Bill > S02134

This bill amends the New York Real Property Law to require landlords of commercial properties to mitigate damages when a commercial tenant vacates the premises in violation of the lease terms. Specifically, the landlord must make reasonable efforts to re-rent the premises at fair market value or the previous lease rate, whichever is lower. If the landlord is able to re-rent the premises, the new tenant's lease will terminate the previous tenant's lease and mitigate any damages the landlord could recover from the previous tenant. The bill also states that any provision in a lease exempting the landlord's duty to mitigate damages is void as against public policy.