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Concurrent leases

The concept of concurrent leases is a nuanced area of property law that addresses situations where multiple leases exist simultaneously over the same premises. This guidance note explores the critical legal framework underpinning concurrent leases, including their formation, rights, and obligations.

Topics Covered

  • Key regulatory amendments and their effects
  • Practical implications of concurrent leases

Essential Insights

  • Assess how a concurrent leaseholder steps into the landlord’s rights and obligations under the initial lease.
  • Consider the strategic use of concurrent leases by third parties such as mortgagees to secure irrevocable rent interests.
  • Evaluate the legal limitations preventing concurrent leaseholders from granting greater rights than the original landlord.
  • Understand the critical drafting issues to mitigate obligations that may arise under concurrent leases.
  • Review tenant consent requirements embedded in existing leases prior to granting concurrent leases.

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