We represent Landlords and Tenants in Commercial Lease modification.
Most recently the tenants have had the upper hand in the lease negotiation game. As lease modification lawyers we help people and businesses modify commercial leases. It is common for tenants of commercial properties to be paying more than market rent in light of the recent decline in real estate values and the virtual collapse of the commercial real estate market. We defend tenants that seek to strategically break their lease or otherwise strategically modify the terms to reflect market conditions or avoid payment of lease terms. Often time’s commercial tenants attempt to renegotiate in the following:
- Permanent Rent Deduction
- Rent Abatement or Waiver
- Forbearance / Deferral of Payments
- Prepaid Amounts Towards Rent
- Modifying to Percentage Rent
- Reduction in Space
- Adjustment in Base Year
- Extension of Term
We refer to the above stated as a strategic breach of the lease and strategic lease breach is a legitimate option when it comes to lease modification. It does not matter if you are small or a medium sized business; your monthly rent is oftentimes re-negotiable. At this time of declining revenues, increased operating expenses and uncollectible receivables landlords are doing lease modifications, early lease terminations, rent concessions and rent forgiveness because the alternative is often times more costly to the Management Company and commercial real estate owner. The lease modification attorneys of Newland & Newland, LLP would like to help.
We practice lease modification law in Cook County, Lake County, McHenry County, Dupage County, Kane County, and Will County.
We look forward to hearing from you regarding your free initial consultation.