[RPPTL Leasing Committee] Fwd: Self-Insurance for Windstorm

Wed Sep 20 15:35:44 PDT 2023

Adding the commercial listserv to this thread in case there is further
input.

As an aside, I have received some emails re. Why do I receive emails
twice from the Landlord Tenant listserv? This is because we have two lists
and you may be on both of them. We will try to clean up our lists this year
to correct the double email issue and determine if perhaps one list would
be better.

Kristen King Jaiven, Esq.
Kristen King Jaiven, Lawyer, PLLC
Cell: 407-590-9686
www.kkjlawyer.com
Email: Kristen at kkjlawyer.com
LinkedIn: https://www.linkedin.com/in/kristen-n-king-jaiven-esq-/

---------- Forwarded message ---------
From: RPPTL Real Estate Leasing Committee <landten at lists.flabarrpptl.org>
Date: Mon, Sep 18, 2023 at 1:22 PM
Subject: Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm
To: <landten at lists.flabarrpptl.org>

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: 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:  benjamin.wilson at viera.com

*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 9:46 AM
*To:* 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: 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.

_______________________________________________
landten mailing list
landten at lists.flabarrpptl.org
http://mailman.fsr.com/mailman/listinfo/landten

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