Leaseholders wanting to buy the freehold find the builder has sold it on to another firm, which then seeks huge sums even though the lease may only be a few years into a 999-year term.
A Peter Schwartz, a Manhattan landlord-tenant lawyer, said that even though the lease provides that the apartment may be used for residential purposes only, it is unlikely that a court would consider the use of the apartment as a home office as a substantial violation of the lease.
He owns a government lease for his Washington, D.C., hotel even though the lease states that it could not be held by a government official.
He continues to hold a government lease for his Trump International Hotel in Washington, D.C., even though the lease declares that it cannot be held by a government official.
Thereby both revenues and profits are inflated in the short term, though it leaves a ticking time bomb in the form of the expenditure that has to be accounted for in later years.Cable & Wireless admitted that it booked revenues up front in most cases even though the leases of telecoms lines involved lasted up to 20 years.
He pointed out that even though the company had leased land from the government of Gabon for 15 years, anyone from the local community who didn't want the land they were using for farming to be converted to palm could have it excluded from the concession.
Robert C. Kossar, who heads Jones Lang LaSalle's industrial real estate division in the state, said flatly, "There has not been a significant decline in net effective rental rates in northern New Jersey, in the Meadowlands and around the ports," even though the pace of leasing has dropped by about half in the last year, to 18 months.
For example, the Buffalo Bills show $7.8 million in stadium expenses even though their lease stipulates Erie County assumes all costs of maintaining the facility, including all game-day expenses.
In 2002, for instance, the board ratified increases of 2percentt for one-year leases and 4percentt for two-year leases, even though the Price Index of Operating Costs, a summary of landlord expenses like utilities and labor, dropped for the first time.
Last year, for instance, the board approved increases of 2percentt for one-year leases, and 4percentt for two-year leases, even though the price index of operating costs, a study that summarizes landlords' expenses, showed a decrease for the first time in history.
He got the client to sign a lease, even though the space wasn't available, then convinced the building's owner to sell him the property.
