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Although mezzanine lenders undertake a greater risk when entering into mezzanine loans due to the fact that their rights are junior and subordinate to mortgage lenders, they are afforded with the benefit of, in addition to typically receiving a higher interest rate, the ability to conduct relatively speedy foreclosure sales under the Uniform Commercial Code (UCC). Given these are unprecedented times, where the global pandemic is likely to result in an increasing number of borrowers defaulting on loans, it is particularly important for mezzanine lenders to pay close attention to the way the courts are beginning to respond to foreclosures in order to learn how to protect one of their most effective remedies: the UCC foreclosure sale.
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Sui Generis: Negotiate Like You Mean It
By Lydia Pilch
As further follow-up regarding tracking of the lifecycle of a commercial lease, Part Two of this series addresses various negotiation events, strategies, desired outcomes and potentially low key disasters.
New York’s Guaranty Law Continues to Divide Opinion
By Matthew J. Schenker and Joshua Kopelowitz
This article discusses the recent developments surrounding the constitutionality of New York's Guaranty Law. In particular, we address the Southern District’s view that the statute is unconstitutional and the splintered view of the statute’s constitutionality expressed by New York State courts.
Don’t Get Caught Holding a Conditional Loan Approval at Closing
By Matthew Kramer
With rising interest rates and more stringent lending standards for both residential and commercial properties, security deposit disputes caused by buyers’ inability to satisfy pre-closing purchase-financing conditions are also increasing.
New York’s Seldom Used Expedited Money Judgment Mechanism: CPLR 3213
By Massimo F. D’Angelo and Gregory Wong
In New York state and local court cases, there is a seldom-used procedural mechanism for obtaining an expedited money judgment against a guarantor. This article provides an overview of CPLR 3213 motions, an update on the resolution of the split that previously existed between the New York State Supreme Court, Appellate Division, First and Second Departments, and practical guidance for transactional counsel drafting commercial leases and guaranties.
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