Attorney Alejandro Padua and His Team Solve a Complex Commercial Real Estate Issue
Houston, TX – November 14, 2011 – (RealEstateRama) — Alejandro L. Padua, Esq., of Padua Law Firm in Houston, with his excellent drafting of real estate related contracts and related lawyering, together with his brother Antonio J. Padua, head broker of Padua Realty Company has significantly improved their client’s property cash flow.
The Fernandez Family
The Fernandez Family had a commercial property that had been leased to a shaky tenant well below market rent. This was due to bad advice from prior real estate consultants and because they were trying to help a family member.
The lease had a term of five years and an option to extend the term for an additional five years that had to exercise in writing. The Fernandez family was receiving approximately 50% Gross Rent (they still had to pay property taxes and other expenses out of this amount) that they should be receiving. The actual market rent for similar properties was approximately double or triple that amount.
And Padua Law Firm, Texas real estate attorneys, went to work to try to improve their client’s income from this property.
Enter Padua Law Firm
Alejandro L. Padua reviewed the lease agreement with the existing tenant and noticed that the five year renewal option HAD TO BE EXERCISED IN WRITING. After thoroughly investigating the facts surrounding the renewal, it was apparent that Tenant had not exercised this option in writing.
Padua Law Firm sent a letter to the existing tenant demanding that they leave the premises within 30 days. Tenant refused. Alejandro began the legal maneuvering required to force the tenant to vacate the premises. Due to excellent interpretation of the lease contract and lawyering, tenant was forced to vacate the premises.
The Fernandez family, through Antonio Padua, released the premises for double the amount of rent triple net (which means that they do not have to pay for property taxes, insurance, or maintenance of the property). This is great news for them as they now are receiving approximately 3X the free cash flow!
Padua Law firm is a Houston real estate attorney and Texas commercial property lawyer that represents clients throughout Texas.
Source: Padua Law Firm
