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COVID-19 Commercial Leasing Trends (Part One)
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In an effort to protect small businesses from high rents, on June 13, both houses of New York's legislature passed a bill, S1163, that prohibits "rent minimums" in real estate secured loan documents. As of this writing, this...more
On June 13, both houses of New York's legislature passed a bill, S1163, that prohibits "rent minimums" in real estate secured loan documents....more
On February 20, the US Supreme Court declined to hear challenges brought by rental unit owners to recent changes made to New York City’s Rent Stabilization Laws. Since these changes went into effect in 2019, news outlets have...more
When a landlord defaults on a mortgage of its rental property, the lending institution will typically seek to collect rent from the borrower’s tenants in order to secure repayment of the loan....more
Secured lenders whose commercial loans are in default often face a serious question: should they allow a commercial property’s expenses to be paid, potentially increasing their losses? Or should they minimize their immediate...more
On June 24, 2022, Michigan passed the Michigan Uniform Assignment of Rents Act (MUARA). When it did, Michigan became the first state with a Uniform Assignment of Rents Act that expands the definition of "rents" to include...more
In May 2017, we highlighted the Sixth Circuit’s opinion in Town Center Flats. Briefly, Town Center Flats held that ownership of a commercial property’s rents transferred to a lender when (1) a commercial loan is secured by a...more
Historically, receiverships for commercial real estate were used to collect rents and fees generated by income-producing properties prior to the completion of foreclosure sales on those properties. While receiverships are...more
The global COVID-19 outbreak has encouraged widespread orders to protect renters and owners of commercial and residential real property. In this 50 state-by-state survey we offer a summary of cities and states that have...more
Retail, restaurant, entertainment, and other industries have been devastated by COVID-19 and the resulting governmental orders either precluding or materially limiting operations. In that regard, retail bankruptcy filings...more
The Internal Revenue Service (“IRS”) ruled on November 18 that taxpayers that received Paycheck Protection Program (“PPP”) loans and used the proceeds to pay otherwise-deductible expenses may not deduct the payments if the...more
As we have previously reported, in March the Commonwealth instituted an eviction and foreclosure moratorium which, among other things, provided a financial backstop for landlords effected by their tenants’ inability to make...more
HOPE Act: Congressmen Taylor, Lawson and Barr Introduce Legislation to Address the Pending Crisis in the Commercial Real Estate Market - Texas Representative Van Taylor, Florida Representative Al Lawson, and Kentucky...more
Yesterday, Florida Governor Ron DeSantis extended, for a second time, a previous executive order that suspended and tolled any Florida Statute that allows landlords to evict residential tenants for non-payment of rent, and...more
On April 17, a bill was introduced in the United States House of Representatives seeking to create the Rent and Mortgage Cancellation Act of 2020. The primary feature of the bill is it would suspend all rent and mortgage...more
As income streams are interrupted due to loss of rents in the midst of business closures during the continuing pandemic, many borrowers are reaching out to their lenders to discuss debt service and other relief under their...more
As discussed in prior updates, lawmakers in New York previously introduced bills that would, if enacted, temporarily suspend rent payments for certain residential and small business commercial tenants unable to pay rent due...more
We are currently at the beginning of an economic downturn being driven by a worldwide, viral pandemic that has resulted in an abrupt and massive disruption of normal business....more