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In Light of COVID-19 ...
March 29, 2020 | Issue No. 10

Let us take this opportunity to wish all of you a safe and healthy road through the ongoing pandemic we are all experiencing. These are unprecedented times and, first and foremost, please accept our wishes that we all weather this storm quickly and safely. 

The pandemic, along with the legal issues we are seeing, are fast-moving and change on a daily and hourly basis. As the markets gyrate and government acts and reacts to an ever-changing health and economic crisis, we continue to track and analyze the evolving nature of the legal ramifications we are experiencing. 

The following are some articles of interest pertaining to this crisis in particular and our industry in general. We will continue to monitor these events on a daily basis and disseminate information of interest as needed in the days and weeks to come. Issues of defaults, forbearance, force majeure, material adverse effect, notice requirements, consent requirements, business interruption insurance, rent holidays or deferrals, debt service deferrals, workouts, restructurings, constructive eviction, condemnation, impossibility or frustration of contracts and similar issues are at the forefront of everyone’s minds right now. As facts and circumstances evolve, undoubtedly there will be other issues to consider. While we will endeavor to produce written content for your consumption, please feel free to reach out to us to discuss these and any other issues which may arise.

And one more thing: trying times like these often remind us of our good fortune in the real estate, financial and legal communities. There are so many amazing charitable organizations that now, perhaps more than ever, need financial assistance to serve vulnerable clients. Think about making a difference. 

Stay safe.

Partner | Real Estate
Associate | Real Estate

From a European perspective, for real estate lenders and borrowers, as well as their servicers and investors, there are (notwithstanding national economic rescue/stimulation programs) highly likely to be matters which will require urgent immediate assessment and will require consents, concessions and negotiations within their equity and debt structures.

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Partner | Real Estate
Associate | Real Estate

While the long-term effects of the COVID-19 pandemic on commercial real estate transactions are not yet known, lenders and their counsel must consider the title insurance company’s ability to record mortgages and take immediate action to ensure a safe path to closing transactions with adequate title insurance coverage. 

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Partner | Real Estate
Associate | Real Estate

In the absence of a looming natural disaster or pandemic, force majeure clauses are sometimes treated as boilerplate language and the implications are easily overlooked. However, the increasing economic effects of the coronavirus (COVID-19) have underscored the potential significance of force majeure clauses, especially with respect to commercial real estate lending. 

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Partner | Real Estate
Special Counsel | Real Estate

In construction lending, a Carry Guaranty is a standard and typical requirement whereby a Guarantor will guaranty the payment by Borrower of all costs incurred in connection with the operation, maintenance and management of the Property (or some subset of the same) for the term of the Loan (or, if the Property is operating but not at capacity, until the Property is generating sufficient revenue as determined pursuant to the satisfaction of one or more financial tests). In addition, a Carry Guaranty may also be required in financing transactions where the mortgaged Property is not generating sufficient revenue to pay all of the operating expenses with respect to the Property.

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Partner | Real Estate
Associate | Real Estate

A trust is a legal entity that is created by a person to hold and manage assets “in trust” for the benefit of a designated beneficiary. There are two basic types of trusts: revocable trusts and irrevocable trusts. This article will focus on the unique issues presented when dealing with a revocable trust as a guarantor on a loan. 

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Key Contacts

William P. McInerney
Partner
T. +1 212 504 6118
william.mcinerney@cwt.com

 

Duncan Hubbard
Partner
T. +44 (0) 20 7170 8525
duncan.hubbard@cwt.com

Fredric L. Altschuler
Senior Counsel
T. +1 212 504 6525
fredric.altschuler@cwt.com

 

Melissa C. Hinkle
Partner
T. +1 212 504 6972
melissa.hinkle@cwt.com

Holly Marcille Chamberlain
Partner
T. +1 704 348 5121
holly.chamberlain@cwt.com

 

Alan W. Lawrence
Partner
T. +1 212 504 6332
alan.lawrence@cwt.com

Jeremy Cross
Partner
T. +44 (0) 20 7170 8530
jeremy.cross@cwt.com

 

Bonnie A. Neuman
Partner
T. +1 212 504 5625
bonnie.neuman@cwt.com

Christopher J. Dickson
Partner
T. +1 704 348 5159
christopher.dickson@cwt.com

 

Matthew Robertson
Partner
T. +1 704 348 5257
matthew.robertson@cwt.com

Steven M. Herman
Partner
T. +1 212 504 6054
steven.herman@cwt.com

   
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