The Lease, REA (Reciprocal Easement Agreement), and the Declaration dictate the various rights of the parties pertaining to use of a shopping center. Tenants’ rights under a lease are usually more restrictive than the rights of owner-occupants under a REA or declaration. Why? Fee ownership establishes a higher status. Plus, larger “anchor” tenants have strong leverage with the shopping center developer to become owner-occupants.
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Rights of the Occupant Under a Lease Compared to an REA or Declaration
By Ryan + March 7th, 2007The Lease, REA (Reciprocal Easement Agreement), and the Declaration dictate the various rights of the parties pertaining to use of a shopping center. Tenants’ rights under a lease are usually more restrictive than the rights of owner-occupants under a REA or declaration. Why? Fee ownership establishes a higher status. Plus, larger [...]
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