Can My Commercial Landlord Lock Me out During the COVID-19 Pandemic?
With the COVID-19 crisis upon us and New Jersey businesses shuttered, many commercial tenants suddenly find themselves deprived of the ability to pay their rent. By order of Governor Murphy, there is a moratorium on residential evictions and foreclosures in New Jersey. Commercial tenants, however, are not subject to the moratorium.
By order of the New Jersey Supreme Court, because of the COVID-19 pandemic, civil trials are suspended until further notice and landlord/tenant calendars are suspended through April 26th. This doesn't mean that your landlord can't file an eviction action, it simply means that their matter will not be heard as promptly as they would have prior to the COVID-19 crisis. As of this writing, there are many unknowns as to how the crisis will develop and what its impact on the courts may be. This may prompt some landlords, strapped for cash, to try and evict a tenant without the aid of the court. To the complete article..
March 30th, 2020 | Authors: Timothy P. McKeown
New products address a variety of emerging needs.. When rent is overdue!
Another door opener is coverage that actually protects the owners of said doors. Rent default coverage is designed to help commercial investors recoup lost rental income. It's a newer market in the U.S., having been a fairly common product abroad for decades... Read more...
December 02 12:22 2019
Rough Note Magazine by Lori Widmer
What Landlords Need to Know About Eviction, Lender Talks, and Rent Concessions
Whether tenants' default on their lease, due to non-payment of rent, is related to a change in industry conditions, over expansion, unanticipated events, or a downturn economy where it becomes no longer financially viable for a commercial tenant to continue its operations at the leased property, financial impact can be severe when a tenant defaults.
Businesses cannot access their business interruption insurance in a pandemic, making it difficult for commercial tenants to insure against not being able to use the premises to run their businesses to fund rent.
Property owners are facing more delinquent renters and requests for rent concessions than they have seen in recent years. That trend isn't likely to change anytime soon, as stringent governmental measures are taken to slow the spread of COVID-19.... Read more...
Commercial Real Estate Rent Default Insurance (CRERDI®)
The Cheesecake Factory Tells Landlords Across the Country
It Won't Be Able to Pay Rent on April 1..
The chain restaurant says closed dining rooms and “extraordinary events” are the reason for not paying rents.
In these unprecedented times, there are many factors that are changing on a daily basis given governmental regulations and landlord decisions to close properties. We have to take both into consideration in terms of understanding the nature of our rent obligations and with respect to managing our financial position. We have very strong, longstanding relationships with our landlords. We are certain that with their partnership, we will be able to work together to weather this storm in the appropriate manner... ... Read more...