Inheriting Leases? Why Old Lease Forms Cost You a Deal! | Episode 44: I Own a Shopping Center, Now What?

Beth Azor

When you buy a shopping center, you inherit leases - but should you actually keep using them? In this episode, I share why continuing with outdated lease forms can cost you money, flexibility, and leverage. Whether you're dealing with 40-year-old language, missing continuous operation clauses, or outdated assignment fees, I explain what to look for and why having your own modern lease form is non-negotiable.

I also share stories from her own deals, the kinds of clauses that have evolved over time (think CPI increases and relocation costs), and why hiring the right attorney could save you from years of legal and operational headaches. If you’re inheriting leases or planning to buy a center, this episode will give you the lease-level clarity most landlords overlook.

Key Insights:

✔️ Never assume the lease you inherit is good enough—create your own lease form

✔️ Outdated leases often lack key protections like continuous operation clauses

✔️ Assignment fees, late fees, CPI language, guarantees—all need modern updates

✔️ Hire a real commercial lease attorney, not a residential closing lawyer

✔️ If tenants want to renew and don’t have options, you set the lease terms