’s the fourth member at the door, who will make up the quorum necessary for this month’s matters to be resolved. Before voting on the approval of an applicant or discussing the proposed capital improvements, the members want to finalize the lease of the commercial storefront owned by the cooperative. While none of the members are lawyers or landlords by trade, they nonetheless have managed to negotiate a simple 10 year lease of a gluten-free vegan smoothie health bar. The new lessee recently mailed a check for the security deposit which now sits in front of the board members. After some discussion, one of the unwitting members suggests depositing the security deposit check into an interest bearing account which he uses for his own personal motorcycle repair business. Although the board’s actions may appear legitimate on the surface, they are about to make a fatuous mistake which carries with it serious legal consequences.
Last week, after 70 years of serving Manhattan’s midtown crowd, the New York institution known as The Primeburger closed.
It was known as much for its 1950’s high school swing out seats as for its delicious burgers. When they announced the closing saddened crowds of long time faithful customers gathered to eat their last meal. Continue reading »