(Webcast) The Basics of Representing a Commercial Mortgage Borrower

Tuesday, August 3, 2021 | 2:00 pm – 5:00 pm

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Program Chair:
Matthew C. Cahill
Vice President, Corporate Underwriting Counsel, Senior Divisional Underwriting Counsel
First American Title Insurance Company

  • The program is intended to provide attorneys with a basic understanding of representing a borrower in a small to medium sized commercial mortgage loan. It is intended to provide attorneys with the skills necessary to review and negotiate the terms and salient provisions of loan documentation, preparation and modification of organization documents and drafting and understanding the role of supporting documents such as Subordination Non-Disturbance Agreements, estoppels certificates and opinion letters of counsel.

    Program Fee: $229 for Members | $329 for Nonmembers

  • Mark Frimmel
    Michelman & Robinson, LLP

    Harlan Greenman
    Of Counsel
    Greenspoon Marder LLP

    Hillary A. Jury
    General Counsel
    The Battery Group

    Eugene J. Martin
    Senior Counsel
    Goetz Fitzpatrick LLP

    Cameron Weil
    Seyfarth Shaw

  • 2:00 pm – 2:05 pm
    Introduction & Differences between a Term Sheet & Commitment Letter

    2:05 pm – 2:20 pm
    Borrower Organization Documents

    1. Organizational Structures and Charts
    2. Entity Types and Organizational Documents:
      1. Corporation
      2. Limited Liability Company
      3. Limited Partnership
      4. Unusual Entities
    3. Secretary Certificate
    4. Special Purpose Entities/Special Purpose Vehicles

    2:20 pm – 2:45 pm
    Opinion Letters of Counsel

    1. What and why is an opinion letter?
    2. Due formation and existence
    3. Enforceability and governing law
      1. Credit Documents
      2. Mortgage Documents
      3. Other Security Documents
        1. Creation
        2. Perfection
      4. Additional opinions

    2:45 pm – 3:15 pm
    Title Report, Searches & Surveys

    1. Ordering title
    2. Reading and Understanding the title report
    3. Tax, lien, judgment, departmental/municipal, bankruptcy, litigation, UCC and patriot searches
    4. ECBs, violations and clearing exceptions
    5. Types of surveys
    6. Pro forma policies, policies, common endorsements, ALTA 9 Endorsement and affirmative insurance

    3:15 pm -3:20 pm
    Break

    3:20 pm – 3:30 pm
    Mortgage Assignments, Mortgage Recording Tax, Section 255 & 275 Affidavits

    3:30 pm – 3:40 pm
    Leases, Estoppel Certificates, Subordination Agreements & Subordination Non-Disturbance Agreements

    3:40 pm – 4:40 pm
    Review & Negotiation of Loan Documents & Commitment Letters

    1. Closing Checklist
    2. Due Diligence items – Survey, Zoning and Zoning Reports, Phase I Environmental Reports, Appraisals and Financials
    3. Note
    4. Mortgage
    5. Assignment of Leases and Rents
    6. UCC Financing Statement
    7. Guarantees
    8. Environmental Indemnity
    9. ADA Indemnity
    10. Related Loan Documents

    4:40 pm – 5:00 pm
    Preparation & Closing

    1. Wire Fraud
    2. Sit down or through the mail
    3. Pdfs, wet ink and DocuSign signatures
    4. Post-closing obligations
    5. Questions

  • New York: 3.5 Skills
    New Jersey: 3.5 General
    California: 3.5 General
    Pennsylvania: 2.5 General
    Connecticut: Available to Licensed Attorneys

  • Sponsoring Association Committee:
    Real Property Law, Dorothy Heyl, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org

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