Bill > A02729

This bill amends the real property law to require landlords to mitigate damages when commercial tenants vacate the premises in violation of the lease terms. Specifically, the bill requires landlords to make reasonable and customary efforts to rent the premises at fair market value or the previous lease rate, whichever is lower. If the landlord successfully rents the premises, the new tenant's lease will terminate the previous tenant's lease and mitigate any damages recoverable from the previous tenant. The bill also states that any provision in a lease that exempts the landlord's duty to mitigate damages under this law shall be void as contrary to public policy.