February 03, 2006
"Material Compliance" with Leases
What exactly is “material compliance” by a tenant with respect to the covenants in its lease? The issue is gaining in importance in the U.K., where a tenant’s ability to get out of a lease may rest on whether it’s in “material compliance” or has “reasonably performed” at the time it tries to exit. A recent High Court decision discusses the issue, Fitzroy House Epworth Street (No. 1) v. The Financial Times  EWHC 2391 (TCC). Caroline Potter of Cameron McKenna in London takes a look at the case here.
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