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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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By Bella Schiro and Misun Yoon
Many in the legal economy may be asking themselves whether they need office space at all now that everyone has been forcibly migrated to cyberspace. But having experienced work from home for several months, there is a newfound appreciation for the office workplace. But what will the office look like when we return to it?
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