Navigating coronavirus: Considerations for rent modifications in the U.S.

As people across the country practice social distancing and are increasingly being asked to shelter-in-place in response to the coronavirus pandemic, Americans are drastically reducing visits to commercial real estate spaces. The effect that this has had on tenants that rely upon such visits to generate income has been severe and immediate. As a result, many tenants and landlords are struggling to deal with cash flow shortages.

We have received numerous inquiries from landlords, tenants, and lenders requesting legal guidance for structuring rent modifications for commercial tenants that are suffering from the economic hardships caused by the pandemic. In discussing these issues with our clients, we have identified the following items for consideration for landlords and lenders prior to approving any rent modifications with tenants.

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