Leases-Leasing
Hurricanes and Property Leasing Issues
If you own property that you lease out to businesses or if you own a business which leases property from a property management company you need to be well advised to check over the terms of the lease agreement and make sure that you are covered either way in the event of a large catastrophic category hurricane.
In the 2005 Atlantic tropical hurricane season many business properties were completely destroyed and this caused a huge issue for landowners and building owners alike. Many small businesses were completely destroyed and in many cases the small-business owner was indeed responsible for part of the damage to the building. It is important that you understand terms of your lease if you own small-business prior to a hurricane strike.
Not only do some small businesses lose their entire inventory and customer base due to the destruction and damage of a large category hurricane, but they also find themselves owing money to return the property back to normal. This can be a double whammy on a business and often SBA loans may be able to help the small-business owner bail himself out, but those loans have to be paid back and that can be a severe financial hit on the monthly cash flow. Please check your leasing agreement before the storm hits. When did Noah build the Arc? Before the storm remember? Think on this in 2006.
Lance Winslow
Lance Winslow
Tags: Hurricanes, Property Leasing IssuesSimilar articles
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