On April 1, 2020, Governor Mike DeWine signed Executive Order 2020-08D, which contains certain “requests” of commercial mortgage lenders and landlords with small business commercial tenants located in Ohio.
While the health and safety of the US populace is of primary concern, the economic and legal implications of COVID-19 have already proven to be significant, particularly in the commercial real estate context. Mandated closures have left landlords and tenants concerned about the enforceability of lease obligations (especially with respect to the obligation to pay rent); purchasers and sellers concerned about meeting the timelines set forth in contracts of purchase and sale and the logistics of closing; borrowers and lenders concerned about the fulfillment of loan obligations; ...
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