Definitions
from The Century Dictionary.
- noun The state of being a cotenant or cotenants; joint tenancy.
Etymologies
Sorry, no etymologies found.
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Examples
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The result is a ripple effect, as failures trigger cotenancy violations, which in turn lead to canceled leases, more vacancies and more violations.
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Chico's FAS Inc. has saved $8.1 million so far through its rent-relief negotiations, including the aggressive enforcement of cotenancy clauses.
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That can trigger cotenancy benefits for other retailers, says Matthew Bordwin, managing director at KPMG Corporate Finance LLC, which represents retailers looking to restructure their leases.
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Williams-Sonoma Inc. and AnnTaylor Stores Corp., among others, are poring over their leases and dispatching staff to track store closures that trigger "cotenancy clauses."
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Some cotenancy clauses allow retailers to pay lower rent if a mall or shopping center's occupancy falls below a certain threshold.
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The breach of a cotenancy clause typically allows the retailer to pay as little as half the rent while the landlord searches for a new tenant to replace the one that departed.
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Charming Shoppes Inc., with brands such as Lane Bryant and Fashion Bug, estimates that it will save roughly $10 million this year by pursuing rent relief, including the use of cotenancy clauses.
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"You could have a pure vacancy, a bankruptcy and liquidation, tenants asking for rent relief, or cotenancy cuts because of the loss of a major tenant."
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For commercial landlords, the cotenancy demands are one part of a miserable picture as they suffer through the current recession.
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"This estate by entirety is an anomaly and it is perhaps an oversight that the Legislature has not changed it into a cotenancy, as has been done in so many States."
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