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'Condominiumized' Buildings
When drafting a lease, the landlord is typically the owner of the entire building that is the subject of the lease. When the building is owned by a condominium, however, this may not be the case. The landlord may be the owner of only one condo unit but some, if not all, of the remaining condominium units in the building may be owned by third parties. In such cases, a lease needs to be specifically tailored to take into account that the leased premises is not only a stand-alone unit owned by the landlord, but also part of a condominium property regime covering all of the units in the building.
Examples of specific lease provisions that may need to be revised to take into consideration this “collective ownership” principal include those clauses relating to: 1) the description of the premises; 2) real estate taxes and insurance; 3) operating expenses; 4) signage, alterations, assignment and sublet; and 5) repairs, maintenance and restoration obligations. In addition, the unit owner's interaction with other unit owners in the building is governed by the condominium's declaration, the bylaws and rules and regulations attached to the declaration and any amendments to any of these documents (collectively referred to as the “condominium documents”). Since the lease is also usually subject and subordinate to the condominium documents, the terms and conditions of the lease should be carefully reviewed to make sure that the lease complies with the condominium documents.
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