LSTD202 Written Assignment:

Please read the below scenario carefully. After you have reviewed the below information you will write a 3-4 page paper in which you must answer all of the below questions supported by further legal research.

Scenario:

You recently inherited a large piece of property from your long-lost Uncle. It is zoned as a commercial property. It is over 10 acres and contains a large shopping center on the land with an attached parking lot. You are interesting in keeping the property and leasing it to various stores.

As you are excited to start leasing the property out, you quickly entered into a written commercial lease with your friend Betsy. She plans to open a dog grooming business with a boutique store for pets. The terms of the lease are that she will pay you $600/month for 2 years. She will build out the space to her specifications with her own money.

It has come to your attention that the land has some various liens on the commercial property, as your Uncle was not the savviest financial planner. Unfortunately, he owed quite a few debts before passing.

In your research paper, please answer the following questions:

After inheriting the property, what are some of the first steps you should take before leasing any spaces out or meeting with a leasing/sales agent?
What is the law in your home state regarding leasing commercial property? Be sure to cite the specific statutes and case law that you should know as a commercial real estate landlord!
What are some of the highlights of the law you found in your legal research in your home state?
What are your responsibilities as a commercial landlord?
What is the first step you should take regarding the alleged liens you found at the Recorder’s Office?
If after the steps you take in your answer to #3 above you find they are valid liens, are you considered a bona fide purchaser for value and protected? Why or why not? Be sure to explain your answer using the law in your home state, as well.
Will the liens on the commercial property affect Betsy and her lease in any way?
A major national pet store named BarkCo has just come to you interested in renting out a space in your commercial park on the contingency that you removed Betsy’s grooming salon and pet boutique, as they do not like competition. This would mean greater profits for you and your commercial center, as well as attract other big name stores to lease the other spaces. Will you cancel your lease with Betsy? Why or why not? Explain your answer and the legal ramifications if you were to breach the commercial lease with Betsy.
You should conduct research and use academic sources to support your statements. Research should come from academic sources such as case law, statutes and law review articles in Nexis Uni, articles in the APUS Library (Summon), news paper articles, federal/state government websites, court websites, and academic studies containing statistics. You may also do research at your local library, local real estate commission or conduct interviews of those in the field of commercial real estate or law. Non-academic websites, such as Wikipedia or advertising blogs, such as Findlaw, may not be used.

Formatting: Your paper is required to be double spaced in Times New Roman 12pt font, with 1” margins on each side. No title page is needed. Please place your name, student ID and date at the top of the paper. Citations should be in APA