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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: lease land Posted by Andy on August 29, 2010 at 6:14 AM In Reply to: lease land posted by bob on August 28, 2010 at 11:56 PM If you knew about the land lease before bidding and posted here, I would have strongly suggested passing up this opportunity. You could be talking a very significant arrearage. You don’t have any leverage, and you're in damage control mode. First I’d seek legal advice as to who is legally responsible for the past due rents. The repairs are an iffy question too. I’d ask the lessor’s attorney to provide a copy of the lease, the accounts receivable ledger on the lease, and an itemized list of the repairs with full vendor documentation. I’d take the ledger with a grain of salt until proven otherwise, but it’s at least a starting point. I seen that often times these are insider deals. Corp A may lease the land from Principal/Corp B, who co/owns Corp A. May be multiple players on each end of the deal. I would research this very carefully. If you’ve determine that there is no ownership connection, I’d contact the former owner of the building and determine if they would be helpful in providing documentation. Long shot, but you don’t have a lot of options. Renegotiate the lease, as these type leases may be higher than market rates. Follow Ups: Re: lease land Rob 7:30 PM, 08/29/10 (4) Re: lease land Goober 9:05 PM, 08/29/10 (3) Re: lease land Rick, the Probate Guy 10:10 AM, 08/30/10 (2) Hey...Probate Guy..... Goober 10:08 PM, 08/30/10 (1) Re: Hey...Probate Guy..... Rick, the Probate Guy 7:18 PM, 08/31/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : If you knew about the land lease before bidding and posted here, I would have strongly suggested passing up this opportunity. You could be talking a very significant arrearage. You don’t have any leverage, and you're in damage control mode. : First I’d seek legal advice as to who is legally responsible for the past due rents. The repairs are an iffy question too. : I’d ask the lessor’s attorney to provide a copy of the lease, the accounts receivable ledger on the lease, and an itemized list of the repairs with full vendor documentation. I’d take the ledger with a grain of salt until proven otherwise, but it’s at least a starting point. I seen that often times these are insider deals. Corp A may lease the land from Principal/Corp B, who co/owns Corp A. May be multiple players on each end of the deal. I would research this very carefully. : If you’ve determine that there is no ownership connection, I’d contact the former owner of the building and determine if they would be helpful in providing documentation. Long shot, but you don’t have a lot of options. : Renegotiate the lease, as these type leases may be higher than market rates. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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