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The Lay of the Land DEVELOPMENTS IN CANADIAN REAL PROPERTY LAW

Tag Archives: lease review

Be Careful What You Sign — It May Come Back to Haunt You: Estoppel Certificates and their Effect

Posted in Policy

Tenants are routinely requested by landlords to execute estoppel certificates in favour of purchasers or lenders as to the status of their leases. Most tenants ensure there are no ongoing performance defaults (such as a failure to repair) or monies owing by the landlord (such as for year-end adjustments).  How many tenants review their lease carefully before signing?… Continue Reading

Picturing The Lender as Landlord – Key issues for a lender to consider in a lease review

Posted in Commercial, Residential

There is no one-size-fits-all approach to the scope and level of scrutiny a mortgage lender brings to a lease review. Leases are complex commercial arrangements and lenders invariably face trade-offs between the time and expense of a thorough review and understanding the bundle of rights and obligations that make up a key driver of the value of their collateral. A lender’s lease review will look a lot like a purchaser’s, except that instead of stepping into the landlord’s shoes immediately, it must contend with uncertainty about if and when it will ever have to take over the lease and the … Continue Reading