All Forum Posts by: Bill Horton

@Ryan Jones Jessica Pingleton at K&L Gates in Portland is a great attorney contact.  I work with McCoy Foat & Company CPA in West Linn. 

@Marlen Weber Thanks, I'm also hoping this passes quickly.  Things were going so well! I'll try to keep you updated on how its goes.  Stay safe out there. 

@Bjorik Mutize thank you! That is some great information. Our lease does not have Force majeure provisions; thankfully so far our tenants have been very fair, as we have been with them as well.  I think its key as it says on the bottom of that page, communication is key and for both parties to not try to get an advantage, we're all going to have some loss from this.  

@Jay Hinrichs I drive by this every day and it has been cool to watch the progress.  I think there will be a lot of demand for those modern farmhouses and what a great location! 

@Kim Hopkins we also have commercial tenants who are having difficult times right now.  We have a salon and coffee shop who have closed completely, temporarily.  Both have reached out to us, expressing the financial hardships they are experiencing.  They are both long term tenants, who have never had issues paying rent. We have agreed a moratorium on rent and will be having adding an addendum to their current leases, so the missed payments will be amortized over the remainder of their lease.  We are not charging interest or fees, as this situation is not fault of their own. Everyone will suffer a little, but we felt this was the best way to help them and protect our asset.  

We are working with multiple retail tenants and will likely be doing a moratorium on rents, then will amortize the balance due over the remainder of their lease.  Not sure if that is the best option or not, but we figured we give up a little now to help them stay in business and will recover from it later in the year.  

CORONAVIRUS IS AFFECTING COMMERCIAL REAL ESTATE

We have an office/retail building and our retail clients are having a difficult time with the shutdowns related to the coronavirus.  Two businesses have closed their doors until further notice due to lack of customers, and the obvious public health reason. We have discussed a moratorium on rent payments, with a plan to amortize the skipped payments over the remainder of the lease.  

I'm curious, has anyone else done this yet? Or are their other options out there that we are not thinking of?  We haven't signed anything yet, but will likely write up an addendum to the lease with hard deadlines and repayment plans.  

Yes, for leases it is often more than that.  

@AJ Shepard I’d call Anthony Newbold with Slater & Associates in Tigard. I use him for my business insurance. They do commercial and personal.

@Ronald Rohde thanks!