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Ohio Governor Issues Guidance for Commercial Lenders and Landlords

Ohio Governor Mike Dewine issued an Executive Order (Order 2020-08D) on April 1, 2020 requesting that landlords and lenders to small businesses provide rent and payment relief to their tenants/customers. Governor DeWine’s order is here.

Governor DeWine requests in his order that landlords with small business commercial tenants suspend rent payments and cease evictions, both for at least ninety consecutive days.

Similarly, mortgage lenders are asked to provide at least ninety consecutive days of forbearance. Specifically, Governor DeWine is asking lenders to forgo monetary and non-monetary remedies (filing suit, initiating foreclosures, impounding funds, terminating credit, sweeping cash, or requiring waivers or admissions of default arising from the COVID-19 pandemic).

The order uses the word “requested” throughout, and does not negate lease or loan obligations, but is intended to “provide a pause and time for sensible solutions to be worked out among commercial real estate borrowers and lenders.”

Landlords, tenants, and lenders face significant pressure from the pandemic and effects of Ohio’s Stay at Home Order. Perhaps Governor DeWine’s Executive Order will help.

ExecutiveOrder.pdf

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail.

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