Coverage Issues Stemming from Dry Cleaner Contamination Suits
April 20, 2011
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.
When Service Is Made on a Co-tenant's Employee
April 14, 2011
A recent New York appellate decision addressed the issue of whether suitable age and discretion service could properly be made on one corporate respondent tenant by serving an employee of another corporate respondent tenant.
In the Spotlight: Outparcels and Rights of First Refusal
April 14, 2011
Where an outparcel is involved, and the grantor owns additional property, failing to address the package deal scenario at the drafting stage is likely to create uncertainty for our clients as well as undesired or not bargained-for results.
Expanding Retailers Purchase Multiple Leases
April 14, 2011
With many opportunities in the marketplace to purchase real estate leases and other assets associated therewith, attorneys need to make sure they are ready to deal with a request from a client to purchase leases.
Assumption of Liabilities
March 28, 2011
A buyer purchases certain assets and assumes certain liabilities of a seller under an asset purchase agreement. However, after the transaction closes, the buyer files for bankruptcy under Chapter 11 of the Bankruptcy Code and eventually rejects the asset purchase agreement. From a deal lawyer's perspective, the issue is: What impact does the bankruptcy filing and the contract rejection have on the carefully drafted, thoroughly negotiated asset purchase agreement?
Lease Renewal Options and the Rule Against Perpetuities
March 24, 2011
In February, the Court of Appeals once again faced the application of the Rule Against Perpetuities to commercial options. This time, the court held that the Rule does not apply to leasehold options to renew.
They Do the Crime ' And It's on Your Dime
March 17, 2011
Two state laws in New York make the illegality of a tenant's use of rented premises a matter of considerable concern to landlords. While the first law can be expensive to the tune of tens of thousands of dollars, there is no limit on what the other could cost the landlord ...
