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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 Ann E. Ryan and Adrienne B. Koch
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant’s space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
By Erik Sherman
Disaster — a seemingly closed economy, crashed supply chains, tight labor availability, and many millions out of work — turned into rising values, some hot sectors, and rising rents and increased stability by 2021. Stepping into 2022 should be a good deal less jarring. And yet, there might be changes and surprises. Here’s what experts see as coming up.
By Stewart E. Sterk
When, at the culmination of environmental review under the State Environmental Quality Review Act (SEQRA), a municipality resolves to require a developer to ameliorate environmental impacts, can anyone other than the municipality itself enforce the requirement?
By Anthony Davies
The law firm office cannot remain unchanged, therefore, as if frozen in time set to some date prior to the onset of pandemic, when all the terms and meaning have all changed. In fact, the office must now provide benefits or an experience the lawyers and staff cannot get at home.