Commercial Leases

News & Analysis as of

REAL NEWS – WINTER EDITION 2015/16

IN THIS EDITION - Ben Barrison reports on the long awaited Supreme Court’s decision in the case of Marks & Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited (pg 03); We dedicate two...more

Ohio Supreme Court: Form Oil and Gas Lease Not Void as Against Public Policy

Earlier this week, in an unsurprising but nevertheless meaningful decision, the Ohio Supreme Court unanimously ruled that the standard form oil and gas lease at issue was not “perpetual,” and thus was not void as against...more

Dilapidations: The landlord strikes back

A trilogy of cases over recent years have established that tenants will only have to pay dilapidations if the landlord can satisfy them, or alternatively the court, that it intends to carry out the necessary repairs. However,...more

Supreme Court of Pennsylvania Holds Lease Exception of Local Tax Enabling Act Does Not Prevent Business Privilege Tax from...

On December 21, 2015, the Supreme Court of Pennsylvania held that the exception in 53 P.S. §6924.301.1(f)(1) of the Local Tax Enabling Act (LTEA), which prohibits the taxation of leases and lease transactions, does not...more

West Coast Real Estate Update: Jan. 2016 #3

Reporting Leases on the Balance Sheet - The International Accounting Standards Board (IASB) announced on Jan. 13, 2016, a new ­– and materially different – manner of accounting for leases. The new standard, IFRS 16...more

2015 Half-year in review M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

Change in Lease Accounting Rules to Have Major Impact for Retailers, and Ultimately, Landlords Too

Rules governing the way leases are accounted for on balance sheet rules are expected to change in the first quarter of 2016 with major implications for retailer tenants and longer term implications for landlords....more

Annulment of the European Commission´s decision regarding the former "Spanish tax lease structure" - EU General Court Decision:...

Background - On December 17, 2015 the EU General Court of Justice (EUGC) pronounced on appeals of joined matters T-515/13 Kingdom of Spain vs Commission and T-719/13 Lico Leasing, S.A., E.F.C. and Pequeños y Medianos...more

Revel: To Stay or Not to Stay? Third Circuit Reveals the Answer

On Sept. 30, 2015, the Third Circuit Court of Appeals in In re Revel AC Inc. issued a decision of significance to federal jurisprudence and bankruptcy practice. Hon. Thomas L. Ambro delivered the court’s opinion, reversing...more

Fourth Circuit Joins Courts in Pennsylvania and Ohio in Holding that Dual Purpose Oil and Gas Lease Is Not Severable

As we have often reported, landowners’ efforts to evade the plain terms of “dual purpose” leases, providing for both production and natural gas storage, have almost universally failed. Most recently, on December 28, 2015, the...more

Legal Trends: Commercial Real Estate

Lenders remain aggressive as competition for prime real estate lending opportunities in Canada intensifies. Borrowing rates remain at historical lows and other lending terms have become increasingly favourable for borrowers....more

Money and Dirt: Reviewing 2015; Previewing 2016

We’ll end 2015 with a quick look back at some of the important developments in California real estate and secured lending law covered in this blog, and a look forward to issues that will get attention in 2016....more

Report on Impact of IFRS 16 Leases on Financial Covenants in Loan Agreements

On December 9, 2015, the European Financial Reporting Advisory Group (EFRAG) published a feedback report relating to a public survey undertaken by EFRAG and others in July 2015 aiming to understand the effects of the...more

Appellate Review of Downhole Cases: The Supreme Court Repairs the Third Circuit’s Broken Manifest Error Standard in Hayes Fund for...

The Louisiana Supreme Court recently issued a decision in a downhole damages case, reversing the Third Circuit’s misguided application of the manifest error standard of review. Hayes Fund for the First United Methodist Church...more

UK Supreme Court Upholds Court of Appeal Decision in M&S v BNP Paribas Rent Claim

The UK Supreme Court has now handed down its greatly anticipated judgment in the case of Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited. The Court confirmed that where a break clause...more

Foundation: December 2015 • Vol. II, Issue 3

As we now find ourselves in the midst of Q4 with the holiday season rapidly approaching, it is safe to say that 2015 was a rather dynamic year across the board. The real estate market being no exception, we expect great...more

Negotiating the Security Deposit Provision of Your Office Lease

An important provision of an office lease is the security deposit provision. While it is beneficial to a landlord to maximize the size of the security deposit it receives from a tenant in order to ensure the tenant’s faithful...more

Hot Tips for a Tenant to Green its Space

Companies of all shapes and sizes ranging from office and commercial tenants to those in the retail sector continue to look for ways to ensure their spaces are as “green” as possible – especially in today’s climate with a...more

Commercial Lease Issues for Rhode Island Restaurants

The landlord-tenant relationship is one of the most common business relationships in any state. Each landlord-tenant relationship presents its own unique set of challenges because the specific business operations of the...more

How to Negotiate an Exclusive Use Provision

Both landlords and tenants are well served to begin discussing exclusives early in the lease negotiations. An exclusive use clause is a valuable and often heavily negotiated provision in leases. An “exclusive” prohibits...more

The UK Supreme Court Clarifies The Test For Implying A Term In To A Contract Is A Stringent Test And Has Not Been Diluted

Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited and anor [2015] UKSC 72 - This morning the UK Supreme Court handed down its much anticipated judgment in the case cited above. The...more

SSRL Realisations Ltd – a warning for administrators?

The tenant operated a restaurant (the Premises) out of The Brunswick Centre and was subject to a pre-pack administration. The first to third respondents were partners of the administrator, Zolfo Cooper LLP....more

Competition and Market Regulation Update: Prior consent clauses in commercial leases: Competition law clarification

The Court of Justice of the European Union (CJEU) has confirmed that any clause protecting an anchor tenant from competition in a new development should be analysed as to their effect on competition in the local market under...more

M&S v. BNP Paribas - Simply no implied apportionment

The Supreme Court has handed down judgment in the seminal M&S v. BNP Paribas case....more

European Competition Law Newsletter – December 2015

The UK Competition and Markets Authority (CMA) regularly publishes compliance materials aimed at educating the business community in the UK. These are well worth a read by anyone involved in competition law compliance in the...more

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