Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Renewal Options and Lapse of Notice
More often than not, commercial lease renewals are reliant on clerical diligence by the tenant. Option notices are commonly required to be delivered in specific formats within designated time periods. Attention to long-term detail is critical, for a failure by a tenant to properly and timely exercise its renewal option may be beneficial to the landlord and catastrophic for the tenant. However, a failure by the tenant to timely deliver valid notice does not always leave the tenant without options. In some jurisdictions, judicial equitable relief may be available to validate the renewal notwithstanding the failure to notify in accordance with the lease.
The Greater Park City Co. Case
The recent, highly publicized case of Greater Park City Co., et al v. United Park City Mines, et al. (2014), Third Judicial District, Summit County, UT, Case No. 120500157, explored this very issue. In this case, a tenant under a long-term lease failed to timely exercise a renewal option due to a clerical error, and sued the landlord, claiming that, notwithstanding its failure to comply strictly with the lease terms, it was entitled to the benefit of the renewal based upon certain long-established equitable principles under Utah law. Ultimately, the tenant was unsuccessful in persuading the court. This article examines Greater Park City and the arguments made by the tenant to the court.
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
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?