Break clause: implied term for M&S
The High Court delivered a controversial judgment on 16 May 2013 in the case of Marks and Spencer Plc v BNP Paribas Security Services Trust Company (Jersey) Ltd and Another.
Marks and Spencer (M&S) was the tenant under four leases of an office building in Paddington. The leases were all in the same form. Briefly, the relevant terms were: the leases were granted for a term starting on 25 January 2006, expiring on 2 February 2018; rent was payable quarterly in advance on the usual quarter days; the leases contained break clauses allowing M&S to terminate the leases on 24 January 2012 (the break date); and the breaks were conditional on there being no arrears of rent or VAT at the break date and the payment of a year’s rent (being a substantial sum) on or before the break date.
M&S served notice to break the leases and paid the full quarter due in advance on 25 December 2011. M&S also paid the penalty amount of one year’s rent and so it satisfied the break conditions…
If you are registered and logged in to the site, click on the link below to read the rest of the Shoosmiths briefing. If not, please register or sign in with your details below.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
A purchaser who obtains part of a propertyt hat has the benefit of a right of way must assume the burden of contribution to that right of way.
Further changes made to the Community Infrastructure Levy Regulations 2010 present opportunities for developers, but also add new complexities.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…