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<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">Take care,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">Ben Wilson<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none">Benjamin E. Wilson, Esq.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none">Associate Corporate Counsel<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none">The Viera Company<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none">7380 Murrell Road, Suite 201<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none">Viera, FL 32940<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none">(321) 242-1200, Ext. 4501<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none">Email:
</span><a href="mailto:benjamin.wilson@viera.com"><span style="font-size:11.0pt;color:#0563C1;mso-ligatures:none">benjamin.wilson@viera.com</span></a><span style="font-size:11.0pt;color:#1F497D;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;mso-ligatures:none">From:</span></b><span style="font-size:11.0pt;mso-ligatures:none"> landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org>
<b>On Behalf Of </b>RPPTL Real Estate Leasing Committee<br>
<b>Sent:</b> Monday, September 18, 2023 9:46 AM<br>
<b>To:</b> landten@lists.flabarrpptl.org<br>
<b>Subject:</b> [RPPTL Leasing Committee] Self-Insurance for Windstorm<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal" style="mso-line-height-alt:.75pt"><span style="font-size:1.0pt;color:white">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 <o:p>
</o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">Need some creative input.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Have a commercial Landlord whose leases require windstorm insurance.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Thanx for any input.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">Les H. Stevens, Esquire<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">Les H. Stevens, P.A.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">5301 North Federal Highway<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">Suite 130<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">Boca Raton, Florida 33487<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">Tel: 561-989-9797<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">Fax: 561-989-8484<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none">E-Mail: </span>
<a href="mailto:lesstevens@earthlink.net"><span style="font-size:11.0pt;mso-ligatures:none">lesstevens@earthlink.net</span></a><span style="font-size:11.0pt;mso-ligatures:none"><o:p></o:p></span></p>
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