Foreclosing on a Real Estate Mezzanine Loan: UCC Article 9, Mortgage and Intercreditor Constraints, Threshold Issues
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will examine the mezzanine foreclosure process, including notice, publication, and the commercial reasonableness standard under UCC Article 9. The panel will discuss threshold issues such as property due diligence, certificated interests and UCC policies, and intercreditor agreement and mortgage loan provisions which may impact the mezzanine lender's rights and remedies.
- Structure of a mezzanine loan: UCC security interest in borrower
- Steps to take pre-foreclosure
- Due diligence: understanding terms of underlying mortgage debt, intercreditor, Article 8 opt-in
- Collateral besides partnership interests
- UCC Foreclosure under Article 9: commercial reasonableness standard
- Strict foreclosure
- Transfer restrictions: "qualified transferee"
The panel will review these and other critical issues:
- What level of property due diligence and title review should the mezzanine lender conduct before foreclosure?
- What provisions in the mortgage documents and the intercreditor agreement should the mezzanine lender consider before foreclosure?
- How is the commercial reasonableness standard articulated in Article 9, and what does it say about conducting a public sale?
- What additional steps must the mezzanine lender take if the borrower has opted into Article 8?
Mr. Puleo focuses his practice on a wide variety of real estate, finance and business transactions. He has extensive... | Read More
Mr. Puleo focuses his practice on a wide variety of real estate, finance and business transactions. He has extensive experience in a broad array of commercial and multi-family real estate transactions. His finance experience includes both borrower and lender representation in the initiation and workout of complicated debt and equity transactions, such as acquisition and construction financing, mezzanine financing and synthetic leasing transactions. He also represents clients in business matters involving the transfer of business assets and the formation and restructuring of business entities.Close
Senior VP UCC Division
Fidelity National Financial
Mr. Zimmerman supervises and coordinates the underwriting, policy and production personnel and functions for the... | Read More
Mr. Zimmerman supervises and coordinates the underwriting, policy and production personnel and functions for the company's UCC Insurance Division. He reviews and evaluates transaction structure and provides feedback on the insurability of major-market commercial finance and mezzanine loan transactions.Close