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Springing Forward
March 30, 2021 | Issue No. 22
Special Counsel | Real Estate

Once the building on a ground-leased property is completed, the ground landlord has a very secure rent stream. While the rent under the ground lease is based on the value of the unimproved land, if the ground tenant defaults and the tenant’s lender does not step up and cure the default, the landlord’s remedy is to terminate the lease and to retain ownership of the land and the building free and clear of the tenant’s interest, which would typically far exceed the value of the land. As a result, ground lease defaults are few and far apart. But what about the period before the building is built?

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Associate | Real Estate

From the end of this year LIBOR may disappear and floating rate loans that currently reference LIBOR would be expected to transition to a floating rate based on so-called “risk-free reference rates.” In the case of Sterling-denominated commercial loans, the relevant risk-free reference rate being strongly promoted by the Sterling Working Group (which was set up by the Bank of England to help develop alternative referencing rates) is the Sterling Overnight Index Average (or SONIA). This article looks at the key differences between LIBOR and SONIA and how these rates may impact legacy loans and new loans going forward.

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Partner | Real Estate
Special Counsel | Real Estate

On February 25, 2021, the United States District Court in the Eastern District of Texas (“Texas Court”) granted summary judgment in favor of the plaintiffs in Lauren Terkel et al. v. Centers for Disease Control and Prevention et al., holding that a nationwide eviction moratorium issued by the Centers for Disease Control and Prevention (“CDC”) to mitigate the spread of COVID-19 exceeded the constitutional authority granted to the CDC.

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Partner | Real Estate
Associate | Real Estate

On March 9, 2021, Governor Cuomo signed the COVID-19 Emergency Protect Our Small Businesses Act of 2021 (the “Act”), which provides eviction and foreclosure protections for small businesses. The Act applies to commercial tenants that are resident in New York, independently owned and operated, not dominant in their field and have fifty or fewer employees.

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Here is a rundown of some of Cadwalader's recent work on behalf of our clients.

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Key Contacts

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

 

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

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