Estoppel certificates can inadvertently waive your CAM dispute rights, so always audit charges and note reservations before signing.
An estoppel certificate clause requires the tenant to provide a written statement confirming the current status of the lease, including rent amounts, any defaults, prepaid rent, and the remaining term. These certificates are typically requested by prospective buyers or lenders evaluating the property. The clause defines the timeframe for delivery and the consequences of non-compliance.
Estoppel certificates lock in the tenant's acknowledgment of current lease terms, which can include CAM obligations. If a tenant signs an estoppel that inaccurately represents CAM charges or fails to note existing disputes, the tenant may lose the ability to raise those issues later. Reviewing estoppel certificates carefully is a critical moment for protecting your CAM audit rights.
“Within fifteen (15) days after receipt of a written request from Landlord, Tenant shall execute and deliver an estoppel certificate stating: (a) the Commencement Date and expiration date of the Lease; (b) the current Minimum Rent and any additional rent amounts; (c) any prepaid rent; (d) whether Tenant claims any existing defaults by Landlord; and (e) whether any modifications to the Lease have been made. Tenant's obligation to deliver the estoppel certificate shall not constitute a waiver of any claims not specifically addressed in the certificate. Tenant shall not be required to make representations regarding matters beyond Tenant's actual knowledge.”
This is illustrative language only. Your actual lease language controls your rights.
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70%+
An estimated 70% or more of commercial leases require tenants to deliver estoppel certificates upon landlord request [industry estimate]
Source: Commercial Real Estate Practice Surveys (2024)
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Go to lextract.ioThis page provides general educational information. It is not legal advice and may not reflect the most current law in your state. Consult a licensed attorney for advice specific to your situation.
