A Local Law to amend the administrative code of the city of New York, in relation to requiring a clause in commercial leases that obligates the parties to engage in good faith negotiations during certain states of emergency.

Summary

This bill would require parties, contracting to rent commercial property or with existing commercial leases, to engage in “good faith” efforts to negotiate toward a rent concession if the tenant’s business is required to close pursuant to an order issued as a result of a state of emergency.

Official summary of legislation · NYC Council