Restaurant Leases and Basics of Commercial Leases: Practical negotiating and drafting skills, locations factors and intended use (Office, Retail or Storage Leases)
Jodi B. Rich
Ulmer & Berne LLP
Jodi Rich is an attorney in the Cleveland office of Ulmer & Berne LLP. She practices in the area of real estate law, where she represents buyers and sellers in the acquisition, sale, and development of shopping centers as well as landlords and tenants in commercial real estate leases.
Garfield & Hecht
Ron, along with Andy Hecht, is a founding partner of Garfield & Hecht, which first opened its doors in 1975 and has maintained an unwavering commitment to helping clients traverse the complicated legal landscape.
On-Demand:October 27, 2022
$195.002 hour CLE
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Session I – Rethinking Restaurant Leases – Jodi B. Rich
This session will discuss how the pandemic and the aftershocks from the pandemic have affected restaurants in general and various types of restaurants specifically. Now that restaurants are generally not being closed due to COVID precautions, there are several factors presenting challenges as well as opportunities for the industry. In addition, attendees will learn about specific lease provisions and determine if any provisions require a make-over for the post-COVID world, as well as what success tenants have had in requesting these changes.
Key topics to be discussed:
Inflation and how it affects rent, CAM, and pricing of menu items
Staffing and how it is affecting product offerings and operations
New restaurant development/completing construction work
Opportunities (available real estate, ghost kitchens, creative concepts)
Session II - Basics of Commercial Leases: Practical negotiating and drafting skills, locations factors and intended use (Office, Retail or Storage Leases) – Ronald Garfield
This presentation will address the basics of commercial leasing. The practitioner will learn practical negotiating and drafting skills, whether their client is a small “mom-and-pop” tenant or a national landlord developing or re-tenanting malls, lifestyle centers, or prime stand-alone AAA centers. Commercial leases can range from a pop up of just a few hours, to a few months, all the way to a ground lease of 75 years or more. The longer the term, the more of the landlord’s underlying fee interest is consumed by the leasehold estate. Negotiations require an understanding of the relative economic bargaining power of the parties. Factors such as location and intended use are critical to consider, whether you are handling office, retail, or even storage leases.
This session will address situations where intended use of the leased premises can be a limiting factor. For example, some landlords will not rent to a cannabis retail store due to conflicting state and federal laws, and because some banks refuse to lend to buildings with cannabis tenants. Learn to avoid common errors, such as relying on someone else’s lease form without thorough review and consideration of each provision, including the so called ‘boilerplate’. This presentation will introduce attendees to all these considerations and provide a foundation for basic commercial lease drafting and negotiation skills.
Key topics to be discussed:
Practical negotiating and drafting skills
Factors such as location and intended use are critical to consider
Use of the leased premises can be a limiting factor
Learn to avoid common errors
Date: October 27, 2022
Jodi B. Rich | Ulmer & Berne LLP
Jodi Rich is an attorney in the Cleveland office of Ulmer & Berne LLP. She practices in the area of real estate law, where she represents buyers and sellers in the acquisition, sale, and development of shopping centers as well as landlords and tenants in commercial real estate leases. Rich also represents buyers and sellers in various commercial real estate acquisitions and sales, including properties with unique circumstances such as environmental contamination.
She frequently represents clients completing 1031 exchanges and assists both lenders and borrowers in negotiating loan documents. Rich has negotiated transactions involving distressed properties, including assisting clients navigating through deals involving the foreclosure of real property. She earned her B.A. degree, cum laude, from The George Washington University, and her J.D. degree, magna cum laude, from Case Western Reserve University School of Law.
Rich is a member of the American, Ohio State, and Cleveland Metropolitan bar associations. She serves as vice chair of the Board of the Cleveland Restoration Society and serves on the board of trustees for Park Synagogue. She is a frequent speaker on real estate topics, specifically restaurant and retail leasing.
Ronald Garfield | Garfield & Hecht
Ron, along with Andy Hecht, is a founding partner of Garfield & Hecht, which first opened its doors in 1975 and has maintained an unwavering commitment to helping clients traverse the complicated legal landscape. Ron is the managing shareholder of Garfield & Hecht, which has six locations on the Western slope and a front range office at the Denver Tech Center. Ron remains active in various practice areas by representing individual and corporate clients, including several banks, and he also oversees Garfield & Hecht’s opinion letter practice.
In addition to representing both landlords and tenants in negotiating retail, office and residential leases, Ron has authored covenants and declarations for a variety of developments from duplexes to planned urban developments (PUDs) and even high–end subdivisions such as Wildcat Ranch near Aspen.
Banks and private lenders trust in Ron’s representation for their lending activities, as well as the restructure of non-performing loans and, where needed, collection activity including foreclosures and UCC sales. Ron has represented both purchasers and sellers in a variety of real estate transactions including fractional ownership, single-family residences, duplexes, commercial properties, hotels, farm, and ranch lands, as well as parcels earmarked for development. He has also represented buyers and sellers of businesses, including stock and asset sales with and without leverage.
Ron has authored helpful articles on the Garfield & Hecht website for clients and potential clients including Purchasing Mountain Property, Renting Mountain Property, and Selling Mountain Property.
Session I – Rethinking Restaurant Leases | 12:50pm – 1:50pm
Inflation and how it affects rent, CAM, and pricing of menu items | 12:50pm – 1:05pm
Staffing and how it is affecting product offerings and operations | 1:05pm – 1:20pm
New restaurant development/completing construction work | 1:20pm – 1:35pm