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Exhibits: Details and Timing
Years ago, it was common to have exhibits for a lease consisting of a simple site plan, a construction exhibit, a description of the shopping center, title exceptions, and rules and regulations for the shopping center. Other than the basic components of the site plan and the basic construction obligations, exhibits were a minor part of the lease document and definitely an afterthought to the main body of the lease. In many instances, the exhibits were prepared and negotiated toward the end of the lease negotiations and usually were a last-minute rush to complete so the lease document could be executed.
Today, the lease exhibits are more numerous, have greater detail and often make up major terms and provisions of the lease. They need to be prepared and negotiated early in the lease preparation and negotiation process. Frequently, major terms of the lease are now relegated to the exhibits rather than the main body of the lease. This arrangement has evolved, not because the exhibits lack importance, but often due to the preparation of the exhibits by other professional groups and the need to attach the information to the lease easily. In addition, business terms unique to a particular tenant may be found in the exhibits. Mention the words “mixed-use project” and immediately the potential need for additional provisions to a standard shopping center lease form come to mind. Rather than make substantial additional provisions to the main body of the lease, some drafters prefer to add major changes to the lease form as an exhibit.
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