As commercial tenants are now faced with the possibility of shutting down their doors, it is only a matter of time before they approach Landlords about negotiating rent and other financial conditions in their lease.
When a business suddenly closes, even temporarily, and the tenant cannot produce rent, landlords may begin to have difficulty paying their mortgage and other expenses. There is no win-win in this scenario.
Here are some viable alternatives to alleviate this issue:
Rent Reduction. The landlord can reduce the cost of the tenant's rent for a portion or all of the term left on the lease. The standard forms of rent reduction are to reduce the b...