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Severing a Master Lease Raises Thorny Issues
A master lease structure is often used where a single landlord (or group of affiliated landlords) and a single tenant (or group of affiliated tenants) intend to lease multiple properties. Typically, all properties under a master lease are subject to the same terms, including rent payment and renewal schedules. By using a master lease structure to cover multiple properties as opposed to individual leases, the parties can streamline administration of a large-scale portfolio of properties.
More importantly, a master lease provides protection to a landlord in the face of tenant insolvency by limiting the risk of a tenant rejection of the lease arrangements under Section 365 of the Bankruptcy Code. If a unitary master lease structure is respected by the bankruptcy court, then the tenant can only reject the lease in its entirety rather than "cherry-picking" and rejecting the lease only as to the less desirable properties.
A well-structured master lease that makes the parties' intent to form a unitary contract clear will force a tenant-debtor to assume or reject a master lease in whole.
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