I just bought a small strip center. The rent is so low for
I just bought a small strip center. The rent is so low for the main tenant, I can't pay my bills. I want to know if I can raise the rent and add NNN. Here is what the lease now states:"Adjustment to the rent, if any, for rent escalators, for percentage of net rent, or for increases in building operation costs (including, but not limited to insurance) shall be as set forth in an attached addendum. "There is no addendum.As the new owner, Can I require a new lease with tenant including the increase in price and NNN? (of course they do not want to pay more money and will not sign)Or is this an iron clad lease and I must live by the terms of the lease until it expires in 4 years? The lease states "SPECIAL PROVISIONS Landlord and Tenants agree that this lease shall survive any sale of the property to a third party."
I have a property in Burbank that the LADWP is offering a nominal
I have a property in Burbank that the LADWP is offering a nominal amount to purchase the SubjectEasement to do an underground construction project which involves tunneling. A paragraph of the proposed contract titled "Full and Complete Settlement in Lieu of Condemnation: Waiver of Damages". It reads as follows (ver batim)"Owner and City acknowledge that this transaction is a negotiated settlement in lieu of City exercising its power of eminent domain. Owner and City further acknowledge that City is acquiring the Easement through the Subject Property set forth herein under the threat of the power of eminent domain. Owner acknowledges that City's acquisition of the Easement through the Subject Property for the XXXXXXXXX Project is a valid public use. Owner hereby acknowledges that the compensation paid to Owner through this Agreement constitutes the full and complete settlement of any and all claims against City related to City's acquisition of the Easement through the Subject Property, including but not limited to full payment of just compensation in eminent domain by reason of City's acquisition of the Easement, specifically including, but not limited to, any and all rights or claims that the Owner has, may have or may in the future have under Article 1, Section 19 of California Constitution, the Eminent Domain Law, or any other law or regulation, except as provided herein. OWNER, ON BEHALF OF ITSELF AND ITS SUCCESSORS AND ASSIGNS, FURTHER KNOWINGLY AND VOLUNTARILY WAIVES AND EXPRESSLY RELEASES AND DISCHARGE CITY AND ANY AND ALL OF CITY'S EMPLOYEES, AGENTS, OFFICERS, SERVANTS, REPRESENTATIVES, CONTRACTORS, ATTORNEYS, PARTNER AGENCIES ASSIGNS, FROM LIABILITY IN REGARD TO ANY CLAIMS FOR THE ACQUISITION OF THE EASEMENT THROUGH THE SUBJECT PROPERTY AND THE CONSTRUCTION OF THE PROJECT AS PROPOSED, TO INCLUDE THE FOLLOWING: COMPENSATION FOR THE FAIR VALUE OF THE REAL PROPERTY TAKEN, PRE-CONDEMNATION DAMAGES, DAMAGES ARISING OUT OF OR RELATED TO THE PLANNING ACTIVITIES FOR THE PROJECT, LOSS OF BUSINESS GOODWILL,RELOCATION AND DISPLACEMENT CLAIMS UNDER THE CALIFORNIA RELOCATION ASSISTANCE LAW, LOST PROFITS, LOST RENTS, BUSINESS OPERATION IMPACTS, DAMAGE TO IMPROVEMENTS OR STRUCTURES, SEVERANCE DAMAGES, ANDY IMPACT ON ACCESS RIGHTS, THE IMPACT ON CIRCULATION RIGHTS, THE VALUE OF ANY LEASEHOLD INTEREST, CLAIMS RELATED TO SIGNAGE, CLAIMS RELATED TO VIEW OR VIEWSHED, CLAIMS FOR ANY FURNITURE, FIXTURES AND EQUIPMENT, ANY RIGHT TO REPURCHASE OR LEASEBACK FROM CITY, OR RECEIVE ANY FINANCIAL GAIN SHOULD CITY DETERMINE TO SELL ANY PORTION OF THE EASEMENT THROUGH THE SUBJECT PROPERTY, ANY RIGHT TO CHALLENGE CITY'S ADOPTION OF A RESOLUTION OF NECESSITY, ANY RIGHT TO RECEIVE ANY NOTICES PURSUANT TO CODE OF CIVIL PROCEDURE $1245.235, ANY RIGHT TO ENFORCE ANY OTHER OBLIGATION PLACED UPON CITY PURSUANT TO CODE OF CIVIL PROCEDURE $$1230.020 THROUGH 1273.050, ANY OTHER RIGHTS CONFERRED UPON OWNER PURSUANT TO CODE OF CIVIL PROCEDURE $$1245.245 AND 1263.615 AND 1263.025, AND ANY AND ALL CLAIMS FOR LITIGATION EXPENSES, ATTORNEY'S FEES, STATUTORY INTEREST AND/OR COSTS ARISING OUT OF THE ACQUISITION OF THE EASEMENT THROUGH THE SUBJECT PROPERTY AND/OR CONSTRUCTION OF THE PROJECT AS PROPOSED.Followings are my specific concerns:1. I do not know all the Codes and legal references cited in the above paragraph, how would LADWP expect to waive all the rights to all of these for a nominal purchase amount.2. If City (and LADWP) could and will invoke its Eminent Domain powers to acquire these easments, what is the reason for this voluntary purchase offering of easements? Are they getting more rights through this voluntary and negotiated process versus through the eminent domain laws?3. What options do I have at this poiint?Thanks.