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|Court of Special Appeals Holds that Forfeiture of Deposit Posted at a Foreclosure Sale is an Unenforceable Penalty|
Seth M. Rotenberg; Gordon Feinblatt LLC;
November 12, 2015, previously published on November 2015On April 29, 2015, the Court of Special Appeals held that a deposit posted by a purchaser at a foreclosure sale may not be forfeited if the purchaser does not close as required and the advertisement of sale provides for an alternate remedy. Greentree Series V, Inc. v. Hofmeister, 222 Md.App. 557...
|Secured Creditor Loses Its Lien in Bankruptcy through Inattentiveness|
David E. Peterson; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
November 12, 2015, previously published on November 2, 2015A sophisticated lender holding a mortgage or security interest usually knows that its secured status accords it special protections in a bankruptcy filed by the borrower. However, the limits of that protection are often a mystery to the lender. A lender who does not enlist the services of an...
|Northern Property REIT Completes Canada's Third Largest Multi-Family Real Estate Acquisition|
Alida Alepian, Eusis Dougan-McKenzie, Talha Wasti; Borden Ladner Gervais LLP;
November 10, 2015, previously published on November 4, 2015On October 30, 2015, Northern Property Real Estate Investment Trust (NPR) completed transactions involving the acquisition of all of the assets and properties of True North Apartment REIT (True North). NPR also acquired a portfolio of multi-family real estate assets from affiliates of Starlight...
|What is the Impact of Operating as a REIT?|
David H. Godenswager; McDonald Hopkins LLC;
November 9, 2015, previously published on November 3, 2015Recently, Forest City Enterprises, Inc. (“Forest City”) announced that their shareholders approved five measures required for the company’s planned conversion to a Real Estate Investment Trust (“REIT”). Shareholder approval sets the stage for Forest City to elect REIT...
|California Court Upholds a Reduction of Attorneys’ Fees but Reverses a Reduction of Costs|
Jill V. Cartwright; Ogletree, Deakins, Nash, Smoak & Stewart, P.C.;
November 5, 2015, previously published on October 30, 2015In a recent, unpublished opinion Myres v. San Francisco Housing Authority, a California Court of Appeal reversed a trial court’s order reducing the amount of costs a plaintiff had claimed as a result of limited success at trial.
|Efforts to Clarify “Waters of the United States” Halted by Nationwide Stay|
Theodore J. Esborn; McDonald Hopkins LLC;
November 2, 2015, previously published on October 23, 2015Efforts to clarify the definition of “Waters of the United States” by new rules promulgated by the United States EPA (USEPA) and Army Corps of Engineers (ACOE) were dealt a severe blow when United States Sixth Circuit Court of Appeals issued a nationwide stay on the enforcement of those...
|Intermodal Industrial Properties are an Exciting Development and Investment Opportunity|
David H. Gunning; McDonald Hopkins LLC;
November 2, 2015, previously published on October 16, 2015An area of strong real estate investment has been the increasing popularity of intermodal industrial properties. Investors are now collecting premium rents for intermodal properties located near large container-stacking facilities.
|The Heavy Cost of Condominiums Failing to Follow their Governing Documents|
Jeremy M. Colvin; McDonald Hopkins LLC;
November 2, 2015, previously published on August 3, 2015Community associations such as homeowners and condominium associations are endowed with various powers under their by-laws, declarations, and Florida Statutes to compel compliance by the unit owners with their governing rules and regulations. However, the reverse is also true. Under Chapter 718 of...
|Seller Beware! Selling Commercial Real Estate and the Hidden Phase I PSA Trap|
Patrick A. Karbowski; McDonald Hopkins LLC;
November 2, 2015, previously published on October 12, 2015I’m surprised when sellers of commercial real estate say they don’t care whether a potential buyer conducts a Phase I Environmental Assessment (“Phase I”) on their property as part of the buyer’s due diligence, or that they don’t want to “waste any...
|Update on Mandatory Board Training for Montgomery County Community Association Board
Jason Eric Fisher; Lerch, Early & Brewer, Chartered;
October 29, 2015, previously published on October 8, 2015Effective January 1, 2016, all Montgomery County community association board members elected after that date will be required to take basic training in community association management and law from the Montgomery County Commission on Common Ownership Communities (CCOC).