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The coronavirus outbreak will have an impact on property across the country. The depth of the impact will depend on the economic impacts the outbreak has. KJK’s Real Estate Response Team is skilled at navigating complex leasing and financing situations and our guidance below builds on our decades of experience representing landlords, tenants, real estate investors and  property managers. 

Will COVID-19 Trigger a Force Majeure Clause?

The various declarations of national emergencies, at both the state and federal level, may qualify as triggering events for a force majeure clause. It is important to understand the scope of and appropriately document the disruption caused by the force majeure event. Triggering a force majeure clause prematurely or without a sufficient basis can have adverse effects.

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Implementing a Cash Management Plan for COVID-19

As businesses adjust to the continuously expanding coronavirus restrictions and resulting economic impact, management should consider putting a cash management plan in place. Since topline revenues and production will likely be affected, businesses should proactively implement programs designed to control expenses and the outflow of cash.

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What Will Be the Impact of COVID-19 on Borrowers?

The outbreak of the coronavirus will result in the disruption of business for many companies, and it will have a significant negative impact on cash flow and ultimately banking and financial relationships. In addition to their short term liquidity, businesses need to consider their financial covenants and how to mitigate potential defaults.

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COVID-19’s Impact on Real Estate: Lease Agreements 

It is very likely that your lease agreements do not contain the terms “Coronavirus,” “COVID-19” or even “pandemic.” We explore the impact of force majeure clauses and the frustration doctrine on lease defaults and terminations as well as an update on legislation on evictions in Cleveland and beyond.

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Contact Us

If you have specific questions about any of the information in our articles, please reach out directly to the author or contact the Chair of the Real Estate Response Team, Matt Viola.

Meet our Team

Matthew Viola

Matthew Viola

Chair

Anne Corrigan

Anne Corrigan

Partner

Stephen Richman

Stephen Richman

Senior Counsel

Steven Marrer

Steven Marrer

Partner

Peggy Beistel

Peggy Beistel

Associate

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