Force Majeure, Escrow Terms and Rent Deferral –
What You Need to Know Now
As all of us continue to adapt to the changes brought on by the Coronavirus, AIR CRE is being very proactive in its efforts to gather and provide you with the resources you need to best serve your clients.
The three issues I’ve been asked about most often during the past two weeks are, 1) potential delays of purchase transactions that are currently in escrow, 2) tenant’s and landlord’s rights relative to Coronavirus and 3) whether or not Force Majeure language in a lease applies to the current situation...
The CARES Act and Federal Reserve Policy:
A Response to COVID-19
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27. It provides economic support for American businesses and individuals affected by the COVID-19 pandemic. The provisions of the $2 trillion spending measure are wide-ranging and involve relief for tenants and owners of commercial real estate. Following is a summary of the law’s implications for stakeholders across the major commercial real estate property types.
Government Links
CDC https://www.cdc.gov/
White House https://www.whitehouse.gov/
FEMA https://www.fema.gov/
SBA https://www.sba.gov/
CA.GOV https://covid19.ca.gov/
AZ.GOV https://az.gov/
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