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On March 23, 2018, Congress passed, and the President signed into law, the omnibus spending bill known as the Consolidated Appropriations Act of 2018. Buried in Section N of the spending bill is a provision called the BUILD Act (Brownfields Utilization, Investment, and Local Development Act of 2018), which amends sections of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). One of the significant updates to the law is that now, a tenant at an industrial or manufacturing site can, under appropriate circumstances, claim the “bona fide prospective purchaser” (BFPP) defense to Superfund liability and escape strict, joint, and several owner/operator liabilities when leasing previously-contaminated property.
By Joseph I. Farca
Why Commercial Fraud Claims Sometimes Fail, and the Importance of Due Diligence
If a court decision called you “sophisticated,” it was probably not intended as a compliment, but instead signaled the death knell of your fraud claim.
By Missy McCoy
There is no uniform approach relating to management fee provisions in leases, and courts will recognize inequities in the charging and payment of management fees when lease terms are ambiguous or a landlord or tenant fails to comply with the terms of its lease.
By Kelsi Maree Borland
There is a frenzy of excitement about the prospect of opportunity zone investments, but a number of investors are also considering becoming sponsors of the new fund model. While organizing a fund may seem simple, especially for experienced real estate sponsors, the opportunity zone model is actually complex.
Contractual Allocation of Damage Risk Thwarts Insurer’s Subrogation Claim
Lacking Specifics, Lease Term Is Unenforceable