No well-written lease should allow for a tenant to withhold rent or terminate their lease based upon a downturn in the economy or their relevant markets. Many leases do, however, contain “force majeure” clauses that excuse or extend the time for performance of some lease obliga...
In addition, where a SOPA application is made before the other party seeks relief under the Act, the adjudicator appointed pursuant to SOPA will have powers to grant relief similar to that of the Assessors appointed by Part 8 (such as making equitable adjustments to the date by which the re...
Generally, force majeure in English common law is understood to mean an event or circumstance that occurs and which prevents one (or both) parties to an agreement from fulfilling their obligations under the agreement. Relief provided by a force majeure clause is usually in the form of a suspens...
These businesses may also encounter class action litigation from commercial clients based on their role in providing access to government relief under the CARES Act and other legislation. CARES/PPP Cases filed to date against banks concerning their administration of loans under the CARES Act ...
holding tenant’s rent obligation would be reduced on a pro rata basis in accordance with the decrease in revenues from its inability to offer on-premises dining.) (04/27/2020 Creditors’ Motion for Relief from Automatic Stay; 05/12/2020 Debtor’s Response; 05/26/2020 Creditors’ Repl...
InLi Ching Wing v Xuan Yi Xiong[1], a tenant of domestic premises for a two-year tenancy sought to terminate the tenancy agreement on the ground that the tenancy agreement was frustrated by the outbreak of Severe Acute Respiratory Syndrome ("SARS"). In particular, the tenant rel...
With many tenant businesses shut down suddenly due to COVID-19, a REIT may agree to provide lease forbearance, including deferral of all or a portion of rent payments through a certain period, or even a partial forgiveness of some rent payments. A REIT must be careful to craft such rent ...
world explore the financial services collection learn about deloitte's services go straight to smart. get the deloitte insights app this time around, the federal government has been quick to act to help alleviate the initial impact of covid-19 on borrowers. the coronavirus aid, relief, and...
or abatement transaction if an integral part of the transaction is a guaranty of repayment (or replenishment of a security deposit) from a principal of the tenant. Additionally, guarantors and tenants are not required to evidence hardship due to COVID-19 as a condition of obtaining relief. ...
The SFC published a circular informing licensed corporations (LCs) that the SFC will defer the introduction of initial margin (IM) requirements for non-centrally cleared over-the-counter (OTC) derivative transactions by one...