Loan financing is a cornerstone of real estate development. It’s a rare project that has captive capital to finance the entire project, and many investors expect that their contributions will be leveraged with debt financing....more
The Corporate Transparency Act (CTA), which goes into effect January 1, 2024, will affect businesses across all industries, including many real estate investment and holding companies. As the CTA is just now coming into...more
Almost every subcontract I see includes some type of “pay-if-paid” provision, meaning the general contractor (GC) is not required to pay the subcontractor until and if the GC receives payment from the owner. The precise...more
In my last post, I discussed ways subcontractors can protect themselves from waiving their right to lien before the owner pays. However, what if an owner pays its general contractor (GC), but the funds never make it to the...more
In the course of reviewing construction subcontracts, I’ve recently seen provisions similar to the following (simplified for convenience and confidentiality):
“The subcontractor shall reimburse the [Contractor and/or Owner]...more
COVID-19 shook nearly every industry to its core, but never more so than for commercial office space. Before the pandemic, downtown office space across the United States favored landlords in virtually all aspects of...more
With the Oregon sun finally poking its head out, it’s a good opportunity to revisit the current state of solar energy. If you’re a homeowner or renter in metropolitan Portland, I’d imagine that, like me, you have received...more
As I alluded to in my previous post, with Oregon’s mask mandate lifting, downtown employers have initiated a greater push for returning to the office, Tonkon Torp included. Tonkon and other large law firms in Portland have...more
With revisions to Oregon mask-mandates beginning as early as March 11 and Governor Kate Brown expected to lift the state of emergency on April 1, one has to wonder if and when Portland’s remote employees will be required to...more
Imagine you are a property owner or manager over any number of properties. You hire various service providers to perform services such as landscaping, security, cleaning, etc. Moreover, you run a tight ship, timely paying the...more
Oregon House Bill 4213, as extended by Governor Kate Brown’s Executive Order 20-56, currently prohibits eviction of residential tenants for non-payment of rent through December 31, 2020, as previously discussed. However, with...more
Due to recent changes in Oregon law, if a janitorial service provider fails to pay its employees, the owner or manager of the property being cleaned could be liable for the unpaid wages (and additional penalties) unless the...more
On August 31, Oregon Governor Kate Brown issued Executive Order 20-37, extending prohibitions on residential and commercial foreclosures in Oregon through December 31, 2020. This Order was issued under the Governor’s...more
In previous updates Tonkon Torp attorneys have addressed the applicability of Force Majeure clauses in commercial contracts. As expected, commercial renters are taking a beating, and many have been forced to close as a result...more
On April 9, the IRS released Notice 2020-23. The Notice pertains to Section 1031 like-kind exchanges to defer capital gains tax on the sale of real property. Under the Notice, the 45-day identification deadlines and 180-day...more
On March 22, Oregon Governor Kate Brown issued an executive order temporarily prohibiting law enforcement officers from acting on evictions as a result of nonpayment of rent. This followed the City of Portland and Multnomah...more