[WSBARP] Long term lease

[nestor at pplsweb.com]

These laundry room leases are notoriously "evergreen" leases and most owners
who sign them have no idea what they signed. The laundry companies also
fight them tooth and nail.

Look into performance and if they have been properly paying your client's
share. Definitely check the title policy and see if a claim can be filed. 

 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

 

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of Chris B
Sent: Monday, December 16, 2019 10:55 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Long term lease

 

One of my clients owns an apartment building for the past 10 years.  He says
he had no knowledge that there was a recorded lease from a laundry company
that dates back to 1989. The lease was for a 10 year term, and then
automatically renewed for additional 10 year terms.  Client says he just
thought it was a MTM agreement (although since it was recorded, I question
that).  It just started a new 10 year term. Of course, he wants out of it.

 

Some of the basic formalities of the lease seem to be present (notarized
signature of the former owner, recorded), but interestingly enough, no legal
description.

 

I am having my client check on whether it showed up on title when he bought
the building.

 

Any ideas on avoiding the lease?

 

Chris Benis

Hecker, Wakefield & Feilberg, P.S.

321 First Avenue West, Seattle, WA  98119

206.447-1900 office - 206.447.9075 fax - www. heckerwakefield.com  

 

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