Stark & Stark Shareholder Jerry A. Nelson, member of the Commercial, Retail & Industrial Real Estate Group, authored the article “Landlord Wins Insurance Payment Due to Lease,” which was published on October, 9 2014 in the Mid Atlantic Real Estate Journal.
The article discusses the importance of drafting up good leases. He references the recent case In Re Amiel Restaurant Partners, LLC, 13-23866 (2014), where a landlord won the right to an insurance payment. Due to a properly prepared lease, the Court found that “the landlord’s right to recover the premises with its contents at the termination of the lease affords the landlord ‘a reasonable expectation of deriving pecuniary benefit from the preservation of the property’ and therefore an insurable interest in property for which it had been endorsed on the flood insurance policy as an additional insured.”
Mr. Nelson then discusses three essential questions to address in order to properly prepare a good lease.
You can read the full article in the Mid Atlantic Real Estate Journal, Volume 26 Issue 18.