We have been requested to ratify a recently executed lease. Without too many boring details, the lease and bonus check was written to the wrong entity, an individual rather than the executor of a trust (same person). Could this simply be a request to clear up a clerical error or could there be some underlying rationale for requesting this ratification. We are having it reviewed for content now, but just wanted to get opinions/input on potential “undertone” issues that may be present in their request for ratification from those who deal with these issues on a daily basis.
It appears as though they (lessee) are trying to validate what would otherwise be an invalid lease. Do they offer restitution to you (or the Trust) of the bonus without recovery from the individual? Also, are the terms of the lease favorable to you? You’re in a position to renegotiate altogether! Also, be carefull of the pooling authority conferred by the lease/lessor and your approval by ratification. Looks as though it may be a square deal, but be cautious.