USA - NEW JERSEY Law and Practice Contributed by: Steven Fleissig, David Freylikhman, Cory Mitchell Gray and David Jensen, Greenberg Traurig LLP
It should be noted that, while commercial evic - tion and commercial foreclosure proceedings are not, at time of writing, formally stayed under any state governmental orders or court orders, the time to evict a commercial tenant or fore - close a commercial mortgage, etc, has been greatly lengthened due to court closures and the volume of such actions that are being filed as a result of the pandemic. 6.22 Termination by a Third Party A lease may be terminated by condemnation; a process which is described in 6.19 Right to Ter- minate Lease . In the event of a condemnation, the award is given to the property owner, though tenants are often permitted to make separate claims for moving expenses. In addition, a mort - gage lender may have rights to foreclose and terminate tenancies. 6.23 Remedies/Damages for Breach In the commercial context, a landlord’s damages are typically identified by category in the lease documents. Generally, a landlord is entitled to back rent, to evict a tenant that has breached the terms of the lease and to enforce any guaranties that were provided in connection with the lease. A commercial landlord is required to attempt to mitigate its damages. In the residential context, a scheme of state laws and regulations governs this area of law, and these should be specifically reviewed for a detailed understanding. Gener - ally, a residential landlord may seek eviction and money damages for back rent, a specific attorneys’ fee, damages to the dwelling unit, and future rent until the time the apartment is re-leased. In New Jersey, eviction of a tenant and the money damages actions are separate judicial proceedings. Both residential and com - mercial landlords have rights as to tenant prop - erty left in the leased premises but the rights
differ under statute with commercial landlords not bound by the Abandoned Property Act. Landlords in New Jersey typically hold a security deposit. The form of security differs and may consists of cash, letters of credit, pledges of security interests and similar documentation. Residential landlords have specific statutory obligations as to, among other things, where and how tenant security deposits must be main - tained and when the security deposits must be returned to departing tenants. 7. Construction 7.1 Common Structures Used to Price Construction Projects Common pricing models for construction pro - jects include: • fixed price (also referred to at times as lump sum or stipulated price); and • cost plus, either: (a) subject to a guaranteed maximum price; or (b) not subject to a guaranteed maximum price. Construction engagements are not limited to these approaches, and other project delivery models – such as (i) design-build agreements, (ii) construction management agency/multiple- prime, (iii) engineer, procurement, and construc - tion (EPC) agreements, or (iv) integrated project delivery agreements – are also types of construc - tion agreements that may be used depending on the nature, type and location of the project.
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