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Product ID: 388695EAU
 
Credit & Course Provided by:

Post-Closing Obligations in Complex Real Estate Transactions

OnDemand Webinar (89 minutes)

There is no doubting the adrenaline rush occasioned by the closing of a transaction, as clients and attorneys collaborate to bring a deal over the goal line. However, in most real estate finance transactions, closing represents only the beginning of a continuing relationship between deal parties. This OnDemand Webinar will explore common issues and obligations of parties to real estate transactions after the deal has closed.

Learning Objectives:

  • You will be able to review the importance of developing workable time frames.
  • You will be able to describe reallocation of mortgage and mezzanine debt.
  • You will be able to define custodial deliveries.
  • You will be able to discuss post closing transfers, defeasances and other common consent requests.

Authors

Matthew T. Clark, Dechert LLP
Jason S. Rozes, Dechert LLP

Agenda

The Post Closing Letter

• Appropriate Uses of Post-Closing Letters - When Is It 'Ok' to Take Something Post Closing?

• Common Subjects of Post Closing Letters

- Final Surveys/Title Policies

- Recorded Documents

- Filed UCCs

- SNDAs

- Tenant Estoppels

- Refinancing Lender Lien Releases

- Hedging Arrangements/Rate Caps

• Time Frames for Delivery

• Remedies

- Default

- Fees or Other Monetary Penalties

Common Borrower Post-Closing Tasks

• Tenant Direction Letters

• Notices To:

- Ground Lessors

- Condominium Boards

- Hotel Managers/Franchisors

- REA Parties

• SNDAs

• Other Common Items

Special Considerations for Securitized Loans

• Delivery of Loan File to Custodian

• Servicing Agreement

• MLPA Rep Exceptions

• Loan Summaries/Rating Agency Review

• Assignment Documents in Blank

Other Common Considerations

• Further Assurance Clauses and Scriveners' Errors

• To Slip Page or Amend?

• Responsibility for Post-Closing Transactional Costs

• Reallocation of Debt Between Mortgage and Mezzanine Debt

• 'Commercially Reasonable Efforts' Versus 'Best Efforts' Standard

• Common Borrower Consent Requests:

- Transfers

- Defeasance

- Leases

- SNDAs