is necessarily different from sole ownership.
With the property's 9,000 s/f public plaza, waterfront views, and tremendous retail cotenancy
, we are looking forward to bringing retailers to the table that will take advantage of this unique space and vibrant corridor.
and Joint Ownership [section] 1 (2005) ("A 'cotenancy
' is a tenancy under more than one distinct title, but with unity of possession.
If a producer wanted to transfer ownership of property over time, and such property were owned individually or in cotenancy
, he or she would have to gradually convey a series of direct interests in the property, which would raise a number of title and liability issues.
residences in one of the common law cotenancy
Ownership through a cotenancy
or individual ownership is treated like a grantor trust for this purpose.
Under the new agreement, the cotenancy
operation was to be managed by an owners' committee having equal representation from the two companies.
Many retail leases include cotenancy
clauses, which allow tenants to ask for rent cuts or even to pull out without penalty if other key tenants leave a particular shopping center.
Many shopping center leases contain cotenancy
clauses that state that unless a certain amount of space is leased and occupied, tenants are entitled to financial concessions, such as rent reductions and, under certain circumstances, lease termination rights.
1031 exchange of property distributed by a partnership, the IRS will likely use one or more of three theories: (1) the partners did not hold the property for a qualified use, (2) the step-transaction doctrine, and (3) the partners' cotenancy
in the property is a partnership.
clauses, which require the presence of a certain anchor to keep smaller tenants in the center, are a "huge" source of problems, Hutensky said.
However, the cotenancy
analogy should be inapplicable to the purchasing lienor for several reasons.