Lease Didn't Give Owner and Tenant Same Right to Terminate

Lease Didn't Give Owner and Tenant Same Right to Terminate



Facts: A large national retailer of arts and crafts materials and a shopping center owner signed a lease with an ongoing cotenancy provision requiring the owner to lease the anchor store in thecenter to a regional or national tenant meeting certain criteria. If the owner fails to maintain an anchor tenant, the tenant would pay reduced “alternative rent.” The lease gives the tenant a continuing right to terminate if the ongoing cotenancy requirement isn’t met for six months or more.

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