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714: Eric Bernheim on 9 Strategies to Resolve Landlord-Tenant Relations

Restaurant Unstoppable with Eric Cacciatore

Release Date: 05/14/2020

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Restaurant Unstoppable with Eric Cacciatore

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More Episodes

Eric Bernheim is a partner at Halloran Sage law firm where he skillfully leads his clients through complex real estate transactions. His practice includes transactional work, zoning, land use, and commercial leasing matters focusing on representing restaurant operators interested in expanding throughout the country.   With over a decade of experience, Eric’s solid understanding of commercial and residential real estate matters provides his clients with peace of mind and confidence.

Check out Coronavirus Chronicle #31 with David Denny as mentioned in today's episode.

Show notes…

Calls to ACTION!!!

Favorite success quote or mantra:

  • "Leading our clients to find the best path forward."

In today's episode with Eric Bernheim we will discuss:

  1. Can you pay rent? If you can, you should.
  2. Triple net only
  3. Security deposits
  4. Abatement
  5. Forbearing rent extending terms
  6. Condemnation provision
  7. Environment provision
  8. Landlord defaults
  9. Force majeure

Leasing Issues

  • How does COVID-19 affect my obligations under my lease?
  • So if my lease doesn’t get me out of paying rent, what should I do?
  • What should I do if I have not paid rent and my landlord has sent me a default notice?
  • Can my landlord evict me for nonpayment of rent?
  • Is my landlord in default of its lease obligations?

General guidance to help restaurants evaluate their options and work out solutions.

With certain important exceptions, leasing parties should exercise patience, restraint, and consider practical short-term workouts only.

The most practical approach is for landlords and tenants to focus on addressing key issues over the short-term through a lease amendment or forbearance agreement (Short-Term Workouts), such as:

  • Rent Relief
  • Rent Repayment
  • Tenant Assurances and Reporting and Landlord Forbearance
  • Modification of Operating Clauses, Etc.: .
  • Third Party Consents:

Does Force Majeure help?

The ability of leasing parties to enter into Short-Term Workouts will depend on their evaluation of a number of critical legal, practical, and financial issues:

  • Tenant’s Short-Term Outlook or Business Plan.  If occupancy is restricted to 25%, what next?  
  • Access to Government Relief Programs. – do they help restaurants?
  • Landlord Ability to Recover Leased Space.
  • Landlord Ability to Prepare and Fit-out Premises for Reletting.

Today's sponsor:

Restaurant365 is a cloud-based, all-in-one, restaurant-specific accounting and back-office platform that seamlessly integrates with POS systems, payroll providers, food and beverage vendors. It generates accurate real-time reporting and analysis in user-friendly dashboards, facilitating immediate, data-driven decision making. Restaurant365 eliminates manual, error-prone processes and is designed to help restaurant businesses grow with functionality that helps optimize labor costs, reduce food costs and increase revenue.

 

Toast - A POS built for restaurants by restaurant people Adapt fast with Toast's cloud-based restaurant POS system that updates to evolve your POS along with changing industry trends and guest expectations. Toast is built exclusively for restaurants of all shapes and sizes, with over 2/3 of our employees having restaurant experience to serve you better. Online Ordering - Let guests easily order directly from your restaurant for pickup or contactless delivery to keep revenue flowing during these uncertain times. Toast Delivery Services Dispatch local drivers through an on-demand network to keep your community fed and revenue coming in.

Contact info:

Website: www.halloransage.com

LinkedIn: Eric Bernheim

Thanks for listening!

Thanks so much for joining today! Have some feedback you’d like to share? Leave a note in the comment section below!

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Huge thanks to Eric Bernheim for joining me for another awesome episode. Until next time!

 

Restaurant Unstoppable is a free podcast. One of the ways I'm able to make it free is by earning a commission when sharing certain products with you. I've made it a core value to only share tools, resources, and services my guest mentors have recommend, first. If you're finding value in my podcast, please use my links!