Each store is a single use building (fast food restaurants) From: landtencl-bounces@lists.flabarrpptl.org <landtencl-bounces@lists.flabarrpptl.org> On Behalf Of Real Estate Leasing Committee Sent: Thursday, September 21, 2023 10:40 AM To: 'landten@lists.flabarrpptl.org' <landten@lists.flabarrpptl.org>; 'Landtencl' <landtencl@lists.flabarrpptl.org> Subject: Re: [RPPTL LandTenCL] [RPPTL Leasing Committee] Windstorm Lease Issue Les, is this a multi or single tenant building scenario? If multi-tenant, I assume the Landlord is insuring the building and there really isn't much direct risk for the Landlord if the Tenant doesn't have windstorm coverage on its FF&E. if the Tenant is credit worthy why not let them self-insure? I could send you some self-insurance clauses. Frankly, I think the Landlord could make a business decision to waive the coverage without requiring self-insurance. If this is a single tenant property, why not have the landlord insure the building including obtaining the windstorm coverage? Tenant will reimburse the Landlord for the cost of the insurance as additional rent. Frankly, this is the way insurance should be handled for a single tenant building. Arthur J. Menor Partner, Board Certified in Real Estate Law | Shutts & Bowen LLP Tel: (561) 650-8510 | Cell: (561) 358-1572 525 Okeechobee Blvd., Ste. 1100, West Palm Beach, FL 33401 Bio <http://www.shutts.com/professionals-arthur-j-menor> | E-Mail <mailto:AMenor@shutts.com> | vCard <http://www.shutts.com/vcard-895.vcf> | www.shutts.com <http://www.shutts.com> <http://ftp.firmseek.com/shutts/images/shutts105.jpg> 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: Thursday, September 21, 2023 8:40 AM To: 'Landtencl' <landtencl@lists.flabarrpptl.org <mailto:landtencl@lists.flabarrpptl.org> >; 'Landten' <landten@lists.flabarrpptl.org <mailto:landten@lists.flabarrpptl.org> > Subject: [RPPTL Leasing Committee] Windstorm Lease Issue EXTERNAL: This email originated from outside of the SHUTTS email system. Do not respond, click any links or open any attachments unless you trust the sender and know the content is safe. As there are 2 listservs, and I think my first posting went to the residential as opposed to the commercial, I am re-posting the below question. 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.