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Pre-Negotiation Agreements Can Protect Lender’s Interests In Commercial Real Estate Loan
Representing a lender during the workout of a troubled commercial real estate loan requires an attorney to protect the client from unanticipated consequences and material miscalculations. In addition to negotiating and documenting the prospective workout agreement, an attorney must preserve the client’s rights and remedies during business-level negotiations to protect against prejudice in the event a final agreement cannot be reached and remedies must be pursued.
While New York Law (CPLR 4547) provides some protection, a timely and properly drafted “pre-negotiation agreement” (PNA) should ensure that all discussions or draft agreements exchanged between the parties are neither enforceable prior to final execution of a settlement agreement nor admissible in any court proceeding.
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