Empathy List Archives

RR

RPPTL Real Estate Leasing Committee

Mon, Sep 18, 2023 1:46 PM

Need some creative input.

Have a commercial Landlord whose leases require windstorm insurance.

Tenant (multiple locations with Landlord) is trying to self-insure for
windstorm due to the high premiums; however, the Leases do not provide the
Tenant the right to self-insure. The Leases state that if Tenant fails to
obtain insurance, Landlord has the right to place the insurance and charge
back Tenant, or declare a default.

The Landlord and Tenant have had a long relationship and wanted to get
creative in alternative ways to meeting the insurance requirement (i.e.
Standby Letter of Credit); however, I wanted to know if anyone else is
running into this issue and what ways they see of solving.

As a side fact, the Guarantor of the Lease is financially significant (if
that provides an alternative). Each of the LLC Tenants are separate and
distinct entities under the umbrella of the Guarantor.

Thanx for any input.

Les H. Stevens, Esquire

Les H. Stevens, P.A.

5301 North Federal Highway

Suite 130

Boca Raton, Florida 33487

Tel: 561-989-9797

Fax: 561-989-8484

E-Mail: lesstevens@earthlink.net mailto:lesstevens@earthlink.net

_

OUR OFFICE NO LONGER ACCEPTS CASHIER'S CHECKS AT CLOSING. ALL FUNDS MUST BE
RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX.
Always call to verify

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED
THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE
IMMEDIATELY.

Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the Tenant the right to self-insure. The Leases state that if Tenant fails to obtain insurance, Landlord has the right to place the insurance and charge back Tenant, or declare a default. The Landlord and Tenant have had a long relationship and wanted to get creative in alternative ways to meeting the insurance requirement (i.e. Standby Letter of Credit); however, I wanted to know if anyone else is running into this issue and what ways they see of solving. As a side fact, the Guarantor of the Lease is financially significant (if that provides an alternative). Each of the LLC Tenants are separate and distinct entities under the umbrella of the Guarantor. Thanx for any input. Les H. Stevens, Esquire Les H. Stevens, P.A. 5301 North Federal Highway Suite 130 Boca Raton, Florida 33487 Tel: 561-989-9797 Fax: 561-989-8484 E-Mail: lesstevens@earthlink.net <mailto:lesstevens@earthlink.net> ____________________________________________________________________________ _ OUR OFFICE NO LONGER ACCEPTS CASHIER'S CHECKS AT CLOSING. ALL FUNDS MUST BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS). WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX. Always call to verify THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE IMMEDIATELY.

RR

RPPTL Real Estate Leasing Committee

Mon, Sep 18, 2023 5:08 PM

Good afternoon Lee. My company ran into that situation with a few very large, well-financed retailer in a ground lease. Our leases were with the corporate parent companies, not SPE affiliates. The compromise for casualty insurance coverage was that the tenant had to maintain an agreed upon value of liquid cash assets and an overall minimum net worth, as verified in its certified quarterly financial reports. In another scenario, we had a well-financed tenant agree to the letter of credit scenario you mentioned below.

Take care,
Ben Wilson

Benjamin E. Wilson, Esq.
Associate Corporate Counsel
The Viera Company
7380 Murrell Road, Suite 201
Viera, FL 32940
(321) 242-1200, Ext. 4501
Email: benjamin.wilson@viera.com mailto:benjamin.wilson@viera.com

From: landten-bounces@lists.flabarrpptl.org landten-bounces@lists.flabarrpptl.org On Behalf Of RPPTL Real Estate Leasing Committee
Sent: Monday, September 18, 2023 9:46 AM
To: landten@lists.flabarrpptl.org
Subject: [RPPTL Leasing Committee] Self-Insurance for Windstorm

Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the
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Report Suspicious  <https://us-phishalarm-ewt.proofpoint.com/EWT/v1/M63O6Ea0gqfc!oAT4dkfoxTEpSNoa-jhzsXuRvcDoiXxdT1RT8L4jxK_S2_Gomkj-ZFnOGjeiz2sbJ5BRyAqUKEPiTC1KcGuNyZQ1pkVDKHXkx1I8_-Z5g5__RVNagsQLqJU$>   ‌

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Need some creative input.

Have a commercial Landlord whose leases require windstorm insurance.

Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the Tenant the right to self-insure. The Leases state that if Tenant fails to obtain insurance, Landlord has the right to place the insurance and charge back Tenant, or declare a default.

The Landlord and Tenant have had a long relationship and wanted to get creative in alternative ways to meeting the insurance requirement (i.e. Standby Letter of Credit); however, I wanted to know if anyone else is running into this issue and what ways they see of solving.

As a side fact, the Guarantor of the Lease is financially significant (if that provides an alternative). Each of the LLC Tenants are separate and distinct entities under the umbrella of the Guarantor.

Thanx for any input.

Les H. Stevens, Esquire
Les H. Stevens, P.A.
5301 North Federal Highway
Suite 130
Boca Raton, Florida 33487
Tel: 561-989-9797
Fax: 561-989-8484
E-Mail: lesstevens@earthlink.net mailto:lesstevens@earthlink.net

OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX. Always call to verify

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE IMMEDIATELY.

Good afternoon Lee. My company ran into that situation with a few very large, well-financed retailer in a ground lease. Our leases were with the corporate parent companies, not SPE affiliates. The compromise for casualty insurance coverage was that the tenant had to maintain an agreed upon value of liquid cash assets and an overall minimum net worth, as verified in its certified quarterly financial reports. In another scenario, we had a well-financed tenant agree to the letter of credit scenario you mentioned below. Take care, Ben Wilson Benjamin E. Wilson, Esq. Associate Corporate Counsel The Viera Company 7380 Murrell Road, Suite 201 Viera, FL 32940 (321) 242-1200, Ext. 4501 Email: benjamin.wilson@viera.com<mailto:benjamin.wilson@viera.com> From: landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org> On Behalf Of RPPTL Real Estate Leasing Committee Sent: Monday, September 18, 2023 9:46 AM To: landten@lists.flabarrpptl.org Subject: [RPPTL Leasing Committee] Self-Insurance for Windstorm Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the ZjQcmQRYFpfptBannerStart External Email! Use caution when following links as they could open malicious web sites or include attachment files that can contain a virus. Report Suspicious <https://us-phishalarm-ewt.proofpoint.com/EWT/v1/M63O6Ea0gqfc!oAT4dkfoxTEpSNoa-jhzsXuRvcDoiXxdT1RT8L4jxK_S2_Gomkj-ZFnOGjeiz2sbJ5BRyAqUKEPiTC1KcGuNyZQ1pkVDKHXkx1I8_-Z5g5__RVNagsQLqJU$> ‌ ZjQcmQRYFpfptBannerEnd Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the Tenant the right to self-insure. The Leases state that if Tenant fails to obtain insurance, Landlord has the right to place the insurance and charge back Tenant, or declare a default. The Landlord and Tenant have had a long relationship and wanted to get creative in alternative ways to meeting the insurance requirement (i.e. Standby Letter of Credit); however, I wanted to know if anyone else is running into this issue and what ways they see of solving. As a side fact, the Guarantor of the Lease is financially significant (if that provides an alternative). Each of the LLC Tenants are separate and distinct entities under the umbrella of the Guarantor. Thanx for any input. Les H. Stevens, Esquire Les H. Stevens, P.A. 5301 North Federal Highway Suite 130 Boca Raton, Florida 33487 Tel: 561-989-9797 Fax: 561-989-8484 E-Mail: lesstevens@earthlink.net<mailto:lesstevens@earthlink.net> _____________________________________________________________________________ OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS). WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX. Always call to verify THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE IMMEDIATELY.

RR

RPPTL Real Estate Leasing Committee

Mon, Sep 18, 2023 5:20 PM

Thanx, Ben.

Les H. Stevens, Esquire

Les H. Stevens, P.A.

5301 North Federal Highway

Suite 130

Boca Raton, Florida 33487

Tel: 561-989-9797

Fax: 561-989-8484

E-Mail: mailto:lesstevens@earthlink.net lesstevens@earthlink.net

_

OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE
RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX.
Always call to verify

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED
THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE
IMMEDIATELY.

From: landten-bounces@lists.flabarrpptl.org
landten-bounces@lists.flabarrpptl.org On Behalf Of RPPTL Real Estate
Leasing Committee
Sent: Monday, September 18, 2023 1:09 PM
To: landten@lists.flabarrpptl.org
Subject: Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm

Good afternoon Lee. My company ran into that situation with a few very
large, well-financed retailer in a ground lease. Our leases were with the
corporate parent companies, not SPE affiliates. The compromise for casualty
insurance coverage was that the tenant had to maintain an agreed upon value
of liquid cash assets and an overall minimum net worth, as verified in its
certified quarterly financial reports. In another scenario, we had a
well-financed tenant agree to the letter of credit scenario you mentioned
below.

Take care,

Ben Wilson

Benjamin E. Wilson, Esq.

Associate Corporate Counsel

The Viera Company

7380 Murrell Road, Suite 201

Viera, FL 32940

(321) 242-1200, Ext. 4501

Email: mailto:benjamin.wilson@viera.com benjamin.wilson@viera.com

From: landten-bounces@lists.flabarrpptl.org
mailto:landten-bounces@lists.flabarrpptl.org
<landten-bounces@lists.flabarrpptl.org
mailto:landten-bounces@lists.flabarrpptl.org > On Behalf Of RPPTL Real
Estate Leasing Committee
Sent: Monday, September 18, 2023 9:46 AM
To: landten@lists.flabarrpptl.org mailto:landten@lists.flabarrpptl.org
Subject: [RPPTL Leasing Committee] Self-Insurance for Windstorm

Need some creative input. Have a commercial Landlord whose leases require
windstorm insurance. Tenant (multiple locations with Landlord) is trying to
self-insure for windstorm due to the high premiums; however, the Leases do
not provide the

ZjQcmQRYFpfptBannerStart

External Email!

Use caution when following links as they could open malicious web sites or
include attachment files that can contain a virus.

<https://us-phishalarm-ewt.proofpoint.com/EWT/v1/M63O6Ea0gqfc!oAT4dkfoxTEpSN
oa-jhzsXuRvcDoiXxdT1RT8L4jxK_S2_Gomkj-ZFnOGjeiz2sbJ5BRyAqUKEPiTC1KcGuNyZQ1pk
VDKHXkx1I8_-Z5g5__RVNagsQLqJU$> Report Suspicious ‌

ZjQcmQRYFpfptBannerEnd

Need some creative input.

Have a commercial Landlord whose leases require windstorm insurance.

Tenant (multiple locations with Landlord) is trying to self-insure for
windstorm due to the high premiums; however, the Leases do not provide the
Tenant the right to self-insure. The Leases state that if Tenant fails to
obtain insurance, Landlord has the right to place the insurance and charge
back Tenant, or declare a default.

The Landlord and Tenant have had a long relationship and wanted to get
creative in alternative ways to meeting the insurance requirement (i.e.
Standby Letter of Credit); however, I wanted to know if anyone else is
running into this issue and what ways they see of solving.

As a side fact, the Guarantor of the Lease is financially significant (if
that provides an alternative). Each of the LLC Tenants are separate and
distinct entities under the umbrella of the Guarantor.

Thanx for any input.

Les H. Stevens, Esquire

Les H. Stevens, P.A.

5301 North Federal Highway

Suite 130

Boca Raton, Florida 33487

Tel: 561-989-9797

Fax: 561-989-8484

E-Mail: mailto:lesstevens@earthlink.net lesstevens@earthlink.net

_

OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE
RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX.
Always call to verify

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED
THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE
IMMEDIATELY.

Thanx, Ben. Les H. Stevens, Esquire Les H. Stevens, P.A. 5301 North Federal Highway Suite 130 Boca Raton, Florida 33487 Tel: 561-989-9797 Fax: 561-989-8484 E-Mail: <mailto:lesstevens@earthlink.net> lesstevens@earthlink.net ____________________________________________________________________________ _ OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS). WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX. Always call to verify THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE IMMEDIATELY. From: landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org> On Behalf Of RPPTL Real Estate Leasing Committee Sent: Monday, September 18, 2023 1:09 PM To: landten@lists.flabarrpptl.org Subject: Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm Good afternoon Lee. My company ran into that situation with a few very large, well-financed retailer in a ground lease. Our leases were with the corporate parent companies, not SPE affiliates. The compromise for casualty insurance coverage was that the tenant had to maintain an agreed upon value of liquid cash assets and an overall minimum net worth, as verified in its certified quarterly financial reports. In another scenario, we had a well-financed tenant agree to the letter of credit scenario you mentioned below. Take care, Ben Wilson Benjamin E. Wilson, Esq. Associate Corporate Counsel The Viera Company 7380 Murrell Road, Suite 201 Viera, FL 32940 (321) 242-1200, Ext. 4501 Email: <mailto:benjamin.wilson@viera.com> benjamin.wilson@viera.com From: landten-bounces@lists.flabarrpptl.org <mailto:landten-bounces@lists.flabarrpptl.org> <landten-bounces@lists.flabarrpptl.org <mailto:landten-bounces@lists.flabarrpptl.org> > On Behalf Of RPPTL Real Estate Leasing Committee Sent: Monday, September 18, 2023 9:46 AM To: landten@lists.flabarrpptl.org <mailto:landten@lists.flabarrpptl.org> Subject: [RPPTL Leasing Committee] Self-Insurance for Windstorm Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the ZjQcmQRYFpfptBannerStart External Email! Use caution when following links as they could open malicious web sites or include attachment files that can contain a virus. <https://us-phishalarm-ewt.proofpoint.com/EWT/v1/M63O6Ea0gqfc!oAT4dkfoxTEpSN oa-jhzsXuRvcDoiXxdT1RT8L4jxK_S2_Gomkj-ZFnOGjeiz2sbJ5BRyAqUKEPiTC1KcGuNyZQ1pk VDKHXkx1I8_-Z5g5__RVNagsQLqJU$> Report Suspicious ‌ ZjQcmQRYFpfptBannerEnd Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the Tenant the right to self-insure. The Leases state that if Tenant fails to obtain insurance, Landlord has the right to place the insurance and charge back Tenant, or declare a default. The Landlord and Tenant have had a long relationship and wanted to get creative in alternative ways to meeting the insurance requirement (i.e. Standby Letter of Credit); however, I wanted to know if anyone else is running into this issue and what ways they see of solving. As a side fact, the Guarantor of the Lease is financially significant (if that provides an alternative). Each of the LLC Tenants are separate and distinct entities under the umbrella of the Guarantor. Thanx for any input. Les H. Stevens, Esquire Les H. Stevens, P.A. 5301 North Federal Highway Suite 130 Boca Raton, Florida 33487 Tel: 561-989-9797 Fax: 561-989-8484 E-Mail: <mailto:lesstevens@earthlink.net> lesstevens@earthlink.net ____________________________________________________________________________ _ OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS). WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX. Always call to verify THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE IMMEDIATELY.

RR

RPPTL Real Estate Leasing Committee

Wed, Sep 20, 2023 10:35 PM

Adding the commercial listserv to this thread in case there is further
input.

As an aside, I have received some emails re. Why do I receive emails
twice from the Landlord Tenant listserv? This is because we have two lists
and you may be on both of them. We will try to clean up our lists this year
to correct the double email issue and determine if perhaps one list would
be better.

Kristen King Jaiven, Esq.
Kristen King Jaiven, Lawyer, PLLC
Cell: 407-590-9686
www.kkjlawyer.com
Email: Kristen@kkjlawyer.com
LinkedIn: https://www.linkedin.com/in/kristen-n-king-jaiven-esq-/

---------- Forwarded message ---------
From: RPPTL Real Estate Leasing Committee landten@lists.flabarrpptl.org
Date: Mon, Sep 18, 2023 at 1:22 PM
Subject: Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm
To: landten@lists.flabarrpptl.org

Thanx, Ben.

Les H. Stevens, Esquire

Les H. Stevens, P.A.

5301 North Federal Highway

Suite 130

Boca Raton, Florida 33487

Tel: 561-989-9797

Fax: 561-989-8484

E-Mail: lesstevens@earthlink.net

OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST
BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH
TRANSFERS).

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR
FAX. Always call to verify

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED
THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE
IMMEDIATELY.

From: landten-bounces@lists.flabarrpptl.org <
landten-bounces@lists.flabarrpptl.org> *On Behalf Of *RPPTL Real Estate
Leasing Committee
Sent: Monday, September 18, 2023 1:09 PM
To: landten@lists.flabarrpptl.org
Subject: Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm

Good afternoon Lee. My company ran into that situation with a few very
large, well-financed retailer in a ground lease. Our leases were with the
corporate parent companies, not SPE affiliates. The compromise for
casualty insurance coverage was that the tenant had to maintain an agreed
upon value of liquid cash assets and an overall minimum net worth, as
verified in its certified quarterly financial reports. In another
scenario, we had a well-financed tenant agree to the letter of credit
scenario you mentioned below.

Take care,

Ben Wilson

Benjamin E. Wilson, Esq.

Associate Corporate Counsel

The Viera Company

7380 Murrell Road, Suite 201

Viera, FL 32940

(321) 242-1200, Ext. 4501

Email: benjamin.wilson@viera.com

From: landten-bounces@lists.flabarrpptl.org <
landten-bounces@lists.flabarrpptl.org> *On Behalf Of *RPPTL Real Estate
Leasing Committee
Sent: Monday, September 18, 2023 9:46 AM
To: landten@lists.flabarrpptl.org
Subject: [RPPTL Leasing Committee] Self-Insurance for Windstorm

Need some creative input. Have a commercial Landlord whose leases require
windstorm insurance. Tenant (multiple locations with Landlord) is trying to
self-insure for windstorm due to the high premiums; however, the Leases do
not provide the

ZjQcmQRYFpfptBannerStart

*External Email! *

Use caution when following links as they could open malicious web sites or
include attachment files that can contain a virus.

Report Suspicious *
https://us-phishalarm-ewt.proofpoint.com/EWT/v1/M63O6Ea0gqfc!oAT4dkfoxTEpSNoa-jhzsXuRvcDoiXxdT1RT8L4jxK_S2_Gomkj-ZFnOGjeiz2sbJ5BRyAqUKEPiTC1KcGuNyZQ1pkVDKHXkx1I8_-Z5g5__RVNagsQLqJU$
‌

ZjQcmQRYFpfptBannerEnd

Need some creative input.

Have a commercial Landlord whose leases require windstorm insurance.

Tenant (multiple locations with Landlord) is trying to self-insure for
windstorm due to the high premiums; however, the Leases do not provide the
Tenant the right to self-insure. The Leases state that if Tenant fails to
obtain insurance, Landlord has the right to place the insurance and charge
back Tenant, or declare a default.

The Landlord and Tenant have had a long relationship and wanted to get
creative in alternative ways to meeting the insurance requirement (i.e.
Standby Letter of Credit); however, I wanted to know if anyone else is
running into this issue and what ways they see of solving.

As a side fact, the Guarantor of the Lease is financially significant (if
that provides an alternative). Each of the LLC Tenants are separate and
distinct entities under the umbrella of the Guarantor.

Thanx for any input.

Les H. Stevens, Esquire

Les H. Stevens, P.A.

5301 North Federal Highway

Suite 130

Boca Raton, Florida 33487

Tel: 561-989-9797

Fax: 561-989-8484

E-Mail: lesstevens@earthlink.net

OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST
BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH
TRANSFERS).

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR
FAX. Always call to verify

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED
THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE
IMMEDIATELY.

landten mailing list
landten@lists.flabarrpptl.org
http://mailman.fsr.com/mailman/listinfo/landten

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If you have received this email in error, please notify the system manager.
Please note that any views or opinions presented in this email are solely
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Finally, the recipient should check this email and any attachments for the
presence of viruses. The company accepts no liability for any damage caused
by any virus transmitted by this email. Reporting: kristen@kkjlawyer.com
mailto:kristen@kkjlawyer.com

Adding the commercial listserv to this thread in case there is further input. As an aside, I have received some emails re. Why do I receive emails twice from the Landlord Tenant listserv? This is because we have two lists and you may be on both of them. We will try to clean up our lists this year to correct the double email issue and determine if perhaps one list would be better. Kristen King Jaiven, Esq. Kristen King Jaiven, Lawyer, PLLC Cell: 407-590-9686 www.kkjlawyer.com Email: Kristen@kkjlawyer.com LinkedIn: https://www.linkedin.com/in/kristen-n-king-jaiven-esq-/ ---------- Forwarded message --------- From: RPPTL Real Estate Leasing Committee <landten@lists.flabarrpptl.org> Date: Mon, Sep 18, 2023 at 1:22 PM Subject: Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm To: <landten@lists.flabarrpptl.org> Thanx, Ben. Les H. Stevens, Esquire Les H. Stevens, P.A. 5301 North Federal Highway Suite 130 Boca Raton, Florida 33487 Tel: 561-989-9797 Fax: 561-989-8484 E-Mail: lesstevens@earthlink.net _____________________________________________________________________________ *OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).* *WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX. Always call to verify* THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE IMMEDIATELY. *From:* landten-bounces@lists.flabarrpptl.org < landten-bounces@lists.flabarrpptl.org> *On Behalf Of *RPPTL Real Estate Leasing Committee *Sent:* Monday, September 18, 2023 1:09 PM *To:* landten@lists.flabarrpptl.org *Subject:* Re: [RPPTL Leasing Committee] Self-Insurance for Windstorm Good afternoon Lee. My company ran into that situation with a few very large, well-financed retailer in a ground lease. Our leases were with the corporate parent companies, not SPE affiliates. The compromise for casualty insurance coverage was that the tenant had to maintain an agreed upon value of liquid cash assets and an overall minimum net worth, as verified in its certified quarterly financial reports. In another scenario, we had a well-financed tenant agree to the letter of credit scenario you mentioned below. Take care, Ben Wilson Benjamin E. Wilson, Esq. Associate Corporate Counsel The Viera Company 7380 Murrell Road, Suite 201 Viera, FL 32940 (321) 242-1200, Ext. 4501 Email: benjamin.wilson@viera.com *From:* landten-bounces@lists.flabarrpptl.org < landten-bounces@lists.flabarrpptl.org> *On Behalf Of *RPPTL Real Estate Leasing Committee *Sent:* Monday, September 18, 2023 9:46 AM *To:* landten@lists.flabarrpptl.org *Subject:* [RPPTL Leasing Committee] Self-Insurance for Windstorm Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the ZjQcmQRYFpfptBannerStart *External Email! * Use caution when following links as they could open malicious web sites or include attachment files that can contain a virus. * Report Suspicious * <https://us-phishalarm-ewt.proofpoint.com/EWT/v1/M63O6Ea0gqfc!oAT4dkfoxTEpSNoa-jhzsXuRvcDoiXxdT1RT8L4jxK_S2_Gomkj-ZFnOGjeiz2sbJ5BRyAqUKEPiTC1KcGuNyZQ1pkVDKHXkx1I8_-Z5g5__RVNagsQLqJU$> ‌ ZjQcmQRYFpfptBannerEnd Need some creative input. Have a commercial Landlord whose leases require windstorm insurance. Tenant (multiple locations with Landlord) is trying to self-insure for windstorm due to the high premiums; however, the Leases do not provide the Tenant the right to self-insure. The Leases state that if Tenant fails to obtain insurance, Landlord has the right to place the insurance and charge back Tenant, or declare a default. The Landlord and Tenant have had a long relationship and wanted to get creative in alternative ways to meeting the insurance requirement (i.e. Standby Letter of Credit); however, I wanted to know if anyone else is running into this issue and what ways they see of solving. As a side fact, the Guarantor of the Lease is financially significant (if that provides an alternative). Each of the LLC Tenants are separate and distinct entities under the umbrella of the Guarantor. Thanx for any input. Les H. Stevens, Esquire Les H. Stevens, P.A. 5301 North Federal Highway Suite 130 Boca Raton, Florida 33487 Tel: 561-989-9797 Fax: 561-989-8484 E-Mail: lesstevens@earthlink.net _____________________________________________________________________________ *OUR OFFICE NO LONGER ACCEPTS CASHIER’S CHECKS AT CLOSING. ALL FUNDS MUST BE RECEIVED IN THE FORM OF A SAME DATE WIRE TRANSFER ONLY (NO ACH TRANSFERS).* *WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX. Always call to verify* THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND/OR OTHERWISE EXEMPT FROM DISCLOSURE. IF YOU HAVE RECEIVED THIS TRANSMITTAL IN ERROR, PLEASE DELETE IT AND NOTIFY THIS OFFICE IMMEDIATELY. _______________________________________________ landten mailing list landten@lists.flabarrpptl.org http://mailman.fsr.com/mailman/listinfo/landten -- This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error, please notify the system manager. Please note that any views or opinions presented in this email are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email. Reporting: kristen@kkjlawyer.com <mailto:kristen@kkjlawyer.com>