Leasing After COVID, Part III: Early Termination Provisions
In the last installment (subscription required) of their three-part series for the New York Law Journal on how the COVID-19 pandemic impacted commercial leasing in New York, partners Ann E. Ryan and Adrienne B. Koch wrote about early termination provisions.
The article examines how both commercial landlords and tenants came to realize the importance of having exact language in leases regarding early termination provisions. Specifically, Ann and Adrienne look at the use of co-tenancy and gross sales “kick-out” provisions. The piece also offers insights into both landlords and tenants can do to help ensure that their interests are best protected against unanticipated circumstances.