Q: Under Florida law, is an oral lease enforceable? A: Yes, as a tenancy at will. However, Florida’s Statute of Frauds law provides that a lease for longer than one year must be in writing to be enforceable. Nonetheless, an oral lease that is payable monthly is a month-to-month tenancy […]
Q: What section of the Florida Statutes applies to commercial landlord-tenant relationships? A: Florida landlord tenant law is found in Florida Statutes, Chapter 83, and consists of three parts. Part I discusses nonresidential or commercial tenancies. Part II discusses residential tenancies and Part III discusses self-service storage space. Source: Fla. […]
Q: How does the borrower filing bankruptcy change my commercial foreclosure filing? A: The filing of bankruptcy by a mortgagor has become a common response to a foreclosure proceeding. The mortgagor may file a voluntary petition under the Bankruptcy Code and become a debtor under Chapter 7 (liquidation), Chapter 11 […]
Q: What are statutory notice requirements in Florida? A: With any assertion of default, compliance with notice provisions can be critical. In addition to default and acceleration notices, critical notices in Florida for commercial lenders are sequestration of rents and profits notices pursuant to Chapter 697, Florida Statutes and FDCPA […]
Q: Why would lenders attempt to workout defaulted mortgage loans? A: Once a mortgagor (borrower) has defaulted, it is often advisable to continue exploring constructive solutions to avoid the expense associated with foreclosure and resale of the collateral. Because workouts involve both parties working together to protect each other’s common […]
Q: What is a commercial foreclosure? A. When a secured creditor, usually a lending institution, attempts to recover monies owed based on a promissory note made by a commercial entity by legally recovering right to the collateral. Q: What is a decree of foreclosure and what are foreclosure proceedings under […]
Q: What can cause a default and acceleration in a commercial mortgage? A: Generally, the causes for default activating a lender’s right to foreclose are set forth expressly in the mortgage. Florida courts are liberal as to allowing the parties to freely determine what events may constitute default. Fundamentally, mortgage […]
Q: What is the landlord’s lien for rent? A: Section 83.08, Florida Statutes, provides that a landlord has a lien for unpaid rent upon the tenant’s personal property. The lien is upon all agricultural products raised on the rented property, upon all other property of the tenant “usually kept on […]
Featured in the December 2020 Issue Partner’s Perspective: With No Direction Home, America is a Rolling Stone. How Does it Feel? Managing Partner Moderated Fall CLE Judicial Panel Firm Partner Leads Certification Course for Homeowner’s Association Board Members Jimerson Birr Nominated for Reader’s Choice Award – Last Chance to Vote Curiosities, […]
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