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Attention Commercial Landlords!
As we navigate the ever-evolving field of real estate law, our team is here to ensure you stay informed and prepared. Today, we're shedding some light on a critical aspect of commercial leases – the language that shapes them.
In legal disputes, the specific wording of your commercial lease can be a game-changer. Notably, the language regarding the mitigation of damages has a profound influence on outcomes. Unlike residential leases, commercial leases are not subject to statutory control that might override terms deemed inequitable. Instead, parties are bound by the exact language of their agreement, no matter how it might prove disadvantageous later.
Remember, a commercial landlord has no common law or statutory obligation to mitigate damages. This means, should a tenant default, you as the landlord are not legally required to take steps to lessen potential damages, such as re-letting the premises quickly.
The language of the lease controls everything. So, we recommend that commercial landlords consider including explicit terms outlining that:
- The tenant is not entitled to any rents from re-letting.
- There's no limit or exclusion to recover the maximum amount allowed as damages.
- Landlord may be entitled to any sums or damages in addition to the damages set forth in a specified lease section.
A well-drafted lease not only defines the relationship between landlords and tenants, but also provides landlords with legal protection. Remember, you're bound by the language you adopt in the agreement, so ensure it reflects your best interests.
Please reach out if you'd like to discuss ways to protect your rights and financial interests as a commercial landlord. Our team of real estate lawyers is always ready to help at 754-332-2101.
