If you’re a commercial property owner facing the threat of foreclosure, or just skimming headlines you’ve likely seen the phrase “giving back the keys”. Although this expression may sound like an informal and straightforward...more
When purchasing a veterinary practice, one of the key considerations is the real estate where the practice operates. If the buyer does not intend to purchase the property itself, they will need to either assume the existing...more
Promissory notes play a critical role in financial transactions, serving as a written promise from a Borrower to pay a Lender a specified sum of money under agreed-upon terms. Understanding the intricacies of buying and...more
What is a ground lease? A ground lease is a long-term agreement where a ground tenant leases land from a landowner and has the right to develop and use that land during the lease period. Typically, the ground tenant owns any...more
Use - The majority of commercial tenants will confirm that their landlord permits them to use the leased premises for their desired use. Fewer will consider whether the zoning ordinance for the municipality permits their...more
Borrower / Guarantor Liability Recourse – The borrower (or guarantor) is personally liable for the full amount of the loan, including any debt remaining after the collateral is foreclosed upon and sold. To satisfy the...more
1. Demonstrates Commitment. While the majority are non-binding, the parties’ willingness to negotiate and execute a letter of intent demonstrates a preliminary commitment to the deal. 2. Confirms Material Terms. Reaching an...more