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The impact of the COVID-19 pandemic on your commercial real estate business is undeniably unprecedented and significant. Landlords are compelled to revisit their commercial lease to look for provisions that can help them navigate this crisis and defer and abate rent.
However, the deluge of information, shifting situation and legal intervention pose massive challenges in determining what provisions and clauses can be incorporated in order to allay the impact of this pandemic.
While, most of the commercial leases do typically include contingency scenarios or force majeure clause, many other may not have such distinct protective terms. It is true that your legal team can help review such terms to find out the extent of coverage under your current lease. But, the sheer volume of such leases, considering a typical commercial property portfolio size, can be overwhelming to manage and extremely time-consuming. And any delay in activating protective clauses, is something you cannot afford in this situation.
Explore solutions with accurate lease abstractions
Especially now more than ever when time is of the essence having quick access to critical lease information is simply invaluable. By outsourcing lease abstraction services to professionals, you can ensure concise, accurate and structured summary of lease documents in a format that is easily understandable.
Commercial real estate leases are complex to begin with and need experts who can quickly understand the terms of the lease and extract critical information from the agreement. This is even more crucial at a time when you are looking at invoking remedies under contingency provisions for various leases or a single property with multiple tenants. Rather than wasting your time going through thousands of pages and reviewing, exploring and extracting the terms from each of several such leases, you can choose to rely on a lease abstract service provider. They can provide consistent summary that will make it easier for you and your team to quickly analyze the force majeure provisions and negotiate effective resolutions.
Engage with real estate service providers
As we continue to figure out ways to navigate these uncharted waters, collaborating with professional service providers and other partners will be key to optimizing time, effort and outcome. Lease abstraction, under a normal circumstance, plays critical role in ensuring property portfolio performance and maintaining good tenant relationship. Therefore, it is obvious that, when landlords are inherently turning to their lease agreements to find relevant, speedy and effective solutions, quick access to the right information and knowledge is simply indispensable.
At Springbord, we remain committed to our clients and stakeholders. While adopting safety first approach, we have activated business continuity plans to ensure we remain trusted and steadfast real estate services providers. As we try to go through this period of uncertainty together, we are here to support you and deliver reliable lease management services. With mutual reliance we can overcome this hurdle together. Talk to us to find out how.
