On this episode of “Terra Firma: Conversations on Commercial Real Estate,”Stacey C. Tyler and Stephen Tanico continue their term sheet series, this time focusing on lease deals and the value of attorney review prior to signing a term sheet in order to save time, money, and—potentially—risk. The lawyers describe where they often find term sheets lacking, such as with terms of guarantee, renewals, and the right to terminate early; they emphasize the importance of long-term planning for the future, as properties age and require expensive maintenance and repair; and they reiterate the importance of having both a brokerage and a legal team well acquainted with your particular asset class and location.
Speakers:
Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice
Stephen Tanico, Counsel, Real Estate