CREWCREW (Commercial Real Estate Women) Network

  • Founder and inaugural President of the Utah chapter.

ICSC logoICSC (International Council of Shopping Centers)

American BarAmerican Bar Association

  • Vice Chair – Ground Leasing Committee
  • Leasing Group
  • Section of Real Property, Trusts and Estates

bar logoUtah Bar Association

  • Real Property Section - Former officer

Welcome to The Art of Leasing Spotlight Site. Here you will
find frequently updated information on leasing laws, policies, cases and other developments.

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Leases of All Types
Posted on Sep. 6, 2012

As most readers will know, there seems to be a limitless variety of leases, each with its own special concerns and potential pitfalls. Let’s name a few (bearing in mind that terms may overlap – or may describe much the same thing by different names):

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Parties and Payments of All Types
Posted on Sep. 6, 2012

The parties to a lease agreement often are one landlord/lessor and one tenant/lessee. However, it is not unusual for other parties to be involved. For example, there may be guarantors who back up the promises of the parties. The lease may also provide for assignment to an assignee, or for the sublease of a portion of the leased property (or all of the leased property for a part of the term) to a sublessee. There may be a lender to involved in a leveraged lease transaction.

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Allocation of Responsibilities
Posted on Sep. 6, 2012

Parties to a lease often need to address the question of who takes care of what. For example, what type of insurance is required to protect both parties, and who is responsible for maintaining it. Who is to take care of the roof? The parking lot, which will need clearing, striping, new asphalt, etc.? What happens if the chillers break down? Who will receive the tax bill and make sure it is paid? What about liability for injuries on the leased property or in the common areas? A critical area of concern when environmentally hazardous materials will be present is who bears the responsibility for clean-up in the event of a spill or leak? Is there landscaping that must be maintained?  As with the other lease provisions we’ve talked about, there is a great deal of variability from lease to lease as to the matters that must be thought through and taken care of in the lease.

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About Marianne

marianneAttorney Marianne G. Sorensen

As a practitioner in the commercial real estate legal area for a number of years, I’ve often thought that leases should get more respect. While multi-million property purchases take center stage, leases are signed which have the potential to tie up very valuable property rights for very long terms. It’s still somewhat of a rude awakening for me to realize that a lease I am crafting with an initial term of 30 years, for example, and several options to renew for additional lengthy terms, will be likely be in force long after I expire! It’s like legislating for future generations, and the consequences of an ill-drafted lease can be huge.

Please join me as we take an informal look at leasing in general, then work our way towards specific lease situations and drafting issues. I welcome your input here, on LinkedIn and on Twitter.  Here’s to the Art of Leasing!