Avoiding Environmental Liability on Commercially Distressed Loans (and Tenants)
June 9, 2020 @ 3:00 pm - 4:00 pm
|When a borrower stops paying their commercial loan, lenders will begin a process of trying to work with their borrower restore repayment. There are times that both the lender and borrower can agree on new terms and the loan is put back in good standing. Unfortunately, there are other times when the lender needs to move towards foreclosure. In this position, the lender is now facing the potential to be responsible for environmental liabilities of the real estate and proper action should be taken by lenders to avoid shifting this liability from their defaulting borrower. Likewise, landlords can find themselves in a similar position with respect to being responsible for their tenant’s environmental sins if they are not careful during the lease agreement. This 60-minute training will provide the audience with an understanding of a). How lenders and landlords can become liable for their borrowers and tenants’ environmental liabilities, b). The court’s ruling against a lender in the matter of the State of New York and the New York State Department of Environmental Conservation v. HSBC BANK USA c). Case studies of projects where tenants left landlords with significant environmental liabilities that either devalued the real estate and/or was addressed and paid for by the landlord d). Risk management strategies for both lenders and landlords to avoid the environmental sins of their customers.
All attending attorneys can receive 1.00 credit for Continuing Legal Education in Indiana, Illinois, and Ohio. Please contact firstname.lastname@example.org for any questions you may have.