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In this video mini-series, Real Estate partner Caroline Harcourt and Insolvency & Restructuring partner Patrick Fitzmaurice and special counsel Jon Doolittle join forces to explore some of the key components of a commercial foreclosures. The trio provide a general overview of the pre-foreclosure process, outline important considerations when drafting a foreclosure complaint, offer guidance on the steps that go into obtaining a judgement of foreclosure and sale, and flag some a variety of important post-sale issues.  Watch the video here.

 

 

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Climate21-logo-300x169This is a brief review of the recently released “Climate 21 Project” policy memo. It is the work of many former members of the Obama Administration who are deeply concerned about climate change and what steps the new administration can take in the first 100 days to confront a problem. Offering “actionable advice” rather than a policy agenda, the group recognizes that Congress must do its part by providing new statutory authorities within the early days of the new administration, and the President must be prepared to aggressively exercise the powers of his office. As the members of the Group see it, there are four interlocking crises facing the President: (a) the COVID-19 pandemic; (b) the economic devastation visited upon many people by the pandemic; (c) racial injustice; and (d) accelerating threats posed by climate change.

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real estate blockchain tokenizationBlockchain technology is a digitized, distributed ledger that immutably records and shares information using software protocols and advanced cryptology. The development of blockchain-based smart contracts—self-executing software algorithms integrated into a blockchain with trigger actions based on pre-defined parameters—has made it possible for parties to automate the process of executing commercial transactions between counterparties in a more direct, trustworthy and efficient manner.

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CDC-logo-300x221Months after the Centers for Disease Control and Prevention (CDC) issued a nationwide eviction moratorium using its emergency pandemic powers under the Public Health Service Act, the efficacy of this unprecedented measure remains unclear. While the Order ostensibly protects tenants facing homelessness or housing insecurity due to the financial impacts of the COVID-19 pandemic through the end of 2020, legal challenges have been initiated in Ohio and Georgia, with additional lawsuits appearing likely. Further, even barring legal challenges, courts have not handled these cases in a uniform manner. With lawmakers unable to reach any stimulus or COVID-19 relief agreement before the election, the CDC Order appears likely to remain the only federal eviction moratorium through its expiration on December 31, 2020.

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GettyImages-1150744671-300x225Hydrogen is gaining global recognition for its potential as a key player in the energy transition. Investors and businesses are exploring opportunities across multiple sectors, including energy, manufacturing, transport and finance. According to a report by Bloomberg, the current pipeline for global hydrogen projects is worth an estimated $90 billion. The EU is not going to be left behind, with a focal point of its Green Deal being on hydrogen.

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This roundup of recent environmental and regulatory law rulings and rulemakings includes an EPA deadline extended, a NEPA exclusion and PSM application upheld, and an unsuccessful appeal to the federal officer removal doctrine.

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California voters say “No” to split roll, and San Francisco voters say “Yes” to higher gross receipts taxes and real estate transfer taxes. ChartIn “California’s Proposition 15 Is Failing While San Francisco Accepts a Bevy of Local Tax Measures“, colleagues Craig A. BeckerBreann E. RobowskiWilliam L. Bennett discuss that California and San Francisco voters were asked to decide several tax‑related referenda with major implications across all business industries. Although it is too early to state with certainty, voters appear to have rejected Proposition 15, a measure that would introduce a so-called “split roll” property tax system. On the same day, voters in San Francisco overwhelmingly approved a battery of tax-related measures: Proposition F, which overhauls San Francisco’s business taxes; Proposition I, which doubles the real estate transfer tax on transactions exceeding $10 million; Proposition L, which institutes an aggressive new “Overpaid Executive Gross Receipts Tax;” and Proposition J, which repeals and replaces an annual parcel tax.

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In episode #22 of Industry Insights podcast, Bob Grados joins host Joel Simon to discuss the current real estate market, the types of lenders active in the market and popular transaction types that are thriving in today’s environment.

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Joel Simon: There’s been so much published and discussed about real estate in the current market environment, but today I’d like to talk about lenders and, more specifically, different types of lenders. One of the more interesting aspects of your practice, Bob, is that you work on real estate finance transactions that often feature different types of lenders with different stakes in the same asset or group of assets. Can you give us an idea of the number and variety of lenders you come across? Continue reading

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https://www.gravel2gavel.com/files/2020/10/1200px-US-OfficeOfManagementAndBudget-Seal.svg_-300x300.pngOn March 2, 2020, the Environmental Protection Agency revised its “On-Site Civil Inspection Procedures” in accordance with Executive Order 13892 . (The rules are located at 40 CFR Part 31.) These rules set forth the components of an appropriate inspection procedure. Briefly, the rules require that, after the inspector’s credential are made available, the object of the inspection will be discussed (and most inspections will be held during regular working hours), consent to enter must be obtained, there should be an opening and a closing conference with facility representatives, safety protocols must be observed, confidential business information must be protected, and there will be an opportunity for split sampling. Once the report is completed, it will be shared with the facility.

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An intercreditor agreement (ICA) involving a construction loan raises a host of complicated and unique issues that are not addressed in the typical ICA. As more fully described in the prior alert on Intercreditor Agreements (ICAs), and by way of a short introduction to mezzanine loans generally, the mezzanine lender in a single mezzanine loan structure makes a mezzanine loan to the mortgage borrower’s owner(s) (the “mezzanine borrower”) and the mezzanine loan is secured by the mezzanine borrower’s equity interest in the mortgage borrower (a single purpose entity that is not the property owner entity).  In “Distressed Real Estate During COVID-19: Mezzanine Loans Behind Construction Loans—Special Considerations and Intercreditor Agreement Provisions”, colleagues Caroline A. Harcourt, Paul Shapses and Jacob A. Axelrod discuss that construction loans with companion mezzanine loans raise a host of concerns that are unique to more standard ICAs between a mortgage lender and a mezzanine lender.

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