Fee Conversion and Lease Rent Renegotiation
Ekimoto & Morris have been instrumental in enabling leasehold apartment owners in condominium and cooperative projects to successfully convert their projects to fee simple. We have been involved in both voluntary conversions and the use of mandatory conversion laws to assist in the conversion of community associations. We have participated in every aspect of the lease-to-fee conversion, from the initial approach to the lessor, to the preparation of the conveyance documents, to post-conversion resales of the portion of the leased fee acquired by the community association. We have also worked with brokers representing the Association in a coordinated effort to convert the association to fee simple.
Ekimoto & Morris have negotiated and arbitrated the lease rent for projects pursuant the terms of the apartment or ground leases. Under state law, condominium associations are required to negotiate and arbitrate the lease rent for it’s members. Not only have we handled numerous negotiations and arbitrations, we are experienced in dealing with the special issues that arise when the community association is the lessor and must represent the lessees and the lessor. We are experienced working with the association’s appraisers and other representatives in a team effort to seek a successful conclusion of the lease rent renegotiation process.