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The Bankruptcy Code provides a Chapter 11 debtor a powerful commercial lease tool to aid its restructuring efforts. A debtor may assume valuable real estate leases, and reject onerous ones. As explained below, a debtor’s time to assume commercial leases under which it is a lessee is limited to either 210 or 300 days from the date of the bankruptcy filing, unless the landlord consents to further extensions. The Bankruptcy Code further provides that a debtor’s failure to assume a commercial lease before expiration of this time limit results in the lease being “deemed rejected,” requiring the debtor to surrender immediately possession of the leases premises.
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Removing Restrictive Covenants In New York
By Stewart E. Sterk
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Use and Enforcement of SNDAs In the Hotel Industry
By Todd E. Soloway and Bryan T. Mohler
This article examines the agreement — known as a Subordination, Non-Disturbance and Attornment Agreement (SNDA) — typically used by hotel lenders, owners and managers to set forth their respective rights upon a foreclosure, and consider disputes that may arise when a party seeks to enforce its SNDA rights.
Regulatory Compliance and Investor Demand for Transparency Driving ESG Efforts
By Paul Bergeron
Regulatory considerations and investor demand for transparency are increasingly important drivers behind Environmental, Social and Governance (ESG) disclosure and reporting frameworks, according to a report issued by The CRE Finance Council (CREFC) based on responses from its members.
High M&A Activity In CRE Expected to Continue, Despite Sky-High Pricing
By Lynn Pollack
Merger and acquisition activity across the CRE spectrum is likely to continue to be high, though deals will likely be concentrated across the industrial and residential sectors, according to Deloitte.
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