Stein on New York Commercial Mortgage Transactions
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"Must reading for anyone who handles substantial commercial mortgage loans in New York."
Jonathan Mechanic, chair, real estate department, Fried, Frank, Harris, Shriver & Jacobson
"...a generally useful book, and one that I will frequently turn to."
Roger Bernhardt, Professor of Law, Golden Gate; Editor, California Real Property Law Reporter
Written by Joshua Stein of Latham & Watkins LLP, one of the foremost practitioners of commercial mortgage law in New York State and the country, Stein on New York Commercial Mortgage Transactions provides the trenchant analysis and practical guidance that busy commercial real estate attorneys need every day. Comprehensive in scope, it explores the full range of legal issues unique to New York commercial mortgages, including:
• Four chapters devoted entirely to the mortgage recording tax and the myriad problems and issues it creates for closings
• Title insurance
• Construction loans and the New York Lien Law
• Rental income and leases
• Defaults and acceleration
• Foreclosure and other remedies
• New York choice of law and forum
• Lost notes
• The closing process
• Language that needs to appear in every New York mortgage, with complete explanations
Stein on New York Commercial Mortgage Transactions is extensively supplemented with sample language, model documents, and legal checklists that are essential to help avoid the many pitfalls in this area of the law, whether you are representing the borrower or the lender. Also included is a statutory supplement with excerpted statutes that all commercial mortgage practitioners need to know about. Intuitive and practical organization helps you find the materials you need quickly and accurately.
Click here to read a Chapter-by-Chapter Overview.
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Table of contents
Model Language and Model Documents
Chapter 1 Commercial Mortgage Finance in New York
Chapter 2 Usury
Chapter 3 Selected Provisions to Include in New York Mortgages
Chapter 4 Common Issues in New York Commercial Mortgage Loan Closings
Chapter 5 Construction Loans and the Lien Law
Chapter 6 Mortgage Recording Tax: An Overview
Chapter 7 Multiplication of Mortgages and the Mortgage Recording Tax
Chapter 8 Mortgage Recording Tax on Revolving Loans
Chapter 9 Mortgage Recording Tax: General and Procedural Issues
Chapter 10 Title Insurance in New York
Chapter 11 Other Issues in the Closing Process
Chapter 12 Protection of Rental Income and Leases
Chapter 13 Borrowers Agenda
Chapter 14 Defaults; Acceleration; Consequences
Chapter 15 Foreclosure and Other Remedies
Chapter 16 New Yorks Nonjudicial Foreclosure Statute
Chapter 17 New York Choice of Law and Forum; Multistate Antideficiency Issues
Chapter 18 Lost Notes