On November 25, 2020, the Southern District of New York upheld Section 22-1005 of the New York City Administrative Code, which renders personal guaranties contained in leases unenforceable for commercial tenants impacted by...more
Publication of U.S. dollar (USD) LIBOR rates used in many financial instruments may continue longer than expected. On November 30, 2020, ICE Benchmark Administration (IBA), the administrator of LIBOR, released a statement...more
New York State has extended the moratorium on commercial evictions and foreclosures through January 1, 2021. Governor Andrew Cuomo’s Executive Order 202.70 extends the previous deadline of November 3, 2020, in order to “align...more
On October 5, 2020, New York Governor Andrew Cuomo signed Executive Order 202.67, extending the moratorium on commercial evictions and foreclosures through November 3, 2020...more
On September 18, 2020, New York Governor Andrew Cuomo signed Executive Order 202.64, extending the moratorium on evictions and foreclosure actions against commercial tenants and owners facing financial hardship due to...more
On April 27, 2020, five Missouri retailers filed a putative class action suit against their insurance provider, The Cincinnati Insurance Company, for breach of contract relating to the insurer’s denial of coverage under the...more
8/26/2020
/ All-Risks Insurance ,
Business Income ,
Business Interruption ,
Class Action ,
Compensatory Damages ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Insurance Industry ,
Motion to Dismiss ,
Property Insurance ,
Retailers
In January 2020, Senator Julia Salazar and Assembly Member Harvey Epstein introduced a bill (S7231/A09041) in the New York State Legislature proposing to charge a recording tax (similar to the mortgage tax) on mezzanine debt...more
As borrowers continue to experience financial distress and loans go into default as a result of the ongoing coronavirus pandemic and related issues, lenders are now becoming more focused on the need to take a closer look at...more
The Rent and Mortgage Cancellation Act of 2020, introduced on July 10, 2020 by Assemblymember Yuh-Line Niou (D) and Senator Julia Salazar (D), proposes to cancel residential rent payments and mortgages for small homeowners...more
On June 30, 2020, New York Governor Andrew Cuomo signed into law the New York Tenant Safe Harbor Act (the “Act”). The Act (S.8192B (Hoylman)/A.10290B (Dinowitz)), sponsored by New York State Senators Brad Hoylman and Liz...more
On May 26, 2020, New York City enacted a law that renders personal guaranties unenforceable for commercial tenants impacted by COVID-19. Section 22-1005 of the Administrative Code of the City of New York states that a...more
As borrowers fall into financial distress as a result of the ongoing coronavirus pandemic, or otherwise, and loans default, some lenders look to foreclose their mortgage and mezzanine loans. While there is little judicial...more
Governor Cuomo signed Executive Order 202.8 on March 20, 2020, which initially established a 90-day stay on evictions and foreclosures, among other measures designed to prevent the transmission of COVID-19 and provide...more
New York State Senate Bill 8125-A, introduced on March 23, 2020 by Senator Michael Gianaris (D), proposes to provide rent relief to New Yorkers affected by the outbreak of the coronavirus (COVID-19).
S.B. 8125-A would...more
On April 9, 2020, the Federal Reserve announced that it would be expanding the Term Asset-Backed Securities Loan Facility (TALF) to include triple-A-rated commercial mortgage-backed securities (CMBS) and static...more
One of the impediments to conducting “business as usual” while offices have shut down and work has transitioned to a remote environment has been the inability to properly execute financial and legal documents. This is...more
The Coronavirus Aid, Relief, and Economic Security Act (commonly referred to as the “CARES Act”) was enacted on March 27, 2020. The CARES Act is a nearly $2 trillion stimulus package aimed at combating the economic impact...more
On March 18, New York Governor Andrew Cuomo signed Executive Order 202.6 limiting non-essential business. Today, New York State expanded its guidance on Executive Order 202.6 to include construction as a non-essential...more
On Monday, November 18, 2019, the House of Representatives passed, by a widely bipartisan vote of 385–22, H.R. 4634, also known as the “Terrorism Risk Insurance Program Reauthorization Act of 2019.” If enacted, this will...more
In October 2017, the New York State Department of Financial Services (DFS) announced sweeping new regulationsaimed at curtailing marketing expenses, such as meals and sporting events, that title companies ultimately pass on...more
On Monday, July 15, 2019, a group of industry trade associations and building owners filed a federal lawsuitnaming the City of New York, Rent Guidelines Board (RGB), and a number of state and local officials as defendants,...more
On Friday afternoon, June 14, 2019, New York Gov. Andrew Cuomo signed into law Senate Bill S6458, also known as the “Housing Stability and Tenant Protection Act of 2019” (the new “Rent Regulations”), after the bill passed the...more
New York State has made changes to the State real estate transfer taxes that will apply to conveyances occurring on or after July 1, 2019. The changes generally increase the effective tax rates for certain real estate...more
Lenders risk losing collateral and credit support and other adverse results if provisions in new loan documents restricting merger and sale of assets are not properly drafted following a recent change in Delaware law...more
In February of last year, strict new regulations, promulgated by the New York Department of Financial Services (DFS), went into effect, banning title companies from engaging in a wide range of marketing activities that could...more