This is a challenging and, uncertain time for many of us and that includes our valued tenants at Black Mountain Properties LLC.
Our family ownership understands better than most how devastating changes in the economy can be, as we have gone through many business cycles in our 83 years of business. As our family saw during times of recession, depression and war, these times will pass. What has gotten us through those times is our relationships with our tenants, vendors and customers. As President of our Company, the well-being of our employees and tenants are in my thoughts every single day.
As part of our commitment to our tenant community, beginning April 1st, we have automatically included a rent deferral of 50% of the Base Rent. We have done this to be proactive and assist you if you need some financial relief during this time. To me, it is the fair and right thing to do. The deferral will be without late charge or interest for those who stay current on the remainder of their rent. We ask only that the deferral be repaid before year end. For those tenants who do not need the deferral we encourage you to pay in full or as close to full as you can, so we can continue to make the deferral program available to those most in need.
During this time, most of our staff is working from home to take care of the operational needs of our Company and to be responsive to the needs of our tenants. We have also worked with our janitorial staff and outside vendors to increase the attention to reducing exposures to better protect our tenants and their guests when visiting our common areas.
On behalf of the Black Mountain Properties LLC family owners and our employees, we express our best wishes to you as we all get through these unexpected circumstances. Through five generations and over eight decades of operating a business, we have learned time and time again that we can prevail and flourish by keeping a long-term perspective and by finding strength in our relationships with you, our valued tenants and customers.