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24 Prac. Real Est. Law. 3 (2008)

handle is hein.ali/prel0024 and id is 1 raw text is: The Practical
Real Estate
Lawyer

Tightening Standards For Reporting
Environmental Liabilities: Conditional
Asset Retirement Obligations
Reed W Neuman                                    7
When corporate assets such as industrial facilities are retired,
how do the rules governing the disclosure of environmental
liabilities apply? In this article, Reed W. Neuman explains
FASB Interpretation No. 47 (FIN 47', Accounting for
Conditional Asset Retirement Obligations (CAROs) (available
at www.fasb.org/pdf/fin%2047.pdf), asset retirement
obligations under FAS 143, fair value estimations, sufficiency
of information, and the practical implications of both FAS 143
and FIN 47.

A Planned Unit Development
Legal Questionnaire Form
Jo Anne P Stubblefield                        13
No two planned unit developments are exactly the same,
and even if the development patterns look familiar, the legal
issues surrounding the projects will be unique. Keeping track
of all of the legal details is a big job, but it can be made easier
by using a thorough questionnaire. In this article, Jo Anne
P. Stubblefield provides just such a questionnaire, touching
on issues including the community overview, association
finances, use and occupancy restrictions, association
organization, marketing, and documents.
Tax-Exempt Financing For Nonprofit Facilities
Richard A. Newman                             19
Despite the complexity involved, tax-exempt financing can
be the best and most cost-effective approach for nonprofits
that need to purchase or develop headquarters facilities.
In this article, Richard A. Newman explores the benefits of
tax-exempt financing, key tax limitations and reimbursement
rules, underwriting considerations, structure, the steps of
the public approval process, the documentation process, the
negotiation process, and costs involved.

volume 24 1 number 1 I january 2008

Asset Protection Basics:
Using Partnerships And LLCs
Christopher M. Riser                              27
When real estate holdings make up a large part of a business's
assets, careful thought has to be given to how that real estate
can be protected if there are ever claims by creditors. LLCs
and partnerships can be excellent vehicles for providing this
protection, and this article by Christopher M. Riser covers
outside liability and charging orders (including how they give
extra leverage and protection to the LLC), single member
LLCs, conflict of laws issues as they relate to charging orders,
series LLCs, reverse veil-piercing and alter ego issues, and the
LLC member or limited partner in bankruptcy.
Commercial Real Estate Loan Documents:
10 Key Issues (With Forms)
James C Wine                                      41
What's the best way to approach the commercial real estate
loan? Start with the business considerations? The documents
themselves? Although every situation will be different, it is
usually a good idea to begin at the beginning: the 10 key
issues that underpin the documentation. In this article,
James C. Wine discusses them (prepayment premium
issues, recourse liability issues/carveouts, due on sale issues,
secondary financing issues, partial release rights, single
purpose entity requirements, casualty issues, assignments of
rents, default issues, and environmental liability issues) and
provides sample clauses to address them.

Groundbreakers

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