COVID-19 and Commercial Real Estate

While the health and safety of the US populace is of primary concern, the economic and legal implications of COVID-19 have already proven to be significant, particularly in the commercial real estate context. Mandated closures have left landlords and tenants concerned about the enforceability of lease obligations (especially with respect to the obligation to pay rent); purchasers and sellers concerned about meeting the timelines set forth in contracts of purchase and sale and the logistics of closing; borrowers and lenders concerned about the fulfillment of loan obligations; and builders and owners concerned about timely completion of construction projects. KMK stands ready to advise clients on these areas of concern. We have provided a brief article summarizing legal considerations relevant to the application of force majeure clauses in the real estate context and potential application of impossibility of performance and like defenses in the absence of contractual force majeure provisions.   

KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.

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