The Challenge
The client first retained Nochumson P.C. in connection with a new restaurant location in Center City, Philadelphia. After reviewing the letter of intent entered into between the parties, the firm compared its terms and conditions against the written lease prepared by the landlord’s attorney.
As is common in many commercial leasing arrangements, the letter of intent did not address all matters significant to the tenant. Additionally, the draft lease failed to account for certain work promised by the landlord and included rights and remedies in favor of the landlord that Nochumson P.C. believed were unreasonable under the circumstances.
The Solution
Nochumson P.C. negotiated multiple revisions to the lease agreement on behalf of the client until mutually acceptable terms were reached and the client felt comfortable proceeding with execution of the lease for the Philadelphia location.
Soon thereafter, the client identified an opportunity to relocate its Jersey Shore operations to a boardwalk location in the town where the business originally began. Unlike the Philadelphia transaction, this matter did not involve a letter of intent, and the client instead received a draft lease directly from the landlord.
Following negotiations with the landlord, Nochumson P.C. assisted the client in securing and executing the lease agreement for the new Jersey Shore location.
Letters of intent often outline the framework of a commercial lease transaction, but important operational and legal protections may still require negotiation before a final lease is executed.
The Results
After several rounds of negotiations and lease revisions, the client successfully secured lease agreements for both its Philadelphia and Jersey Shore restaurant locations.
The client later opened operations at the leased premises, including the boardwalk location where the business became highly successful and well-known within the area.
