Contributed By Allen Matkins Leck Gamble Mallory & Natsis LLP
A landlord can terminate a lease when there is a material casualty for which the repairs will exceed a reasonable period of time, or a condemnation that materially affects the ability to conduct business. Casualty and condemnation events typically give either party the right to terminate the lease. A lease can also be terminated if a tenant defaults on payment or fails to satisfy the insurance requirements outlined in the lease. Further, economic or material non-economic defaults, such as violating the use provision, beyond applicable notice and cure periods can trigger termination. Landlords can be in default, too, for not making timely repairs, for example, or not providing consistently working elevators.