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David vs. Goliath
The head of leasing for your new client, a regional restaurant chain, calls to say he has received a request from the owner of a 70-acre regional enclosed mall shopping center to sign an estoppel certificate. The certificate references your client's ground lease for its 8,000 square-foot restaurant on a 1.3-acre outparcel at the center. The estoppel request appears to be in connection with the sale of the shopping center. You think your client just needs help filling out the certificate, but instead, he asks, “What do I need to do to exercise my right of first refusal to buy the leased premises?”
He sends you the ground lease. In it you find the following right of first refusal provision:
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