Prepared for distribution at the COMMERCIAL REAL ESTATE FINANCING 2015 Program Chicago, April 9 10, 2015 New York City, April 20 21, 2015 CONTENTS: PROGRAM SCHEDULE... 11 FACULTY BIOS... 17 1. CRE Lending 2015: A Middle Market Perspective... 67 Robert J. Hellman Managing Director Head of Asset Management Pembrook Capital Management LLC 2. Real Estate Loan Documents, Key Obligations and Best Practices for a Smooth Transaction... 79 Michelle V. Kelban Mira Dewji Latham & Watkins LLP 3. When Lease Income Supports the Loan: Are the Leases Financeable? (January 16, 2015)... 97 Glen R. Cornblath Strategic Leasing Law Group, LLP 4. Tenants and Leases (November 2014)... 151 Eric G. Menkes Duval & Stachenfeld LLP 5. Third Party Real Estate Legal Opinion Practice: Selected Third-Party Opinion Letter Practice Issues... 157 Kenneth M. Jacobson Katten Muchin Rosenman LLP 6. Real Estate Finance Opinion Precedent... 183 5
7. Model Mortgage Loan Opinion... 209 8. Mortgage Loan Opinion Due Diligence Checklist... 217 9. Real Estate Finance Opinion Report of 2012 (May 30, 2012)... 239 10. Fortress Credit Corp. v. Dechert LLP, (New York Supreme Court, Appellate Division, First Department, New York)... 309 11. Security Interests in Non-Real Estate Collateral... 315 Jonathan M. Cooper Goldberg Kohn Ltd. 12. Authorization Nunc Pro Tunc In UCC Proposed Amendments... 325 David L. Wanetik Chief Operating Officer UCC Division First American Title Insurance Company 6
13. Lost Certificated Interest in a Real Estate Mezzanine Transaction... 331 David L. Wanetik Chief Operating Officer UCC Division First American Title Insurance Company 14. Title and Survey Review... 337 Rachel Goetz Applegate &Thorne-Thomsen, P.C. Exhibit 1: Lender s Title Objection Letter... 355 Exhibit 2: Escrow Instruction Letter... 359 15. Title and Survey... 367 Marvin N. Bagwell Vice-President and Chief New York State Counsel Old Republic National Title Insurance Company Exhibit 1: How to Read a Title Report... 391 Exhibit 2: Commercial Endorsements... 441 Exhibit 3: How to Review a Survey... 451 Exhibit 4: Escrow Funding Process... 469 16. Borrower Structures Presentation Outline and Selected Sample Forms... 501 Everett S. Ward Quarles & Brady LLP Appendix A: Sample SAE/SPE Provisions... 507 Appendix B: SAE Limited Liability Company Amendment Provisions... 511 Appendix C: Form of Non-Consolidation Opinion... 517 17. The JV Agreement and Linkage to Loan Documents (November 24, 2014)... 547 Carey W. Smith Arnold & Porter LLP 7
18. An Overview of Guaranties in Commercial Real Estate Loan Transactions... 561 C. Elizabeth Darke Dykema Gossett PLLC Exhibit A: Form of Guaranty of Payment... 573 Exhibit B: Form of Guaranty of Nonrecourse Carve-Outs... 599 Exhibit C: Form of Guaranty of Completion... 623 19. Guarantees in Commercial Real Estate Transactions... 649 Nicole Levin Mesard Debevoise & Plimpton LLP 20. Borrower Negotiations... 665 M. Christine Graff Winston & Strawn LLP 21. CMBS Rating Methodology (January 2012)... 677 Erin E. Stafford Managing Director DBRS Inc. 22. Legal Criteria for U.S. Structured Finance (July 2014)... 725 Erin E. Stafford Managing Director DBRS Inc. 23. PACE Loans: A Green Lien Challenge to CMBS Credit Quality... 759 Daniel B. Rubock Senior Vice President Moody s Investors Service, Inc. 24. 2015 Outlook US CMBS: CRE Recovery Takes Root As Loan Quality Continues to Slip... 769 Daniel B. Rubock Senior Vice President Moody s Investors Service, Inc. 8
25. Principal Considerations in Work-Outs and Bankruptcies... 789 N. Neville Reid, Partner Fox, Swibel, Levin & Carroll LLP 26. Principal Considerations in Work-Outs and Bankruptcies (PowerPoint slides)... 799 N. Neville Reid, Partner Fox, Swibel, Levin & Carroll LLP 27. Malpractice Prevention in Commercial Real Estate Financing... 825 Peter L. Apostol Senior Counsel Attorney Registration and Disciplinary Commission 28. Mea Culpa When? Mea Culpa How? Identifying Mistakes that Must Be Disclosed to Clients and Managing the Disclosure... 855 Robert J. Bergson Abrams Garfinkel Margolis Bergson, LLP INDEX... 871 Program Attorney: Meghan K. Carney 9