This OnDemand Webinar is intended to provide a practical guide to the issues that arise in the context in which a tenant is obtaining financing from a lender after having executed a real estate lease and the lender requires that the landlord execute a landlord waiver as one of the required loan documents.
This program will include a practical nuts and bolts discussion of the elements of a landlord waiver, an analysis of the competing interests and perspectives of the three parties involved in this process (the landlord, the tenant and the tenant's lender). It will also include sample provisions from actual landlord waiver documents in order to highlight the issues that are often raised in this process and to provide you with the framework for successfully negotiating these types of documents in a practical and cost-effective manner. The program will also include a discussion of alternative structures which are proposed by tenants and other parties including assignments of the tenant's lease.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Essential Elements of a Landlord Waiver
- Nature of Underlying Real Estate Lease: Office, Medical Office, Retail, Restaurant, Other Leases and Subordination or Waiver of the Landlord's "Lien"
- Scope of the Collateral and Scope of the Waiver
- Lender's Access to Collateral and Cure Rights
Landlord Waiver Issues From the Landlord's Perspective
- Matching the Waiver Documentation to the Transaction
- Avoidance of Relinquishing Any Claim or Interest in the Tenant's Assets
- Recognition of Prior Lien Rights of Lender - Practical Considerations
Landlord's Remedies vs. Lender Remedies
- Landlord's Remedies for Tenant's Default
- Termination of the Lease
- Lender's Obligation to Pay Rent
- Timing Issues
Landlord Waivers - Tenant's and Lender's Perspective
- Lease Provisions
- Making the Deal
- Managing Lender Requirements/Expectations
- Bottom Line Requirements of Lender
- Wish List Items for Lender
- Practical Considerations
Sample Provisions From Landlord's Waiver Documentation and Alternative Approaches
- Common Provisions
- Problematic Provisions
- Areas of Compromise and Drafting Solutions
- Alternative Approaches (Including Collateral Assignments and Franchisor Agreements)
Additional Lender Considerations
- Concerns: Validity of Lease, Lien Priority, Financial Exposure to Landlord
- Common Provisions: Required Terms, Areas of Compromise
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on January 23, 2013.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
David J. Tracy – Moderator
Hinckley, Allen & Snyder LLP
- Partner in the Providence/Boston offices of Hinckley, Allen & Snyder LLP, a New England regional law firm
- Practice involves all areas and aspects of commercial real estate, with particular emphasis on big box retail developments and retail and office leasing
- More than 35 years representing clients in shopping centers, ground leases, malls, and mixed use developments, as well as condominiums (residential, commercial and mixed use including vertical condominiums)
- Extensive experience in representing developers in construction and permanent financing transactions
- Represents numerous developers in the acquisition, leasing, development, financing and sale of various types of commercial real estate
- Continuously listed in all best lawyer voting services since 1987
- Member of the International Council of Shopping Centers
- Frequent speaker at seminars involving all aspects of real estate
- Published various articles relating to miscellaneous real estate topics
- J.D. degree, Boston College; B.A. degree, Brandeis University
- Can be contacted at [email protected] or 401-274-2000
Matthew P. Doring
Hinckley, Allen & Snyder LLP
- Partner in the Boston office of Hinckley, Allen & Snyder LLP
- Chairman of the firm’s Commercial and Real Estate Finance Group
- Concentrates his practice in commercial lending, corporate finance and tax-exempt financing transactions
- Represents both borrowers and financial institutions and serves as legal advisor to institutional lenders, underwriters, manufacturers, real estate investors and developers
- Practice routinely includes senior, second lien, mezzanine and subordinated debt transactions
- Regular presenter on various matters related to commercial finance
- Member, Real Estate Bar Association for Massachusetts and National Association of Bond Lawyers
- J.D. and B.A. degrees, University of Notre Dame Law School
- Can be contacted at [email protected] or 617-378-4130
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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