Default Provisions in Real Estate Joint Ventures: Bankruptcy, Distressed Property, Removal of Manager
Promote, Distributions, Exit Rights, and Third-Party Contracts After a Default
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE course will enable real estate counsel to draft joint venture agreements that anticipate and provide a structure for addressing loan defaults, poor property performance, and bad acts by the manager or general partner. The panel discussion will include manager removal and related provisions that enable investors to control and mitigate losses.
Outline
- Real estate joint ventures: roles of operator and investor partner(s) when the deal is going as planned
- Events that may trigger defaults under the JV agreement
- Poor property performance, mismanagement
- Loan default
- Default or bad acts by the operator/manager
- Removal of manager
- Significant removal events
- Notice and cure provisions
- Impact on promote, capital contributions, distributions
- Property management and other third-party contracts
Benefits
The panel will review these and other critical issues:
- When should an investor be entitled to remove and replace the operator/manager of the joint venture?
- What are the investor's primary concerns vs. the manager in negotiating removal provisions in the JV agreement?
- How might a change in management impact promote, capital contributions, and distributions?
Faculty
Michael J. Fritz
Partner
Dorsey & Whitney
Mr. Fritz concentrates his practice on commercial real estate capital market transactions and general corporate... | Read More
Mr. Fritz concentrates his practice on commercial real estate capital market transactions and general corporate counseling. He regularly advises national and multinational clients in the commercial real estate industry. Mr. Fritz has over 17 years of experience in handling complex and high-value transactions, such as acquisitions, dispositions, financings, and joint ventures. A large part of his practice is dedicated to representing developers, sponsors, investors, and other capital market participants. Mr. Fritz regularly handles the acquisition, development, and disposition of commercial real estate assets, mortgage and mezzanine financings, preferred equity investments, and the structuring of joint ventures. In his joint venture practice, he focuses on helping his commercial real estate clients structure joint ventures for both single asset and programmatic real estate investment strategies
Close
Thomas G. Maira
Partner, Chair of Real Estate Private Equity Group
Akerman
Mr. Maira advises real estate private equity funds, investors, buyers, developers, borrowers, sellers, and lenders in... | Read More
Mr. Maira advises real estate private equity funds, investors, buyers, developers, borrowers, sellers, and lenders in connection with joint venture and preferred equity investments, acquisitions, development, mortgage and mezzanine loans, workouts and dispositions in connection with various asset classes (including multifamily, industrial, office, and retail) nationally. He previously led, in a general counsel role, a large multinational investment company’s commercial real estate legal group, including involvement with legal and business strategy, as well as transaction origination, structuring, negotiation and execution.
Close
Stacy Ann Osmond
Partner
DLA Piper
Ms. Osmond concentrates her practice in the areas of joint venture and real estate investment, leasing, real estate... | Read More
Ms. Osmond concentrates her practice in the areas of joint venture and real estate investment, leasing, real estate financing, acquisitions and dispositions, corporate real estate services, the real estate aspects of mergers and acquisitions, development and general real estate. She is a frequent speaker on commercial leasing and has extensive experience negotiating and drafting leases and related lease documentation on behalf of landlords and tenants of office (including medical office), co-working, retail and industrial space throughout the United States. Ms. Osmond advises major corporations in their leasing and management of large property portfolios including the integration and management of new properties in connection with merger and acquisition activities. She regularly represents developers and investors in all aspects of real estate development and investment transactions, including advising on joint venture formation, transaction strategy, purchase agreements, due diligence and financing.
CloseEarly Discount (through 07/11/25)