Landlord and Tenant Rights and Remedies After Default (Commercial Lease) (NY)
Landlord and Tenant Rights and Remedies after Default (Commercial Lease) (NY) Go to: Importance of Lease Terms | Tenant Defaults | Landlord Remedies | Tenant Defenses | Common Landlord Defaults | Tenant Remedies | Bankruptcy Considerations | Voluntary Surrender (Agreement for Early Termination) Current as of: 03/03/2020 This practice note discusses default and remedy provisions that are commonly included in commercial leases in New York focusing on office, retail, and industrial leases. This note also addresses recent changes to the law pursuant to New York's Housing Stability and Tenant Protection Act of 2019 (2019 Act), bankruptcy provisions in commercial leases, and early lease termination via use of a voluntary surrender agreement. Specialized leases involving leasehold mortgages and ground leases vary widely and usually include complex, deal-specific provisions, and requirements. This practice note does not address the unique situations these leases present, but instead concentrates on the defaults, remedies, and defenses that often arise in commercial lease disputes, through the lens of New York law. For further guidance on negotiating commercial leases, see Commercial Real Estate Leasing (NY), Office Lease Agreement, Retail Lease Agreements, and Industrial Lease Agreements. For commercial lease forms, see Office Lease Agreement (Short Form) (NY), Office Lease (NY), Retail Lease Agreement (Long Form) (NY), Residential Lease Agreements (NY), and Retail Lease Agreement (Short Form) (Pro-Landlord) (NY). See 4 NY Practice Guide: Real Estate §§ 27.01–27.04 for information on rights and liabilities of landlords and tenants in commercial leases in New York. Importance of Lease Terms In New York, commercial leases are governed by the same rules that apply to contract interpretation generally and by statute, including N.Y.
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