ALI-ABA Course of Study Modern Real Estate Transactions: Practical Strategies for Real Estate Acquisition, Disposition, and Ownership July 29-31, 2010 Chicago, Illinois PROGRAM FACULTY PARTICIPANTS STUDY MATERIALS TABLE OF CONTENTS Page xv xvii VOLUME 1 ACQUISITIONS 1. Real Estate Acquisition, Development and Disposition from the Developer's Perspective By John D. Hastie 2. Letters of Intent in Commercial Real Estate Leases By Georgette C. Poindexter Submitted by Catherine T. Goldberg 3. Letter of Intent for the Purchase and Sale of Property By Catherine T. Goldberg 4. The Hug: "There is Commercial Utility To Allowing Persons to Hug Before They Marry." A Discussion of Letters of Intent in Purchase and Sale Transactions By Nina B. Matis and Elliot M. Surkin 1 61 73 89 5. Some Letter of Intent Cases and Sample Letter of Interest Provision Regarding Legal 97 Effect By Mark A. Senn Some Letter of Intent Cases 99 Letter of Interest Provision Regarding Legal Effect 102 6. Sample Purchase and Sale Agreement 7. Standard Form of Hotel Purchase Agreement 2009 103 131
8. Purchase and Sale Agreement for Real Property 167 By Peter Aitelli Table of Contents 170 Study Material 173 Escrow Condition 209 Exhibit A: Legal Description of the Land 210 Exhibit B: List of Personal Property 211 Exhibit C: Due Diligence Document 212 Exhibit D: ALTA Survey Requirements, 2005 Form 215 Exhibit E: Tenant Estoppel Certificate 220 Exhibit F: Seller Estoppel Certificate 224 Exhibit G: Statutory Warranty Deed 228 Exhibit H: Bill of Sale 229 Exhibit I: Assignment and Assumption of Leases 230 Exhibit J: Assignment and Assumption of Assumed Agreements 232 Exhibit K: Assignment of Permits, Intangible Property, and Warranties 234 Exhibit L: Seller s Closing Certification 235 Exhibit M: FIRPTA Affidavit: Certificate of Transfer Other than an Individual 236 Exhibit N: Tennant Notice Letter 238 Exhibit O: Purchaser s Closing Certification 239 Exhibit P: Indemnification Agreement 240 Exhibit Q: Rent Roll 243 Exhibit R: List of Service Contracts 244 Exhibit S: Post-Closing Guaranty 245 9. Agreement for Purchase and Sale of Equity Interests in Real Property 247 By Peter Aitelli Table of Contents 250 Study Material 253 10. Title and Survey Review and Memos 299 By Greg D. Peterson Index of Materials 301 Study Material 303 11. Easements and Other Servitudes By John G. Cameron, Jr. 12. Shopping Center Acquisition Checklist 13. Insurance 815 853 861 MANAGEMENT AND CONSTRUCTION 14. Property Management and Leasing Agreement 15. Asset Management Agreement 881 893
16. Standard Form of Hotel Management Agreement 2008 17. The Wonderful World of Construction By John G. Cameron, Jr. 909 961 18. The Like Kind of Exchange: A Current Review 1003 Table of Contents 1004 Study Material 1005 Sample Checklist of Steps to Accomplish a Deferred Exchange 1069 19. The Best of Times and The Worst of Times: Tax Planning for Real Estate Transactions 1077 in the Current Economy Table of Contents 1079 Study Material 1081 20. Real Estate Preserving Capital Gains, Dealer Issues 1227 By Stefan F. Tucker, Brian S. Masterson, and Tammara F. Langlieb Table of Contents 1229 Study Material 1231 VOLUME 2 OWNERSHIP AND ECONOMICS 21. Limited Liability Company Operating Agreement By Caryl B. Welborn 1255 22. Understanding Real Estate Economics 1301 By Thomas F. Kaufman Table of Contents 1302 Study Material 1303 Exhibit 1: Computations and Examples 1320 Exhibit 2: Select Asset Class Performance 1322 Exhibit 3: National Council of Real Estate Investment Fiduciaries National Property Index 1323 Exhibit 4: NPI Returns and Graph 1324 Exhibit 5: Power Point Examples 1325 Presentation Slides: Real Estate Economics 1332 Presentation Slides: Real Estate Lease Accounting 1340 LOANS 23. Impact of Securitization and Conduit Financing 24. Surviving a CMBS Bankruptcy 25. Standard Form of Hotel Loan Agreement 2009 1343 1349 1365
26. Standard Form of Tri-Party Agreement for Hotel Loan 2009 27. Exploding and Springing Guarantees By John C. Murray 1425 1457 28. Fundamentals of Construction Lending 1469 Study Outline 1471 Closing Memo/Checklist 1479 29. Subordinate and Mezzanine Real Estate Financing By Thomas R. Fileti 30. Perfection of Security Interests in the Ownership Interests of Borrowers Under a Mezzanine Loan; Article 9 vs. Article 8 31. The Future of Real Estate Financing: What to Expect After the Crash 32. Creditors' Rights Coverage in Title Policies: Does Deletion of the Exclusion Imply 1515 Coverage? By John C. Murray Study Material 1517 Exhibit A: Deletion of Creditors' Rights Endorsement 1523 Exhibit B: Creditors' Rights Endorsement 1524 Exhibit C: Endorsement 1525 1483 1499 1505 LEASES 33. Lease Review Checklist 34. Office Lease 35. Negotiated Build-to-Suit Industrial and Warehouse Lease Agreement By Peter Aitelli 36. Tenant Improvements and Work Letters By Jay A. Epstien 37. Work Letter Agreement Samples By Alan Wayte 38. Construction of Base Building and Tenant Improvements and Richard A. Fineman 39. Rent, Pass-Throughs, and Escalations An Overview By Morton P. Fisher, Jr. and Richard R. Goldberg 40. Retail Lease Agreement 41. Big Box Leasing Questions and Answers 1527 1539 1575 1623 1639 1673 1693 1707 1777
42. Big Box Agreement of Lease 43. How a Ground Lease is Different 44. Sample Ground Lease 45. Financeable Ground Leases: An Overview By Nancy R. Little 46. Assignment and Subleases: Have I Got the Right Form? By Mark A. Senn 47. Lender's Checklist for Financing of a Property Subject to Leaseholds 48. Tenant Options and Rights of First Offer/Refusal - Sample Provisions and Comments By Linda A. Striefsky 49. Primer of Remedies for Landlord Defaults By John W. Daniels, Jr. 1787 1825 1831 1905 1913 1935 1939 1955 50. Lease Termination Agreements 1981 By John D. Hastie Study Outline 1983 Schedule A: Lease Termination Agreement 1991 Schedule B: Sublease Recognition Agreement 2007 BANKRUPTCY 51. Commencement of a Business Bankruptcy Case 2019 By Richard F. Broude Table of Contents 2020 Study Material 2021 52. Adequate Protection, the Automatic Stay and Use of Cash Collateral 2039
53. Classification of Claims and Interests 2063 By Barbara J. House, Thomas S. Henderson, Richard M. Rosenberg, Shari A. Wilkins, Jenny J. Hyun, Douglas E. Deutsch Updated by Erithe A. Smith and William C. Hillman Submitted by Margaret A. Mahoney Table of Contents 2065 Table of Cases 2066 Study Material 2069 54. Confirmation of Chapter 11 Plans Consensual Plans 55. Cash Collateral Use and Use, Sale, and Lease of Property in Bankruptcy 56. Preferences and Fraudulent Transfers 57. Executory Contracts and Unexpired Leases in Bankruptcy 2131 By Richard F. Broude Table of Contents 2133 Study Material 2135 58. Section 363 Sales after Clear Channel 59. Postpetition Attorneys' Fees to Unsecured Creditors 60. Restructing Debt on Distressed Real Estate By Stefan F. Tucker 2087 2097 2117 2179 2185 2191 ETHICS 61. Sample Engagement Letter 62. Advance Waivers of Conflicts 63. Hypotheticals Ethics 64. Sample Consent to Conflict Letter 65. Attorneys' Liability for Opinion Letter By Mark A. Senn 2235 2241 2245 2249 2255
66. Drafting Advance Waivers of Conflicts of Interest 2261 By Jonathan A. Kohl and Philip D. Weller Table of Contents 2262 Study Material 2263 Appendix 1: Model Rule 1.7 and Comments 21 and 22 2273 Appendix 2: Restatement 121 and 122 and Comments (d) and (f) to 122 2274 Appendix 3: TRDPC Rule 1.06 2276 Appendix 4: Committee on Disciplinary Rules of Professional Conduct Proposed Revision to TRDPC Rule 1.06 and Rule 1.07 2277 Appendix 5: Texas Supreme Court Task Force Proposed Revision to TRDPC Rule 1.06 2280 Appendix 6: Form Advance Waiver from the Texas Real Estate Forms Manual 2283 Appendix 7: Form Advance Waiver Provision for a Large Firm (#1) 2284 Appendix 8: Form Advance Waiver Provision for a Large Firm (#2) 2285 Appendix 9: Form Advance Waiver Provision from Opinion 309 (2001) 2286 Appendix 10: Form D.C. Bar Legal Ethics Committee Opinion 317 (2002), Provision for Continued Representation of Other Clients Following Waiver Revocation 2287 Appendix 11: Form Advance Waiver Provision from the 2006 NY Bar Opinion, Blanket Advance Waiver Not Including Substantially Related Matters (#1) 2288 Appendix 12: Form Advance Waiver Provision from the 2006 NY Bar Opinion, Blanket Advance Waiver Not Including Substantially Related Matters (#2) 2289 Appendix 13: Form Advance Waiver Provision from the 2006 NY Bar Opinion, Advance Waiver Including Substantially Related Matters 2290 Appendix 14: Suggested Further Reading 2291 67. Voluntary Good Practices Guidance for Lawyers to Detect and Combat Money 2293 Laundering and Terrorist Financing Table of Contents 2295 Study Material 2297 Appendix A: Basic Client Intake 2334 Appendix B: Glossary of Terms 2336 68. The Like Kind Exchange: A Current Review-Supplemental Material 69. The Best of Times the Worst of Times: Tax Planning for Real Estate Transactions in the Current Economy-Supplemental Material 2337 2413