[RPPTL Leasing Committee] Self-Insurance for Windstorm

[RPPTL Real Estate Leasing Committee]

Thanx, Ben.

 

 

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:  <mailto:lesstevens at earthlink.net> lesstevens at earthlink.net

____________________________________________________________________________
_ 

OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE
RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).

 

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX.
Always call to verify

 

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED
THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE
IMMEDIATELY.

 

 

 

From: landten-bounces at lists.flabarrpptl.org
<landten-bounces at lists.flabarrpptl.org> On Behalf Of RPPTL Real Estate
Leasing Committee
Sent: Monday, September 18, 2023 1:09 PM
To: landten at lists.flabarrpptl.org
Subject: Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm

 

Good afternoon Lee.  My company ran into that situation with a few very
large, well-financed retailer in a ground lease.  Our leases were with the
corporate parent companies, not SPE affiliates.  The compromise for casualty
insurance coverage was that the tenant had to maintain an agreed upon value
of liquid cash assets and an overall minimum net worth, as verified in its
certified quarterly financial reports.  In another scenario, we had a
well-financed tenant agree to the letter of credit scenario you mentioned
below.

 

Take care,

Ben Wilson

 

Benjamin E. Wilson, Esq.

Associate Corporate Counsel

The Viera Company

7380 Murrell Road, Suite 201

Viera, FL 32940

(321) 242-1200, Ext. 4501

Email:   <mailto:benjamin.wilson at viera.com> benjamin.wilson at viera.com

 

From: landten-bounces at lists.flabarrpptl.org
<mailto:landten-bounces at lists.flabarrpptl.org>
<landten-bounces at lists.flabarrpptl.org
<mailto:landten-bounces at lists.flabarrpptl.org> > On Behalf Of RPPTL Real
Estate Leasing Committee
Sent: Monday, September 18, 2023 9:46 AM
To: landten at lists.flabarrpptl.org <mailto:landten at lists.flabarrpptl.org> 
Subject: [RPPTL Leasing Committee] Self-Insurance for Windstorm

 

Need some creative input. Have a commercial Landlord whose leases require
windstorm insurance. Tenant (multiple locations with Landlord) is trying to
self-insure for windstorm due to the high premiums; however, the Leases do
not provide the 

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Need some creative input.

 

Have a commercial Landlord whose leases require windstorm insurance.

 

Tenant (multiple locations with Landlord) is trying to self-insure for
windstorm due to the high premiums; however, the Leases do not provide the
Tenant the right to self-insure. The Leases state that if Tenant fails to
obtain insurance, Landlord has the right to place the insurance and charge
back Tenant, or declare a default.

 

The Landlord and Tenant have had a long relationship and wanted to get
creative in alternative ways to meeting the insurance requirement (i.e.
Standby Letter of Credit); however, I wanted to know if anyone else is
running into this issue and what ways they see of solving.

 

As a side fact, the Guarantor of the Lease is financially significant (if
that provides an alternative). Each of the LLC Tenants are separate and
distinct entities under the umbrella of the Guarantor.

 

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:  <mailto:lesstevens at earthlink.net> lesstevens at earthlink.net

____________________________________________________________________________
_ 

OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE
RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).

 

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX.
Always call to verify

 

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED
THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE
IMMEDIATELY.

 

 

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