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The Leasing Hotline
SECURITY INTEREST
A lender may not be entitled to the gross revenues generated from the operation of a hotel after a default. U.S. Bank Trust National Association et al. v. Venice MD LLC et al., NO. 02-2340, No. 02-2368, U.S. Court of Appeals for the Fourth Circuit, March 18, 2004.
Nielsen purchased the Venice Inn. To finance the purchase, the landlord advanced Nielsen $2.5 million and then leased the Inn back to Nielsen under a 98-year unsubordinated Ground Lease. Metropolitan loaned Nielsen another $5.9 million. Thereafter, Nielsen defaulted on its loan payments to Metropolitan and also on its monthly payments to the landlord. The landlord issued a default notice to Nielsen and sent a copy to Metropolitan. Metropolitan sent a cure payment to the landlord, who rejected it. The landlord then took possession of the Inn and, after discovering that Nielsen had neglected to pay several tax bills and license fees, invested more than $70,000 to bring the Inn into compliance. Metropolitan then sued the landlord for wrongful possession of the Inn's property under its contract with Nielsen and also sought to obtain the gross revenues of the Inn.
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