Get Information to Make Informed Decision

March 17, 2016
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Sometimes, it’s necessary for tenants to obtain sensitive financial information from owners. For example, if your lease for space at a center gives you the option to renew after three years at the same rate plus applicable taxes, you might base your decision partly on the amount of taxes you’ll be required to pay. If the owner is wary of sharing financial information with you, remind it that if it refuses to supply you with the requested information, it could be violating an implied duty to cooperate with you—unless your lease expressly states that it isn’t responsible for furnishing the requested information, in which case it could withhold that information. So during future lease negotiations, remember to specify in the lease that the owner must cooperate with you in this way. And, if your current lease is silent on that issue, insist on getting the information you need to make an informed decision.