Has anyone used interim agreements when there has been a lag in getting complex across the finish line? If so, in what context? TIA

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Not sure exactly what you’re dealing with, but I used them commonly in real estate deals for operating businesses that had long lead times for certain required licenses. We would buy the real estate, enter into our affiliate lease, then sublease the property back to our seller. While they were technically the ai tenant, they engaged our third party manager to operate the asset pursuant to a very simple management agreement that referenced and deferred to my client’s management agreement with language to the effect of “to the extent not inconsistent herewith, the permanent management agreement supplements, and controls over, this agreement.”

The end result would be my client owning the asset and my client’s 3rd party manager operating the asset pursuant to the terms of the long term management agreement between my client and its manager, but still utilizing the seller’s required licenses.

Whether such an arrangement is permissible will depend on the nature of the license and the state where the asset is. I’ve done this primarily with healthcare licenses, but it is also common with liquor licenses.

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