On April 20th, Governor Baker signed into law an eviction moratorium bill (H 4647) that benefits certain commercial tenants. While the new law grants extensive relief to homeowners from mortgage debt and foreclosures, and to residential tenants from evictions, it provides no relief from mortgage debt to commercial property owners, and limited relief to certain commercial tenants. This article addresses the limited relief provided by the legislation to commercial tenants.
The general economy continues to struggle due to COVID-19 closures and related effects, and the real estate market is no exception. Landlords are receiving requests from tenants for rent reductions, deferrals, abatements and other concessions. Although the terms of agreement vary, there are two common approaches to documenting these alternative arrangements, forbearance agreements and lease amendments.
Coronavirus, or COVID-19, is having an enormous impact on global financial markets, including major implications for the real estate industry.