Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Lease Renewal Options and the Rule Against Perpetuities
In February, the Court of Appeals once again faced the application of the Rule Against Perpetuities to commercial options. This time, in Bleecker Street Tenants Corp. v. Bleeker Jones, LLC, the court held that the Rule does not apply to leasehold options to renew.
The Case
In 1983, when the subject building was converted to co-operative ownership, the co-op corporation executed a lease of first-floor commercial space. The lease was for an initial term of 14 years, and gave the tenant nine successive options to renew, each for a period of ten years. The lease entitled the tenant to exercise the options together or successively by giving the landlord written notice at least six months before the expiration date of the prior lease term. The lease also extended the time for the tenant to exercise the renewal option if the landlord did not provide notice of the option's existence at least seven months before the option's expiration. In that event, the tenant would have 60 days to exercise the option, measured from the time the landlord provided notice. If a term expired before the landlord provided notice, the tenant would become a month-to-month tenant until the landlord provided notice. As a result, the lease envisioned the possibility that the option might be exercised after expiration of the original lease term.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.