Tristar Investors Letter Agreement

by Kendall
(Jacksonville, FL)

I'm a landlord with an American Tower lease that has approx. 13 years remaining on it. August of 2010 I was ready to accept a partnership with Tristar Investors and stupidly, I signed their Letter Agreement (but not the Easement). I disclosed that there was an existing lien on the property.

Fast forward to the beginning of 2011, and my decision that I don't want to sell the lease to them and become their partner for the measley amount they've offered to buy out the current lease for.

February of 2011 I got a voicemail from them asking me to return their call. I ignored it. Now 5 weeks later I have received another voicemail stating that the title company has discovered something they need to discuss with me.

I intend to return their call this time, but I have done nothing on my end to try to get the lien released on the property. Am I going to be in trouble with them, and if I ask the bank to send them a letter stating they will not remove the lien from the property is there anything they can do to force that to happen or take me to court over this?

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Jan 10, 2012
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Depends
by: Lawrence Gould

It all depends upon whether you warranted (promised) that there were no liens. I've worked for a number of tower companies, and so I've seen a broad range of purchase documents - and I've also seen Tristar's documents. There is a difference between agreeing to use your best efforts to get the bank lien 'subordinated' to the easement, versus 'covenanting' to have it removed - which means you could be liable if it isn't removed. Regardless, most land acquisition companies, including Tristar, know they can't control banks and that you can't either. If you make a reasonable effort to help them, and your bank won't cooperate, they shouldn't hold you responsible - even if they can. It is bad business for them to do so (no promises of course).

Apr 03, 2011
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Call us ASAP.....
by: Kevin - Tower Genius

We can not provide legal advice but we can review the deal. We do have a major point to discuss with you that you need to be made aware of and it may help you. Please call us.

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