AboutMike Fortunato Expertise Can answer questions on all aspects of commercial real estate management, including lease administration, eviction issues, financial reporting and budgeting, asset valuation/enhancement, marketing & leasing, and site maintenance and repairs. 20+ years of real estate management.
Experience 20+ years in commercial management. Current own and operate property management company in southern California.
Question In May 2004 I signed a seven year lease to open and operate a convenience store/gas station. In December 2006 there was a fire that completely destroyed the inside of the store. My lease states that in case of a fire the landlord will restore the building in a timely manner. As of July 2007 no work has yet to be started to repair the building. Can you give me any options I might have concerning the Lease?
Answer Sounds to me like you need the advice of a real estate attorney, especially if the lease isn't clear on this issue. Normally, commercial leases will include a section called Damage and Destruction (or similar) which provides for the landlord and tenant responsibilities and the timing of the required actions. Without being able to review the lease, it's impossible for me to know what your options might be. But again, I strongly advise checking with an attorney.
