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ARTICLE · 23 FEBRUARY 2009

Commercial Leasing Tip Sheet: Issues That Arise When A Default Either Has Or Is About To Occur Under The Lease

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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Given gloomy economic forecasts for 2009, we are likely to see more situations where some tenants may wish to cease operations either temporarily or permanently.

CanadaReal Estate and Construction
Brennan Carroll
Brennan Carroll
Richard Manias
Richard Manias
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Given gloomy economic forecasts for 2009, we are likely to see more situations where some tenants may wish to cease operations either temporarily or permanently. Situations will arise where some tenants fail to pay rent or meet other obligations. Landlords and tenants must be aware of the legal ramifications of their next steps. This Alert sets out for landlords and tenants typical issues that arise and pitfalls to be avoided.

  • Rights And Obligations Under The Lease Triggered On Default – Leases usually contain a default and remedies section, but there are also covenants and rights throughout the lease that could be relevant. For example, administrative charges for late or non-payment of rent, as well as the interest rate on overdue rent are usually included in the rent clause rather than the default clause. Accordingly, landlords and tenants must consider the whole lease to ensure a thorough understanding of any potential issues that could arise at the time of a

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