Empathy List Archives

RR

RPPTL Real Estate Leasing Committee

Thu, Sep 21, 2023 12:40 PM

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

_

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.

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 ____________________________________________________________________________ _ 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

Thu, Sep 21, 2023 2:39 PM

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
Biohttp://www.shutts.com/professionals-arthur-j-menor | E-Mailmailto:AMenor@shutts.com | vCardhttp://www.shutts.com/vcard-895.vcf | www.shutts.com http://www.shutts.com

[Shutts_Logo.jpg]

From: landten-bounces@lists.flabarrpptl.org 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; 'Landten' 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.

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> [Shutts_Logo.jpg] From: landten-bounces@lists.flabarrpptl.org <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>; 'Landten' <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.

CS

csabol sabollaw.com

Thu, May 23, 2024 3:54 PM

Hi All,

I'm working on a PG for a Commercial Lease. I have a standard form, but it's a full guaranty and they want it rolling for just 1 year. Any chance anyone has any language or a form you could help me out with?

Cary Sabol
Cary P. Sabol, Esq. J.D. (2001), LLM (2009)
Law Offices of Cary P. Sabol
P.O. Box 15981 | West Palm Beach | Florida | 33416
Office: (561) 413-4449
Cell: (561) 281-2744
Fax: (888) 316-2881
Email: CSABOL@SABOLLAW.COM mailto:CSABOL@SABOLLAW.COM

BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS.

PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing"
CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted.

THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR.

IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.

From: landten-bounces@lists.flabarrpptl.org landten-bounces@lists.flabarrpptl.org on behalf of RPPTL Real Estate Leasing Committee landten@lists.flabarrpptl.org
Sent: Thursday, September 21, 2023 10:39 AM
To: 'landten@lists.flabarrpptl.org' landten@lists.flabarrpptl.org; 'Landtencl' landtencl@lists.flabarrpptl.org
Subject: Re: [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
Biohttp://www.shutts.com/professionals-arthur-j-menor | E-Mailmailto:AMenor@shutts.com | vCardhttp://www.shutts.com/vcard-895.vcf | www.shutts.com http://www.shutts.com

[Shutts_Logo.jpg]

From: landten-bounces@lists.flabarrpptl.org 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; 'Landten' 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.

Hi All, I'm working on a PG for a Commercial Lease. I have a standard form, but it's a full guaranty and they want it rolling for just 1 year. Any chance anyone has any language or a form you could help me out with? Cary Sabol Cary P. Sabol, Esq. J.D. (2001), LLM (2009) Law Offices of Cary P. Sabol P.O. Box 15981 | West Palm Beach | Florida | 33416 Office: (561) 413-4449 Cell: (561) 281-2744 Fax: (888) 316-2881 Email: CSABOL@SABOLLAW.COM<mailto:CSABOL@SABOLLAW.COM> BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS. PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing" CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted. THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR. IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation. ________________________________ From: landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org> on behalf of RPPTL Real Estate Leasing Committee <landten@lists.flabarrpptl.org> Sent: Thursday, September 21, 2023 10:39 AM To: 'landten@lists.flabarrpptl.org' <landten@lists.flabarrpptl.org>; 'Landtencl' <landtencl@lists.flabarrpptl.org> Subject: Re: [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> [Shutts_Logo.jpg] From: landten-bounces@lists.flabarrpptl.org <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>; 'Landten' <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.

GR

Gregory R. Haney

Thu, May 23, 2024 4:16 PM

Hi Cary – I don’t typically use an entirely different form for such guaranty limitations. Here is something I’ve plugged in to modify the overall guarantor obligations on a rolling basis:

“Notwithstanding anything contained in this Guaranty to the contrary, and notwithstanding the unconditional nature of this Guaranty and the absence of limiting language on Guarantor's obligations elsewhere herein, Guarantor’s total obligation to Landlord pursuant to this Guaranty shall not exceed an amount equal to Tenant’s Rent obligations accruing for the one (1) year period commencing on the date of Tenant’s default and ending on the date of the first anniversary of Tenant’s default, provided that any election by Landlord to accelerate the rent owed under the Lease shall not be deemed an accrual of such Rent during the one year period in question for purposes of calculating such cap.”

This captures any rent escalators a year out but could also just be framed as an equation (12 x the monthly rent in effect at the time of default) so that it isn’t tied to a period in the future, i.e. just a basic calculated cap regardless of when the rent will be or was owed.

If you are representing the landlord, consider also still allowing for any guarantor pursuit/litigation expenses on top of the cap.

[cid:image001.png@01DAAD0A.FFA4CE80]
GREGORY R. HANEY
|
SHAREHOLDER
Florida Bar Board Certified Specialist in Real Estate Law
[cid:image002.png@01DAAD0A.FFA4CE80]http://www.linkedin.com/company/trenam-kemker
[cid:image003.png@01DAAD0A.FFA4CE80]https://twitter.com/TrenamLaw
[cid:image004.png@01DAAD0A.FFA4CE80]https://www.facebook.com/trenamlaw
Dir: 727-820-3958tel:727-820-3958
|
Fax: 727-820-0835fax:727-820-0835
|
emailmailto:GHaney@trenam.com
|
vcardhttp://www.trenam.com/vcards/Gregory%20R.%20Haney.vcf
|
biohttps://www.trenam.com/people-list/gregory-scott-r-haney/
200 Central Avenue, Suite 1600, St. Petersburg, FL 33701
101 East Kennedy Boulevard, Suite 2700, Tampa, FL 33602
Main: 727‑896‑7171 (St. Pete) or 813‑223‑7474 (Tampa) | www.trenam.com
WIRE FRAUD ADVISORY: Due to the increased risk associated with wire fraud and e-mail hacking and phishing attacks, in the event you receive an e-mail from Trenam Law containing wire transfer instructions, please call Trenam Law using previously known contact information and NOT information provided in the email, to verify the information contained in the wire transfer instructions prior to wiring funds.
CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents, files or previous e-mail messages attached to it may contain confidential information that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this transmission is STRICTLY PROHIBITED. If you have received this transmission in error, please immediately notify us by reply e-mail, or by telephone at the direct dial number above and destroy the original transmission and its attachments without reading or saving in any manner. Thank you.

From: landten-bounces@lists.flabarrpptl.org landten-bounces@lists.flabarrpptl.org On Behalf Of csabol sabollaw.com
Sent: Thursday, May 23, 2024 11:54 AM
To: 'landten@lists.flabarrpptl.org' landten@lists.flabarrpptl.org; 'Landtencl' landtencl@lists.flabarrpptl.org
Subject: [RPPTL Leasing Committee] Limited/Rolling PG

[.]
Hi All,

I'm working on a PG for a Commercial Lease. I have a standard form, but it's a full guaranty and they want it rolling for just 1 year. Any chance anyone has any language or a form you could help me out with?

Cary Sabol
Cary P. Sabol, Esq. J.D. (2001), LLM (2009)
Law Offices of Cary P. Sabol
P.O. Box 15981 | West Palm Beach | Florida | 33416
Office: (561) 413-4449
Cell: (561) 281-2744
Fax: (888) 316-2881
Email: CSABOL@SABOLLAW.COM mailto:CSABOL@SABOLLAW.COM

BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS.

PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing"
CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted.

THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR.

IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.

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
Biohttp://www.shutts.com/professionals-arthur-j-menor | E-Mailmailto:AMenor@shutts.com | vCardhttp://www.shutts.com/vcard-895.vcf | www.shutts.com http://www.shutts.com

[Shutts_Logo.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.

Hi Cary – I don’t typically use an entirely different form for such guaranty limitations. Here is something I’ve plugged in to modify the overall guarantor obligations on a rolling basis: “Notwithstanding anything contained in this Guaranty to the contrary, and notwithstanding the unconditional nature of this Guaranty and the absence of limiting language on Guarantor's obligations elsewhere herein, Guarantor’s total obligation to Landlord pursuant to this Guaranty shall not exceed an amount equal to Tenant’s Rent obligations accruing for the one (1) year period commencing on the date of Tenant’s default and ending on the date of the first anniversary of Tenant’s default, provided that any election by Landlord to accelerate the rent owed under the Lease shall not be deemed an accrual of such Rent during the one year period in question for purposes of calculating such cap.” This captures any rent escalators a year out but could also just be framed as an equation (12 x the monthly rent in effect at the time of default) so that it isn’t tied to a period in the future, i.e. just a basic calculated cap regardless of when the rent will be or was owed. If you are representing the landlord, consider also still allowing for any guarantor pursuit/litigation expenses on top of the cap. [cid:image001.png@01DAAD0A.FFA4CE80] GREGORY R. HANEY | SHAREHOLDER Florida Bar Board Certified Specialist in Real Estate Law [cid:image002.png@01DAAD0A.FFA4CE80]<http://www.linkedin.com/company/trenam-kemker> [cid:image003.png@01DAAD0A.FFA4CE80]<https://twitter.com/TrenamLaw> [cid:image004.png@01DAAD0A.FFA4CE80]<https://www.facebook.com/trenamlaw> Dir: 727-820-3958<tel:727-820-3958> | Fax: 727-820-0835<fax:727-820-0835> | email<mailto:GHaney@trenam.com> | vcard<http://www.trenam.com/vcards/Gregory%20R.%20Haney.vcf> | bio<https://www.trenam.com/people-list/gregory-scott-r-haney/> 200 Central Avenue, Suite 1600, St. Petersburg, FL 33701 101 East Kennedy Boulevard, Suite 2700, Tampa, FL 33602 Main: 727‑896‑7171 (St. Pete) or 813‑223‑7474 (Tampa) | www.trenam.com WIRE FRAUD ADVISORY: Due to the increased risk associated with wire fraud and e-mail hacking and phishing attacks, in the event you receive an e-mail from Trenam Law containing wire transfer instructions, please call Trenam Law using previously known contact information and NOT information provided in the email, to verify the information contained in the wire transfer instructions prior to wiring funds. CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents, files or previous e-mail messages attached to it may contain confidential information that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this transmission is STRICTLY PROHIBITED. If you have received this transmission in error, please immediately notify us by reply e-mail, or by telephone at the direct dial number above and destroy the original transmission and its attachments without reading or saving in any manner. Thank you. From: landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org> On Behalf Of csabol sabollaw.com Sent: Thursday, May 23, 2024 11:54 AM To: 'landten@lists.flabarrpptl.org' <landten@lists.flabarrpptl.org>; 'Landtencl' <landtencl@lists.flabarrpptl.org> Subject: [RPPTL Leasing Committee] Limited/Rolling PG [.] Hi All, I'm working on a PG for a Commercial Lease. I have a standard form, but it's a full guaranty and they want it rolling for just 1 year. Any chance anyone has any language or a form you could help me out with? Cary Sabol Cary P. Sabol, Esq. J.D. (2001), LLM (2009) Law Offices of Cary P. Sabol P.O. Box 15981 | West Palm Beach | Florida | 33416 Office: (561) 413-4449 Cell: (561) 281-2744 Fax: (888) 316-2881 Email: CSABOL@SABOLLAW.COM<mailto:CSABOL@SABOLLAW.COM> BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS. PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing" CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted. THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR. IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation. ________________________________ 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 <landten@lists.flabarrpptl.org<mailto:landten@lists.flabarrpptl.org>> Sent: Thursday, September 21, 2023 10:39 AM To: 'landten@lists.flabarrpptl.org' <landten@lists.flabarrpptl.org<mailto:landten@lists.flabarrpptl.org>>; 'Landtencl' <landtencl@lists.flabarrpptl.org<mailto:landtencl@lists.flabarrpptl.org>> Subject: Re: [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> [Shutts_Logo.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.

CS

csabol sabollaw.com

Thu, May 23, 2024 4:41 PM

Very much appreciated

Cary Sabol
Cary P. Sabol, Esq. J.D. (2001), LLM (2009)
Law Offices of Cary P. Sabol
P.O. Box 15981 | West Palm Beach | Florida | 33416
Office: (561) 413-4449
Cell: (561) 281-2744
Fax: (888) 316-2881
Email: CSABOL@SABOLLAW.COM mailto:CSABOL@SABOLLAW.COM

BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS.

PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing"
CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted.

THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR.

IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.

From: landten-bounces@lists.flabarrpptl.org landten-bounces@lists.flabarrpptl.org on behalf of Gregory R. Haney GHaney@trenam.com
Sent: Thursday, May 23, 2024 12:16 PM
To: RPPTL Real Estate Leasing Committee landten@lists.flabarrpptl.org; 'Landtencl' landtencl@lists.flabarrpptl.org
Subject: Re: [RPPTL Leasing Committee] Limited/Rolling PG

Hi Cary – I don’t typically use an entirely different form for such guaranty limitations. Here is something I’ve plugged in to modify the overall guarantor obligations on a rolling basis:

“Notwithstanding anything contained in this Guaranty to the contrary, and notwithstanding the unconditional nature of this Guaranty and the absence of limiting language on Guarantor's obligations elsewhere herein, Guarantor’s total obligation to Landlord pursuant to this Guaranty shall not exceed an amount equal to Tenant’s Rent obligations accruing for the one (1) year period commencing on the date of Tenant’s default and ending on the date of the first anniversary of Tenant’s default, provided that any election by Landlord to accelerate the rent owed under the Lease shall not be deemed an accrual of such Rent during the one year period in question for purposes of calculating such cap.”

This captures any rent escalators a year out but could also just be framed as an equation (12 x the monthly rent in effect at the time of default) so that it isn’t tied to a period in the future, i.e. just a basic calculated cap regardless of when the rent will be or was owed.

If you are representing the landlord, consider also still allowing for any guarantor pursuit/litigation expenses on top of the cap.

[cid:image001.png@01DAAD0A.FFA4CE80]

GREGORY R. HANEY

|

SHAREHOLDER

Florida Bar Board Certified Specialist in Real Estate Law

[cid:image002.png@01DAAD0A.FFA4CE80]http://www.linkedin.com/company/trenam-kemker

[cid:image003.png@01DAAD0A.FFA4CE80]https://twitter.com/TrenamLaw

[cid:image004.png@01DAAD0A.FFA4CE80]https://www.facebook.com/trenamlaw

Dir: 727-820-3958tel:727-820-3958

|

Fax: 727-820-0835

|

emailmailto:GHaney@trenam.com

|

vcardhttp://www.trenam.com/vcards/Gregory%20R.%20Haney.vcf

|

biohttps://www.trenam.com/people-list/gregory-scott-r-haney/

200 Central Avenue, Suite 1600, St. Petersburg, FL 33701
101 East Kennedy Boulevard, Suite 2700, Tampa, FL 33602

Main: 727‑896‑7171 (St. Pete) or 813‑223‑7474 (Tampa) | www.trenam.com

WIRE FRAUD ADVISORY: Due to the increased risk associated with wire fraud and e-mail hacking and phishing attacks, in the event you receive an e-mail from Trenam Law containing wire transfer instructions, please call Trenam Law using previously known contact information and NOT information provided in the email, to verify the information contained in the wire transfer instructions prior to wiring funds.

CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents, files or previous e-mail messages attached to it may contain confidential information that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this transmission is STRICTLY PROHIBITED. If you have received this transmission in error, please immediately notify us by reply e-mail, or by telephone at the direct dial number above and destroy the original transmission and its attachments without reading or saving in any manner. Thank you.

From: landten-bounces@lists.flabarrpptl.org landten-bounces@lists.flabarrpptl.org On Behalf Of csabol sabollaw.com
Sent: Thursday, May 23, 2024 11:54 AM
To: 'landten@lists.flabarrpptl.org' landten@lists.flabarrpptl.org; 'Landtencl' landtencl@lists.flabarrpptl.org
Subject: [RPPTL Leasing Committee] Limited/Rolling PG

[.]

Hi All,

I'm working on a PG for a Commercial Lease. I have a standard form, but it's a full guaranty and they want it rolling for just 1 year. Any chance anyone has any language or a form you could help me out with?

Cary Sabol

Cary P. Sabol, Esq. J.D. (2001), LLM (2009)

Law Offices of Cary P. Sabol

P.O. Box 15981 | West Palm Beach | Florida | 33416

Office: (561) 413-4449

Cell: (561) 281-2744

Fax: (888) 316-2881

Email: CSABOL@SABOLLAW.COM mailto:CSABOL@SABOLLAW.COM

BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS.

PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing"

CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted.

THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR.

IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.

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
Biohttp://www.shutts.com/professionals-arthur-j-menor | E-Mailmailto:AMenor@shutts.com | vCardhttp://www.shutts.com/vcard-895.vcf | www.shutts.com http://www.shutts.com

[Shutts_Logo.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.

Very much appreciated Cary Sabol Cary P. Sabol, Esq. J.D. (2001), LLM (2009) Law Offices of Cary P. Sabol P.O. Box 15981 | West Palm Beach | Florida | 33416 Office: (561) 413-4449 Cell: (561) 281-2744 Fax: (888) 316-2881 Email: CSABOL@SABOLLAW.COM<mailto:CSABOL@SABOLLAW.COM> BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS. PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing" CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted. THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR. IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation. ________________________________ From: landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org> on behalf of Gregory R. Haney <GHaney@trenam.com> Sent: Thursday, May 23, 2024 12:16 PM To: RPPTL Real Estate Leasing Committee <landten@lists.flabarrpptl.org>; 'Landtencl' <landtencl@lists.flabarrpptl.org> Subject: Re: [RPPTL Leasing Committee] Limited/Rolling PG Hi Cary – I don’t typically use an entirely different form for such guaranty limitations. Here is something I’ve plugged in to modify the overall guarantor obligations on a rolling basis: “Notwithstanding anything contained in this Guaranty to the contrary, and notwithstanding the unconditional nature of this Guaranty and the absence of limiting language on Guarantor's obligations elsewhere herein, Guarantor’s total obligation to Landlord pursuant to this Guaranty shall not exceed an amount equal to Tenant’s Rent obligations accruing for the one (1) year period commencing on the date of Tenant’s default and ending on the date of the first anniversary of Tenant’s default, provided that any election by Landlord to accelerate the rent owed under the Lease shall not be deemed an accrual of such Rent during the one year period in question for purposes of calculating such cap.” This captures any rent escalators a year out but could also just be framed as an equation (12 x the monthly rent in effect at the time of default) so that it isn’t tied to a period in the future, i.e. just a basic calculated cap regardless of when the rent will be or was owed. If you are representing the landlord, consider also still allowing for any guarantor pursuit/litigation expenses on top of the cap. [cid:image001.png@01DAAD0A.FFA4CE80] GREGORY R. HANEY | SHAREHOLDER Florida Bar Board Certified Specialist in Real Estate Law [cid:image002.png@01DAAD0A.FFA4CE80]<http://www.linkedin.com/company/trenam-kemker> [cid:image003.png@01DAAD0A.FFA4CE80]<https://twitter.com/TrenamLaw> [cid:image004.png@01DAAD0A.FFA4CE80]<https://www.facebook.com/trenamlaw> Dir: 727-820-3958<tel:727-820-3958> | Fax: 727-820-0835 | email<mailto:GHaney@trenam.com> | vcard<http://www.trenam.com/vcards/Gregory%20R.%20Haney.vcf> | bio<https://www.trenam.com/people-list/gregory-scott-r-haney/> 200 Central Avenue, Suite 1600, St. Petersburg, FL 33701 101 East Kennedy Boulevard, Suite 2700, Tampa, FL 33602 Main: 727‑896‑7171 (St. Pete) or 813‑223‑7474 (Tampa) | www.trenam.com WIRE FRAUD ADVISORY: Due to the increased risk associated with wire fraud and e-mail hacking and phishing attacks, in the event you receive an e-mail from Trenam Law containing wire transfer instructions, please call Trenam Law using previously known contact information and NOT information provided in the email, to verify the information contained in the wire transfer instructions prior to wiring funds. CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents, files or previous e-mail messages attached to it may contain confidential information that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this transmission is STRICTLY PROHIBITED. If you have received this transmission in error, please immediately notify us by reply e-mail, or by telephone at the direct dial number above and destroy the original transmission and its attachments without reading or saving in any manner. Thank you. From: landten-bounces@lists.flabarrpptl.org <landten-bounces@lists.flabarrpptl.org> On Behalf Of csabol sabollaw.com Sent: Thursday, May 23, 2024 11:54 AM To: 'landten@lists.flabarrpptl.org' <landten@lists.flabarrpptl.org>; 'Landtencl' <landtencl@lists.flabarrpptl.org> Subject: [RPPTL Leasing Committee] Limited/Rolling PG [.] Hi All, I'm working on a PG for a Commercial Lease. I have a standard form, but it's a full guaranty and they want it rolling for just 1 year. Any chance anyone has any language or a form you could help me out with? Cary Sabol Cary P. Sabol, Esq. J.D. (2001), LLM (2009) Law Offices of Cary P. Sabol P.O. Box 15981 | West Palm Beach | Florida | 33416 Office: (561) 413-4449 Cell: (561) 281-2744 Fax: (888) 316-2881 Email: CSABOL@SABOLLAW.COM<mailto:CSABOL@SABOLLAW.COM> BEWARE OF CYBER-CRIME: IF YOU RECEIVE AN E-MAIL OR ANY OTHER COMMUNICATION THAT APPEARS TO BE GENERATED FROM OUR OFFICE THAT CONTAINS NEW, REVISED, OR ALTERED BANK WIRE INSTRUCTIONS, CONSIDER IT SUSPECT AND CALL OUR OFFICE AT A NUMBER YOU TRUST. OUR BANK WIRE INSTRUCTIONS SELDOM CHANGE. ALWAYS CALL TO VERBALLY CONFIRM OUR WIRE INSTRUCTIONS PRIOR TO SENDING ANY WIRE TRANSFERS. PLEASE NOTE: On Closings with a Loan, we require "CLOSING INSTRUCTIONS and LOAN PACKAGES" by NOON the day BEFORE Closing" CASH TO CLOSE for real estate transactions must be WIRED to our account prior to closing. (SAME DAY WIRE - NO ACH TRANSFERS) Wire instructions will be provided upon request. ACH transfers are NOT SAME DAY wires and cannot be accepted. THIS COMMUNICATION MAY BE AN ATTEMPT TO COLLECT A DEBT AS DEFINED BY FLORIDA AND FEDERAL LAW AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. THIS IS A COMMUNICATION FROM A DEBT COLLECTOR. IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation. ________________________________ 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 <landten@lists.flabarrpptl.org<mailto:landten@lists.flabarrpptl.org>> Sent: Thursday, September 21, 2023 10:39 AM To: 'landten@lists.flabarrpptl.org' <landten@lists.flabarrpptl.org<mailto:landten@lists.flabarrpptl.org>>; 'Landtencl' <landtencl@lists.flabarrpptl.org<mailto:landtencl@lists.flabarrpptl.org>> Subject: Re: [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> [Shutts_Logo.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.