Property Management
A New Mexico commercial building landlord includes a 'co-tenancy clause' and the anchor tenant vacates. A retail tenant exercising their co-tenancy rights may:
AImmediately terminate the lease
BReduce rent or eventually terminate the lease if the landlord fails to replace the anchor within a specified time✓ Correct
CClaim ownership of the anchor's space
DReceive a refund of all past rent payments
Explanation
Co-tenancy clauses give retail tenants protections when key co-tenants leave: first, rent may be reduced. If replacement doesn't happen within a specified period, the tenant may have the right to terminate their lease.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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