Are you amending your commercial lease due to COVID-19?
Greetings All,
I'm looking for some feedback from the Ohio investor community as to whether you are documenting a change or disruption in terms of your commercial lease due to COVID-19. If so, what types of terms are you incorporating into such an amendment? Thanks in advance.
Steve
#5 Medium-Term Rentals Contributor
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- Youngstown, OH
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#5 Medium-Term Rentals Contributor
- Lender
- Youngstown, OH
Not commercial, but I'm considering it and would like to see the responses you receive. I don't know if landlords in general need to because a good lease should really cover any event. At the very least, I don't think I'll ever be able to look at an application again without asking myself if their job is pandemic-proof.
In my recent experience, I've seen amendments to leases drafted to memorialize changes in certain business terms or concessions by the Landlord due to COVID-19 i.e. the Tenant paying certain months' rent in installment payments over the term of the Lease or Landlord concessions being contingent upon the Tenant obtaining relief from the SBA program.
