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17 Prac. Real Est. Law. 3 (2001)

handle is hein.ali/prel0017 and id is 1 raw text is: THE PRACTICAL REAL ESTATE JANUARY 2001 VOLUME 17/NUMBER 1 Published by The American Law Institute-American Bar Association Committee on Continuing Professional Education six times a year Financial and Business Covenants and Bankruptcy Remote Structures in Real Estate Loan Transactions (with Forms) Portia Owen Morrison and Peter B. Ross 7 Real estate lenders once were almost exclusively con- cemed with the value of the real estate security as its source of repayment. Today, lenders are looking increasingly at the financial strength and other charac- teristics of the borrower entity itself. This new focus is reflected in the financial and business covenants and conditions in today's real estate loan documents. Expanding the Right-To-Know: Electronic Databases and the Internet Heather C. Winett 25 When preparing a real estate transaction checklist, consider the wealth of fast, free information now avail- able, thanks in part to a 30-year old worker health movement, the Right-to-Know, and in part to comput- er technology and the Internet. Detailed environmen- tal and other information is now freely available over the Internet, including site- and company-specific information as well as statutes and regulations. Effect of New Source Review on Corporate Transactions Lawrence P Schnapf 35 Businesses that install new major sources of air pol- lution or modify existing major sources must undergo a permit review process known as New Source Review (NSR). NSR is especially problematic in cor- porate acquisitions. Before the acquisition, the pur- chaser should compare the target's environmental practices to its own, and decide whether its planned use of the target's faculties might trigger new regula- tory requirements. Summary Remedy Provisions Create Unreasonable Risks in Long-Term Leases Steven C. Leonard 41 A summary remedy provision in a commercial lease gives the landlord the right to terminate a tenant's interest on as little as a few days notice. The risk is especially great for a tenant that has a large investment in the premises or that has made a personal guaranty. To avoid the possibility of losing the lease because of an inadvertent default, the tenant might want to nego- tiate for a double default notice provision or consider purchasing the premises. Financing Environmental Risk: A Transactional Response Reed D. Rubinstein 47 A systems management approach to environmental risk is one effective way to mitigate environmental exposure and maintain control over transaction costs; but, to be effective, the risk-management system must be comprehensive and flexible. This article tells you how to best design and implement a transactional sys- tem strategy for environmental risk management The forms and Practice Checklists in each issue of The Practical Real Estate Lawyer are avail- able on 3.5-inch floppy disks. For more information or to order, call 1-800-CLE-NEWS. I Programs, Publications, and Playbacks AU-ABA Real Estate CLE Calendar 5 Groundbreakers

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