New York State has extended the moratorium on commercial evictions and foreclosures through January 1, 2021. Governor Andrew Cuomo's Executive Order 202.70 extends the previous deadline of November 3, 2020, in order to "align with [the] residential eviction moratorium so they are both extended to the same date." In a statement delivered on October 20, 2020, Governor Cuomo addressed the continued economic hardship on commercial tenants and mortgagors and expressed hope that the extension will provide additional time for commercial tenants to catch up on rent or renegotiate their leases and give mortgagors the opportunity to avoid foreclosure moving forward.
New York is the only remaining state with statewide commercial protections. California's Governor Gavin Newsom signed Executive Order N-80-20, which gives local counties and cities the right to extend commercial eviction moratoriums to commercial tenants and commercial foreclosure moratoriums to commercial mortgagors through March 31, 2021, but no moratoriums have been enacted at the state level.
We will continue to monitor future Executive Orders and will provide further updates as they become available.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Morrison & Foerster LLP. All rights reserved