Taft Food and Beverage chair, Patrick Wartan, published an article, “Top Five Restaurant Lease Considerations” in the April 2019 issue of the Illinois Restaurant Association newsletter.
The article outlines the daunting task restaurateurs face in negotiating a lease after months of searching and touring spaces to find the perfect spot for their new restaurant concept.
Once the two phases of the lease are created, the Letter of Intent and the lease document itself, five considerations need attention. They are:
- Condition of the Premises
- Licensing/Permitting; Contingencies; and Termination Rights
- Use Clauses and Exclusivity
- Permitted Transfers / Assignability
To read the article in its entirety, click here.