[WSBARP] default clause in commercial lease
Jodi Bourg
jlbourg at comcast.net
Thu Mar 13 13:57:18 PDT 2014
Thanks to you both, Patrick and Lisa.
_____
From: "Patrick F. Hussey" <phussey at AndersonHunterLaw.com>
To: wsbarp at lists.wsbarppt.com
Sent: Thursday, March 13, 2014 1:49:45 PM
Subject: RE: [WSBARP] default clause in commercial lease
While you can put such a default clause in the commercial lease – and most
have them – keep in mind that if the lessee files bankruptcy/other type of
insolvency, and wants to cure the default and assume/assign the lease,
these types of clauses are not enforceable; called ipso facto clauses.
See 11 USC 365 (b)(2), part of the Bankruptcy Code dealing with executory
contracts and leases.
Patrick F. Hussey | Anderson Hunter Law Firm
2707 Colby Avenue, Suite 1001 | Everett, WA 98201
Phone: (425) 252-5161 ext. 102 | Fax: (425) 258-3345
phussey at andersonhunterlaw.com | www.andersonhunterlaw.com
<http://www.andersonhunterlaw.com/>
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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Jodi Bourg
Sent: Thursday, March 13, 2014 1:42 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] default clause in commercial lease
But you provide an opportunity to cure the default, don't you? The form
I'm looking at right now has nothing in it regarding Lessee's ability to
cure.
_____
From: "Lisa Schuchman" <lisa at lisaschuchman.com>
To: wsbarp at lists.wsbarppt.com
Sent: Thursday, March 13, 2014 1:37:57 PM
Subject: RE: [WSBARP] default clause in commercial lease
Jodi,
I’ve usually seen it in commercial leases. I usually add failure to pay
to declare default, not just bankruptcy, etc.
Lisa E. Schuchman
206-325-2801
www.lisaschuchman.com <http://www.lisaschuchman.com/>
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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Jodi Bourg
Sent: Thursday, March 13, 2014 1:35 PM
To: WSBARP Listserv
Subject: [WSBARP] default clause in commercial lease
Listmates,
Has it become standard for a default clause in a commercial lease to
include a lessee's filing bankruptcy, insolvency or liquidation as an
event of default?
Thanks.
Jodi Bourg
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