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Jeff Nielson is a transactional attorney specializing in the development, acquisition, and financing of commercial real estate projects across the United States.

Jeff frequently represents financial institutions in connection with construction, bridge, and other secured real estate financings. He has handled loan originations totaling hundreds of millions of dollars covering office buildings, retail centers, industrial facilities, and other asset classes.

Jeff has deep experience in the renewable energy industry and regularly represents developers, tax equity investors and lenders in connection with solar and wind projects. His practice includes drafting and negotiating site control instruments and securing energy project title insurance. He also advises renewable energy developers on mergers and acquisitions and regulatory matters.

Idaho’s Supreme Court recently issued a new opinion discussing the requirements to form a valid lease agreement. Unfortunately, the case raises as many questions as it answers.

In 616 Inc. v. Mae Properties, LLC, No. 49190 (Feb. 8, 2023), the court reminded us that four necessary terms must be agreed upon to create an enforceable lease: (1) a definite agreement as to the extent and bounds of the property leased; (2) a definite and agreed term (length of time); (3) a definite and agreed price of rental, and (4) the time and manner of payment. If any of those essential terms are left for future negotiations, no lease comes into being and the parties are left with an unenforceable “agreement to agree.” In addition, if the length of the lease term is more than one year, the lease will not be enforceable against a party unless the four essential elements are memorialized in a writing that is signed by that party. The court may, however, overlook the lack of a signed writing in cases where the contract has been partially performed if there is other sufficient evidence of agreement on all the essential terms.Continue Reading Idaho’s Supreme Court Raises New Questions About the Essential Elements of a Lease