Cotenancy provisions grant rights and remedies to tenants when certain requirements are not satisfied by their landlords or other tenants in a shopping center. Many such rights and remedies in retail leases were triggered during the “Great Recession,” when consumer spending weakened and vacancies rose. This had a devastating domino effect on some retail landlords, because the termination of one lease triggered remedies under other leases, such as termination rights and reduced rent. Many properties became subject to receivership, foreclosure and forced sales at distressed prices, partly as a result of these remedies being exercised. Retail landlords must learn from these experiences and utilize that knowledge in negotiating and drafting cotenancy provisions in future leases.
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