For those of us that practice in the world of commercial real estate financing transactions, the fact pattern is a tale as old as time: the Bank is making a term loan secured by real estate largely based on leases on the...more
The Michigan Uniform Assignment of Rents Act (“MUARA”), which takes effect on September 22, 2022, strengthens both the right to obtain a receiver and the power of the receiver to collect past due rent. The MUARA also confirms...more
The Michigan Uniform Assignment of Rents Act (MUARA) will take effect on September 22, 2022, and has important implications for a tenant's rights. If a tenant's landlord defaults on its loan, to whom must the tenant pay rent,...more
Previously, we alerted you that Michigan had passed its version of the Uniform Assignment of Rents Act (MUARA). Among other things, this law clarifies that an assignment of rents is not extinguished by a foreclosure sale...more
If you are a lender whose collateral includes rents from an apartment building, shopping mall, or other income-producing property, you might want to check your loan documents to be sure that you have taken an absolute...more
The English High Court has ruled that Brexit cannot be used as a reason to terminate a contract on the grounds of frustration. While the judgment concerned the effects of Brexit on a commercial lease, it reaches further than...more
One of the multitude of uncertainties currently facing commercial parties potentially affected by Brexit is the effect on their existing commercial contracts, specifically whether the new circumstances of Brexit provide a...more
Real Property Update - Reverse Mortgage / Statute of Limitations: as a matter of first impression, statute of limitations for enforcing reverse mortgage begins on date the note matures, notwithstanding earlier-death of...more
It’s common for a commercial loan to include an “assignment of rents,” by which the borrower assigns to its lender the rents it gets from the property securing the loan. In Florida, there’s a statute that governs how an...more
The Sixth Circuit Court of Appeals in its recent decision in Town Center Flats, LLC v. ECP Commercial II LLC (In re Town Center Flats LLC), Case No. 16-1812 (6th Cir. May 2, 2017), reinforces an option that commercial lenders...more
To anyone practicing bankruptcy law more than a month, the scenario of a lender secured by a lien against real property, as well as an assignment of rents (“AOR”) is pretty standard fare. Default on the debt occurs, threats...more