Adam Leitman Bailey, P.C. was hired to negotiate a lease for commercial retail space involving a deli chain restaurant that would prevent a defaulting tenant from being able to delay eviction. The lease drafted and negotiated by Adam Leitman Bailey, P.C. contained a liquidated damages provision as well as a chronic nonpayment provision that would discourages the tenant from defaulting under the lease. The lease also strictly limited its ability to obtain injunction relief and reduced the cure periods upon a default.
The tenant defaulted in the payment of rent, among other things, at the inception of the lease term. In order to give the tenant a second chance despite the lack of a cure period in the lease, in a series of two negotiated settlement agreements, Adam Leitman Bailey, Esq., compelled the tenant to give up its rent concession amounting to over $330,000 and pay over $27,000 in attorneys’ fees. Shortly thereafter, the commercial tenant failed to make the next rent payment and had completed alterations without the landlord’s permission. Within three weeks, the landlord regained possession of the space by evicting the tenant demonstrating the strength of the commercial lease drafted by the landlord’s attorneys.
Adam Leitman Bailey represented the property owner in this matter.