Glenn D. Wright, Eq. is scheduled to be a panelist on a webinar entitled “Billboard Leasing Agreements: Key Considerations for Landlords and Tenants” on June 12, 2018, from 1:00 p.m. to 2:30 p.m. Eastern Time.   It is a product of Strafford Continuing Education Webinars. A brief discussion of the material covered is below.

Billboards make up the overwhelming majority of outdoor (also known as “out of home” or OOH) advertising and benefit real property near public areas. Because OOH advertising companies typically lease or license property for advertising use, billboard leases provide unique advantages to property owners by creating an additional income stream, increasing potential resale value, and maximizing utility in the vacant or underused property. For advertiser tenants, leasing requires a lower initial capital outlay and can provide greater flexibility over Time.

Thoughtful crafting of agreement terms in billboard leases can anticipate landlords’ and tenants’ unique challenges. If the parties do not adequately negotiate and draft these provisions, even seemingly non-controversial provisions may have long-term consequences.

In addition to location and the suitability of a type of billboard for the site, parties must consider local zoning requirements, applicable federal regulations, duration, payment and renewal terms, construction issues, potential third-party subleasing or assignment, and each party’s respective obligations at termination. Real estate counsel must understand the impact of these and the myriad complexities for the future transaction’s viability.

Our panel will provide real property counsel with a review of essential provisions in billboard lease agreements. Our panel of real estate attorneys will discuss how to address the unique concerns of both landlords and tenants for various considerations, including site suitability and use restrictions, construction, rent structuring, and relocation and termination rights.

We will review these and other principal issues:

• What level of due diligence should the tenant undertake before signing the lease?
• Are there any implied warranties from the landlord concerning defects at the premises or should the lease include express warranties?
• What kind of language should be included in the lease to address consent for corporate-level changes in the tenant, such as a merger or a change of control of the tenant’s parent entity?
• If the tenant assigns its lease, is the tenant automatically released from any further liability, or should express language be included in the lease?

After our presentations, we will engage in a live question-and-answer session with participants to answer your questions about these important issues directly.

To register click here