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Summer's Coming
May 27, 2021 | Issue No. 24
Special Counsel | Real Estate

This article is a brief refresher on the basics of New York’s one-action rule. Following an event of default, typical commercial real estate loan documents give the lender the right to pursue alternative remedies simultaneously, or in any order it chooses. For example, if a borrower is in default on a mortgage loan beyond any applicable notice and cure periods, the mortgage usually provides the lender the right to foreclose its mortgage while simultaneously suing on the note or, if applicable, a guaranty. However, every lender needs to be aware that some states have enacted so-called “one-action rules” which, in many circumstances, restrict a lender’s right to simultaneously pursue multiple legal actions to recover the debt. We would note that one-action rules can vary greatly from state to state, and this article specifically focuses on New York’s application of the rule.

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Partner | Real Estate
Associate | Real Estate

Last week the UK's High Court handed down a momentous judgment on a rescuing plan presented by Virgin Active which relies on wiping out the majority of the rent arrears. It was a test case on the new rules around scheme of arrangement introduced last year, which no longer requires 75% votes from all creditors to be obtained, provided certain conditions are met. This article revisits the current rules around pre-insolvency restructuring and how this could affect landlords, as well as the implications of the Virgin Active case.

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Partner | Real Estate
Associate | Real Estate

On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1, 2021.

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Partner | Real Estate
Associate | Real Estate

The United States District Court for the Southern District of New York decided in Gap Inc. v. Ponte Gadea N.Y. LLC on March 8, 2021 that a retail tenant will not be able to use the COVID-19 pandemic as an excuse for not making rent payments under multiple legal theories. This case is one of many cases now before New York courts in the aftermath of New York’s decision to shut down non-essential businesses during the rise of the COVID-19 pandemic.

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

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Steven M. Herman
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Fredric L. Altschuler
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Holly Marcille Chamberlain
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Christopher J. Dickson
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Melissa C. Hinkle
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Bonnie A. Neuman
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Matthew Robertson
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