Real Estate Transactions Attorney in Chicago, Illinois

What is your approach in negotiating and drafting leases?

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Sometimes I’ll be working on leases for clients and they’ll be for a 10-year term with two five-year options or something like that. So my approach, generally, is to eliminate any possible ambiguity that could eventually come down 10, 15 years later that two different lawyers that might be working on this lease might not understand. Because the worse thing that could happen in a document is that two subsequent lawyers get involved, they look at the same clause or they look at the same provision and they disagree as to what they mean. Because if they disagree as to what it means that could turn into a dispute and that could turn into litigation and that could turn into a big mess for both parties involved.

So generally, my approach to any long term deal, you know I certainly hope to have the client for a long time, I’m still young enough I think I’ll be doing this for many more decades but I fully realize there’s a possibility that I won’t be there to at some point in the future on a long term deal like a long term lease. So just make sure that there’s no ambiguity, all the words are clear, all the provisions are understandable. And if there’s something you don’t understand, bring it up with opposing counsel saying I’m looking at this paragraph, I’m looking at this sentence what do you mean by this, to me, it’s not clear? And if you have a reasonable party on the other side, they’ll allow for you to clarify if necessary, with an additional sentence or two as to what’s supposed to be in there.

The goal, generally, is to have an easily understandable document that allows for your client to feel comfortable for a long time and gives them the positivity that they’re looking for.

Chicago, IL business lawyer Steven Schroeder shares his approach in negotiating and drafting leases.

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