Guidance on Commercial Leases During the Pandemic

The COVID-19 pandemic has significantly affected the ability of nonprofit organizations in New York City (and across the United States) to operate in the ordinary course. Governmental restrictions (including orders that non-essential businesses keep their workforces out of the workplace) and a host of changing economic conditions threaten the liquidity and viability of many of those organizations. Among other things, organizations have had to weigh the decision to abandon the premises they lease or to withhold rent due to their landlords. Peter Borock and Salvatore Gogliormella, from the Real Estate Department at Paul, Weiss, will highlight certain actions that commercial tenants suffering hardship as a result of the pandemic should consider taking, as well as certain factors they should take into account in doing so. Topics include whether tenants can cancel their leases or pay less rent during the pandemic, what landlords can do if tenants default, and whether tenants can negotiate accommodations with their landlords.

Please note that this is a free webinar, but space is limited and you must register by 4:00 pm on Wednesday, May 6.

Learning Objectives: Participants will learn what to look for in a commercial lease to determine the best next steps to take during times of economic strain and will learn the ramifications of withholding rent or terminating early as opposed to negotiating revised lease terms with a landlord.

For nonprofit executives, managers and board members.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has been certified by the New York State Continuing Legal Education Board as an accredited provider of continuing legal education. Attendees may earn New York State continuing legal education credit for participating in this program. CLE credit will be offered to both newly admitted and experienced attorneys.

Presenters: Salvatore Gogliormella, Esq. and Peter Borock, Esq. of Paul, Weiss presented for New York Lawyers for Public Interest and Lawyers Alliance for New York