Unique Lease Issues: Drafting Lease Memorandums, Work Letters, Exclusive Uses, and CAM Provisions

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.