[RPPTL LandTen] Question Needing Guidance

[Neil B. Shoter]

Would seem to depend on how the lease characterizes the "Tenant" for purposes of that provision - But I would think that this would not be a "vacation" since the lease continues. Besides, the purpose of the repayment of unamortized TI's would be a result of a shorter term occurring due to an early vacation and the Landlord not getting the benefit of the full rent stream for the term.  If he assigns, purportedly the rent will continue to be paid under the lease for the remaining term and the landlord would get the benefit of his bargain.

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Neil B. Shoter
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________________________________
From: landten-bounces at lists.flabarrpptl.org [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of lesstevens
Sent: Monday, March 14, 2011 4:53 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Question Needing Guidance

I have a Lease which provides that if the Tenant vacates within the first 10 years of the Lease it will re-pay to the Landlord the unamortized Tenant Improvements.

The Tenant is selling its assets and assigning the Lease with Landlord's approval.

Based upon these limited fact...is the assignment of the Lease a "vacating" by the Tenant which would trigger the re-payment obligation?

Thanx for any input.


Les H. Stevens, Esquire
Les H. Stevens, P.A.
5301 North Federal Highway
Suite 130
Boca Raton, Florida 33487
Tel. - (561) 989-9797
Fax - (561) 989-8484
E-Mail - lesstevens at earthlink.net

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