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Amendments to the Commercial Building Lease Protection Act

November 2013 - Real Estate & Property. Legal Developments by Shin & Kim.

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Amendments to the Commercial Building Lease Protection Act (the "Act", and as amended, the "Amended Act") were promulgated on August 13, 2013.

 The purpose of the amendments is to further protect commercial tenants (i.e., through provisions for renewal rights for large tenants, limitation on landlord's right to refuse renewal requests, preservation of priority in assigned lease deposit repayment claims, increased maximum repayment to small tenants, and new rate for conversion of lease deposit into monthly rent). The Amended Act will be applicable to a lease agreement newly entered into or renewed after August 13, 2013 (with certain exceptions).



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