Your lease is probably the single most important consideration for franchise businesses to weather the coronavirus storm.
You need the lease when you return.
Many will call up their landlords and simply say “COVID-19” and get rent relief.
This approach “kicks the can” on rent and leaves the landlord in control of the issues upon your return to business.
That won’t be you, because you will get a lease amendment or use one of our simple forms to capture any revised terms in writing.
Your written agreement with the landlord should:
- Detail the rent being abated or postponed, including additional rent, NNN, insurance, all other costs you must pay.
- Detail the months being abated or postponed.
- Detail insurance to be left in place and who will pay.
- Waive default rent, late fees, and any other defaults arising from changes to payments or closure.
- If rent is postponed it should lay out manageable re-payment terms.
Please use one of the two forms shown below to capture the terms of your agreement with the landlord to either forgive (abate) rent or postpone rent.