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United States: Pandemic Lease Modifications: Addressing Legislative Developments 20 January 2021 by Michael Pollack and Desmond Connall, Jr. Ballard Spahr LLP To print this article, all you need is to be registered or login on Mondaq.com.
With COVID-19 raging and many businesses, large and small, seeking to manage their overhead and obligations, commercial landlords and tenants are examining their leases for potential modifications that would enable them to preserve their cash flow in the short-term without damaging each other’s long-term prospects.
The United States Bankruptcy Court for the Northern District of Illinois – Eastern Division recently held that a lease’s force majeure clause sustained a claim for rent abatement arising out of the COVID-19 pandemic. Both landlords and tenants are closely monitoring such cases and are very interested in how this issue will be decided by the courts. In In re Hitz Restaurant Group (2020 Bankr. LEXIS 1470 (N.D. Ill.
A recent ruling by the Supreme Court of Virginia may invalidate hundreds of leases because they are not under "seal" and therefore do not meet Virginia's "Deed of Lease" requirement. Landlords and tenants should review their Virginia leases to ensure compliance with this pivotal decision. In The Game Place LLC v. Fredericksburg 35 LLC, the court invalidated a 15-year lease, concluding that an agreement between a commercial landlord and tenant actually constituted a month-to-month tenancy.
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