a Commercial Real Estate Lawyer is responsible for;

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Simply put, a commercial real estate lawyer is responsible for:

• Documentation.
• Review.
• Legal Matters.
• Foreclosure Agreements.
• Negotiations.
• Communication with The Client.

 The Canada Emergency Commercial Rent Assistance (CECRA) program is a voluntary program to be administered by the Canada Mortgage and Housing Corporation (CMHC) in partnership with the provinces and territories. CECRA is intended to help streamline negotiations between qualifying commercial landlords and their tenants to assist the parties in reaching a mutually acceptable rent reduction agreement during the COVID-19 pandemic.  

 Restrictions on deferrals and evictions -

  To participate in the program, the property owner must agree to reduce the tenant’s rent, rather than defer it, and may not take steps to recover the abatement at a later date. In addition, the landlord must agree to an eviction moratorium during the rent reduction period.  

 Participation by provinces and territories -

 Each of the provinces and territories are partners in the program, with each government announcing details of its own participation separately. To date, it appears that the provinces and territories will follow the CMHC rules, with few if any exceptions. We will update this post regularly with additional information as it becomes available.  

 Eligibility -  

 Both the commercial property owner and the tenant must meet certain eligibility tests. 

 Property Owners 

  Under the CMHC requirements, the property owner must own a property with eligible commercial tenants (including subtenants) and have declared rental income on its personal or corporate tax returns for 2018 and/or 2019. In addition, it must have entered (or be in the process of entering) into a rent reduction agreement for the months of April, May and June 2020 as described above. Finally, the rent reduction agreement must contain a moratorium on eviction during that period.While CMHC states that, to be eligible, the property owner must have a mortgage loan secured by the commercial real property occupied by one or more commercial tenants, it also indicates that an alternative mechanism will be implemented for those commercial properties that are not mortgaged. Details have not been released at this point but have been promised in the “near future”.Commercial units in mixed-use buildings are eligible for CECRA. 

 Tenant 

 CMHC states that the tenant or subtenant must:

• Be a business, non-profit or charitable organization;
• Pay no more than $50,000 monthly gross rent per location;
• Generate no more than $20 million in gross annual revenues, as consolidated “at the ultimate parent level”; and
• Have either temporarily closed altogether or have experienced a 70% decline in revenue (in April, May or June vs. either the same month(s) in 2019 or the average of January and February 2020).

 In addition to buying and selling new homes, re-sale residential properties, and condominiums, we also offer the following services:

• Buying or Selling of Commercial Property
• Mortgage Refinancing
• Buying or Selling of the Assets of a Business
• Transfers of Title to Your Spouse or Loved Ones
• Completing Private Mortgage Transactions
• Reviewing and Revising Residential Leases
• Reviewing and Revising Commercial Leases
• Placing Title Insurance on Residential/Commercial Property
• Providing Independent Legal Advice (ILA) on Bank/Mortgage Documents, Separation Agreements, and Other Legal Documents
• Registering Survivorship Applications, Court Orders, Applications (General), and Other Instruments on Title