What a week this has been since the closure of Silicon Valley Bank. As noted in our Client Alert of last week, California State regulators shut down Silicon Valley Bank (SVB) on Friday, March 10, 2023, and appointed the...more
While unexpected, the closure by California regulators of, and the appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver for, Silicon Valley Bank (“SVB”) is an event that is contemplated by most...more
3/13/2023
/ Banking Sector ,
Banks ,
Borrowers ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Landlords ,
Letter of Credit ,
Receivership ,
Silicon Valley
Update -
This article is partly a republication of a Client Alert that was issued on December 6, 2022 titled “San Francisco’s Commercial Vacancy Tax.” Readers who have already read the original article can simply read...more
In what may turn out to be a lesson on the limits of the application of equitable doctrines supporting rent relief in the face of good lease drafting, a California court of appeal panel in San Diego has taken a narrow view on...more
2/3/2023
/ Appellate Courts ,
CA Supreme Court ,
California ,
Coronavirus/COVID-19 ,
Financial Distress ,
Landlords ,
Leases ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
In March 2020, the voters of San Francisco approved Proposition D, also known as the Commercial Vacancy Tax. The ordinance applies to ground floor, street-facing, commercial properties within any of the 32 districts listed in...more
Most issuers of, and beneficiaries under, letters of credit are familiar with the impact a tenant bankruptcy has on the continued effectiveness of draws under the LC. Assuming a “direct draw” letter of credit that does not...more
In the coming weeks, the City of San Francisco’s Department of Environment is expected to submit a new Climate Action Plan for Mayor London Breed’s approval. The Climate Action Plan will provide a roadmap for the City of San...more
Following the passage of its commercial eviction moratorium for certain qualified tenants in December 2020, the San Francisco Board of Supervisors, on August 4, 2021, provided additional assistance to the same class of...more
In early April as the statewide vaccination rate began to rise and major population centers across California began to see significant decreases in positive COVID cases and hospitalization rates, Governor Gavin Newsom...more
On January 25, the State of California lifted its previously enacted emergency stay-at-home order for all 58 counties. The stay-at-home orders were put in place at the beginning of December and were designed to help ease the...more
In the recently-passed Consolidated Appropriations Act, 2021 (the “Act”), Congress provided much-needed cover for landlords that enter into forbearance agreements with their tenants during the COVID-19 pandemic by protecting...more
In an update to our client alert from November 30 regarding the San Francisco commercial eviction moratorium previously passed by the Board of Supervisors, we note that, following our publication of the client alert, the...more
On November 17, 2020, the San Francisco Board of Supervisors unanimously approved an extension to the commercial eviction moratorium that had been previously enacted and extended on a month-to-month basis by mayoral...more
The 2020 election in California as pertains to national politics was never in doubt, but despite being a deeply blue state, Californians continued to show their divide on taxing businesses and making major changes to the...more
On October 20, 2020, San Francisco County was upgraded to the “minimal” tier within the California COVID-19 tracking system, meaning it has the fewest restrictions on reopening all businesses as promulgated by the State of...more
San Francisco’s Department of Public Health (“SFDPH”) issued yet-another update to its Shelter-in-Place Order, C19-07, on September 14, 2020 (now up to version “i”). This order has been frequently modified to reflect changes...more
On Thursday, August 13, the California Judicial Council elected to rescind Emergency Rules 1 and 2 related to eviction and foreclosure actions in California applicable to both residential and commercial properties, effective...more
Since the outbreak of the COVID-19 pandemic, local municipalities and state governments throughout the country have implemented stay-at-home orders and mandated closures of businesses and restaurants to lower the spread of...more
7/27/2020
/ CA Supreme Court ,
Commercial Real Estate Contracts ,
Coronavirus/COVID-19 ,
Force Majeure Clause ,
Frustration of a Common Purpose ,
Impossibility ,
Impracticability ,
Landlords ,
Non-Essential Businesses ,
Restaurant Industry ,
Shelter-In-Place ,
Tenants
On July 17, San Francisco Mayor London Breed announced that due to a rapid rise in new COVID-19 cases in the last month, and because San Francisco was listed on the State’s County Monitoring List (the “Monitoring List”) for...more
A recent opinion, 731 Market Street Owner, LLC v. City and County of San Francisco (Cal. Ct. App., June 18, 2020, No. A154369) 2020 WL 3285962 (“731 Market Street Owner”), issued by a California Court of Appeal in San...more
Since the beginning of the shelter-in-place period on March 16, most office tenants in San Francisco have been deemed non-essential and ordered not to open for business except for the conduct of limited “minimum basic...more
On Thursday, May 28, San Francisco Mayor London Breed announced a preliminary timetable for the reopening of San Francisco businesses, restaurants, and offices. The multi-phased plan, which can be found here (“Order”), is...more
On May 14, 2020, San Francisco Mayor London Breed issued a second extension of the City’s commercial eviction moratorium and rent deferral program for small businesses with less than $25 Million in 2019 gross receipts. The...more
Now is the time to prepare for when non-essential businesses will be allowed to re-open after the various state and local COVID-19 shutdown orders are lifted. We do not know when that date will be or how the orders will be...more
On March 16, 2020, California Governor Gavin Newsom issued an executive order that suspended any portion of state law that would otherwise prevent local municipalities from imposing limitations on residential or commercial...more