ࡱ> {u(  !"#$%&')*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entryb.@p`1c: PerfectOffice_MAIN&3gPerfectOffice_OBJECTS,0c:0c:SummaryInformation(|  !"#%&'()*Oh+'Oh+'0L    Dale Whitman19$C:\COREL\SUITE8\PROGRAMS\PRWIN8.EXE Original Slide Show- Org ChartData ChartCombinationWPCXX81%vq-3'XXXXKKKK513942*WPC-XX81%0BɄ3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿WPC3g ~ gDrECCbHIIeAlr|B"XXXX'33' >-RG -6 2h   S6Q:qMIMMM0M}M!H!MA"z%W'M_'M'),M,.R21J3h4168 "::M;MN;M;M;$ ?Aq D^WPC " "2  I  .3  -# )-2  I  .3  Whywouldamortgageewantpossessionpriortoforeclosure?..2  A  .3  Tostopwasteortomakerepairs...2  A  .3  Torentoutthepremises(ifvacant)..2  A  .3  Tointercepttherentsandapplythemtothedebtandrepairs.-# 3-2  I  .3  Howdoesamortgageegetpossession?..2  A  .3  Titletheorystate:ondemandatanytime(theoretically)..2  A  .3  Intermediatetheorystate:ondemandifthereisadefault..2  A  .3  Lientheorystate:onlyif-....2  1  .3  voluntaryrelinquishmentbymortgagor....2  1  .3  mortgagorabandons....2  1  .3  mortgageauthorizesitupondefault-# (-2  I  .3  Isitwiseforamortgageetotakedirectpossession?..2  A  .3  Verystrict(fiduciary)dutyofaccounting...2  A  .3  Dutytocarefortheproperty...2  A  .3  Dutyto3dpartiesintort...2  A  .3  Doingsomayterminatejuniorleases."  "2  I  .3  ..2  A  .3  Mostlendersarereluctanttobecome mortgageesinpossession.Asanalternative,theyusuallyprefertohaveareceiverappointedbyacourt.2  I  .3  ..2  A  .3  Whathappenstoexistingleaseswhenamortgageisforeclosed? ..2  A  .3  ..2  A  .3  Theanswerdependsontherelativepriorityofthemortgageandthelease.," * ,2  I  .3  Ifleasehaspriority:..2  A  .3  Foreclosurepurchaserhasnorighttoterminatelease...2  A  .3  Tenanthasnorighttoterminatelease...2  A  .3  Tenantmustattorntoforeclosurepurchaser(justasifMRhadsoldtheproperty).," + ,2  I  .3  Ifmortgagehaspriority:..2  A  .3  IfTismadeapartytoforeclosure,Tsleaseisdestroyed...2  A  .3  IfTismadeaparty,eveniftheforeclosurepurchaserwantstokeepT,Tcan walk(terminate)!," 4%& ,2  I  .3  Ifmortgagehaspriority: ..2  A  .3  SupposeMEintentionally omitsmakingtheTenantapartytotheforeclosure?....2  1  .3  Inhalfthestates,Tisautomaticallywipedoutorcaninterveneandinsistonbecomingaforeclosureparty.(Automaticstates)....2  1  .3  Intheotherhalfofstates,Tcantintervene;soMEcan pickandchoose.#-.#2  I  .3  Query:Whatstheeffectofaforeclosurebypowerofsale?..2  A  .3  Manypowerofsalestatutesdontevenrequirenoticetojuniortenants(e.g.,MO)..2  A  .3  Aretheythereforecutoffautomaticallybyapowerofsaleforeclosure?(Probablyso.)..2  A  .3  Ifnoticetothemisrequired,cantheMEpreservethembynotgivingthemnotice?..2  A  .3  Ordoesthatmaketheforeclosurevoid?(5+,(2  I  .3  Missourinoticeofnonjudicialforeclosuresalesbytrustees(Mo.Rev.Stat.443.320,443.330):..2  A  .3  Advertisementfor4weeks..2  A  .3  Mailednoticeto:....2  1  .3  Anyonewhohasrecordedarequestfornotice....2  1  .3  Therecordowner....2  1  .3  Themortgagor(grantor)....2  1  .3  (Allasof40daysbeforethesale)#'(#2  I  .3  RooseveltHotelCorp.v.Williams,56S.W.2d801(1933)..2  A  .3  Theforeclosure[bypowerofsale]ofleasedpremises,underamortgageantedatingthelease,nullifiesandextinguishesthelease.***Theconveyancemadeunderaforeclosureofamortgagepassesthetitletothepurchaserasofthedateofthemortgage,anduprootsanycontractoflease,orotherincumbrance,madebythemortgagorsubsequenttothatdate.#*)#2  I  .3  Sipesv.KansasCityTitleIns.Co.,372S.W.2d478(Mo.App.1963)..2  A  .3  Thetrustee'ssaleoperatesasacompleteforeclosureandcutsoffaseconddeedoftrustascompletelyasiftherehadbeenadecreeofforeclosurewithallpartiesbeforethecourt...2  A  .3  ButQuery:InajudicialforeclosureinMissouri,cananomittedtenantinterveneinordertogetitsleasewipedout?Thereseemstobenocase. 2  I  .3    2  I  .3    2  I  .3    2  I  .3    2  I  .3    2  I  .3  ( 1#$(2  I  .3  ThreeclauseformsthatmighthavebenefittedSaratoga:..2  A  .3  Optionalunsubordination....2  1  .3  0..(wouldthisworkwithoutaclause?SeeRestatement7.7)..2  A  .3  Attornmentclause...2  A  .3  NewLeaseclause...2  A  .3  Musttheclausebeinthelease?Whataboutputtingitinthemortgage?! 2  I  .3   2  I  .3  -# -2  I  .3  Howdoestheforeclosinglenderevaluateleases?..2  A  .3  Rentandrentescalationclauses..2  A  .3  Tsfinancialcondition..2  A  .3  Landlordsfinancialduties..2  A  .3  Casualtyloss/rebuilding..2  A  .3  Renewals&extensions..2  A  .3  Exclusiveclauses..2  A  .3  Assignment/sublettingrights..2  A  .3  Dutytooperate(lightson),"0!" ,2  I  .3  Thelendermayimposea debtservicecoverageratio:..2  A  .3  E.g.,netrents(afterpayingoperatingexpenses,butbeforepaymentofdebtservice)mustbeatleast120%ofdebtservice., 2  I  .3  - 2  I  .3  "/ "2  I  .3  ..2  A  .3  Whenlendingonabuildingwithexistingtenants,whydoesalenderrequire estoppelstatementsfromthetenants?..2  A  .3  Thelendermayrefusetoloanwithoutestoppelsfromapercentage(say,75%)ofalltenants,andfromallthe majortenants.-# ./ -2  I  .3  EstoppelStatements..2  A  .3  Leaseisvalid&binding..2  A  .3  Nomodificationsmade..2  A  .3  Rentisasstated..2  A  .3  Noprepaidrentorrentconcessionsmade..2  A  .3  Amountofsecuritydeposit..2  A  .3  Term&renewaloptions..2  A  .3  ThasnoclaimsagainstLandlordforbreach 2  I  .3  -# -2  I  .3  WhereandwhenistheSNAnegotiated?..2  A  .3  Iftheloanisnegotiatedbeforetheleases,theSNAcanbeincorporatedintheleases...2  A  .3  Iftheleasesareinplacewhentheloanismade,itmaybenecessarytohavea3-cornerednegotiation(althoughtheLandlordisntveryconcernedwiththeresults).-# -2  I  .3  Ifthepartieshaveanexpressagreement,whatwouldthemortgageelike?..2  A  .3  Subordinationofthelease..2  A  .3  AttornmentagreementbyT....2  1  .3  (or newleaseclause)....2  1  .3  (oroptional unsubordination)-#01-2  I  .3  Typical smalltenantshoppingcenterleaseform:..2  A  .3  Thisleasewillautomaticallybesubordinatetoallmortgagesthatmaynoworhereafteraffectthepremises...2  A  .3  Therebyagreestoattorntoanypersonacquiringthepremisespursuanttoexerciseofremediesunderanymortgage,attheoptionofsuchperson.-# -2  I  .3  Ifthepartieshaveanexpressagreement,whatwouldthetenantlike?..2  A  .3  Anondisturbanceagreement,promisingTwontbekickedout(provided,ofcourse,thatTisincompliancewiththelease).,"23 ,2  I  .3  WhatdoestheSNAachieve?..2  A  .3  1.Technicalpriorityforthelender...2  A  .3  2.Fairnessbetweenlenderandtenant(neithercanbreaktheleaseonaccountofforeclosure).-# -2  I  .3  Inthe realworld:..2  A  .3  StrongLandlord:SubordinationandAttornment..2  A  .3  StrongTenant:Nondisturbance..2  A  .3  Balancedbargaining:Subordination,Attornment,andNondisturbance(SNA)-# -2  I  .3  WhywouldLwantasubordinationfromT,ifLisgoingtogiveTanon-disturbanceclauseanyway?..2  A  .3  Thelendersregulatorsmaylimitthelenderto1stliens...2  A  .3  Theleaseandmortgagemayhaveconflictingclausesonfireinsuranceproceeds,condemnation,etc.Thedocumentwithprioritywillprevail."4 "2  I  .3  NowletsconsidertheactuallanguageofanSNAagreement...  2  I  .3    2  I  .3    2  I  .3     2  I  .3  -# "!  -2  I  .3  3.0 ..ExceptionstoLendersobligations(Twillresist;thesemaybenegotiable):..2  A  .3  PriorLsdefaults..2  A  .3  PriorLsactsoromissions..2  A  .3  OffsetsagainstpriorL..2  A  .3  RentprepaidtopriorLfor>1mo...2  A  .3  AmendmentstoleasemadewithoutLendersconsent..2  A  .3  ConstructionofimprovementspromisedbypriorL-# $#  -2  I  .3  AfewmoreexceptionstoLendersobligations:..2  A  .3  Notboundbyany radiusor exclusiveclausesintheleases..2  A  .3  NotboundbywarrantiesgivenbyLandlord(e.g.,zoning)..2  A  .3  NotboundbyoptionsheldbyTtoleaseadditionalspace..2  A  .3  Notboundtousefireinsuanceproceedstorebuild-# &% -2  I  .3  AndyetafewmoreexceptionstoLendersobligations:..2  A  .3  Lendernotboundtorefundsecuritydeposits....2  1  .3  butLendershouldrequiredepositsbeescrowedwithLender,andpledgedsoLendercantakethemoveruponborrowersdefault..2  A  .3  TagreestogiveLendernoticeofanyLandlorddefault,andopportunitytocureit.( '2(2  I  .3  TheendFh1"4:Ln%Sr=QMBackground TitleBullet ChartText_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! 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  4A2  I  .3  SubtitleofSlide  (0w+%3f13f3 '@#Q/9OA"Arial RegularOxxx        @  Q QOA"Arial RegularOxxx     3f   @3fSubtitleofSlide+%13 *[ pg C`@@A"Arial Regular +C`xxA"Arial Regular +3f3fC`A"Arial Regular +3f3fC`A"Arial Regular +3f3fC`  A"Arial Regular +3f3fC`XXA"Arial Regular +3f3f9?   433333333X2  I  .3  FirstItem2  A  .3  subitem2  I  .3  SecondItem2  A  .3  subitem2  I  .3  ThirdItem2  I  .3  FourthItem  *[ +%31333 )@[  OA"Arial RegularOXXX        @  a aOA"Arial RegularO@@@     3   @33        @FirstItemOA"Arial RegularOxxx     3   @33     3f   @3fsubitemOA"Arial RegularO@@@     3   @33        @SecondItemOA"Arial RegularOxxx     3   @33     3f   @3fsubitemOA"Arial RegularO@@@     3   @33        @ThirdItemOA"Arial RegularO@@@     3   @33        @FourthItem+%13  01 0#?Y@4@#?Y@4@#?@? + +   22226ffffffֿp= ף(\?TQ ` + ` +f ` +_ ` +f  ` +3 ` +f ` +f ` + ` +  ` +   ` +   ` +    ) |   ) |  )|  )|  )|  )|  )|?  )|  )|  )|  )|  )| 43J$`0w;FR]htIC`` ` A"Arial Regular )|  )|C`eeA"Arial Regular )|3f  )|C`eeA"Arial Regular )|  )|C`eeA"Arial Regular )|  )|C`eeA"Arial Regular )|  )|C`eeA"Arial Regular )|  )|C`eeA"Arial Regular )|  )|C`A"Arial Regular )|  )|C`LLA"Arial Regular )|  )|C `LLA"Arial Regular ) |  ) | C A"Arial Regular ) |  ) | C `A"Arial Regular ) |   ) | C A"Arial Regular ) |   ) |   // /Title of ChartLegendd  m@1st Qtr2nd Qtr3rd Qtr4th QtrNorth# Z2AU@South# 2(-F@East# (@West# -   0'1 `+226 6 +%13 `,:!#OA"Arial RegularO        @North.+%1f3 `-$$%%.+%13 `.&b)OA"Arial RegularO        @South.+%1_3 `/226 6 .+%13 `0:!#uOA"Arial RegularO        @East.+%1f3 `1$$%%.+%13 `2&b)uOA"Arial RegularO        @West.%1 3;T ;  4;T ; 0 0T  5 ;T 0T , 1 6 ;w 0w 7; 0 8;; 0 9]; 0) :K "T  ;# $'T  <4( +T ) =4/ b  >b ba ?[.   @  A-s s  Bs  1MM3 `C \!, \! x13 `D xx1MM3 `E x\!"x `Fd% %, %d%213 `G*# d% d%2*#21MM3 `Hd%2%#*#2 `I) E*, E*)13 `J' ) )'1MM3 `K)E* (' `LM. ., .?M.13 `M, M. M.,1MM3 `NM..?,?,13f `O <  1f3 `P<  <  13f3 `Q  I `R$< $ $$1f3 `SP"< $< $P"13f3 `T$$"P" `U(< l) l)Z( 1f3 `V&< (< ( & 13f3 `W( l)Z2'Z&  `Xt-< - -t-1f3 `Y9+< t-< t-9+13f3 `Zt--+9+1f0 `[=   =G 1_3 `\ = =G G 1f03 `]=G  o G  `^# $ $# 1_3 `_w! # # w! 1f03 ``# $!w!  `a&( ( (1&(1_3 `b% &( &(%1f03 `c&((1X&1% `d, - - , 1_3 `e`* , , `* 1f03 `f, - * `* 13@ `gd K \ d 1f3 `h) d d ) 13@3 `id \ \ )  `j" E#K E#n " 1f3 `k " "  13@3 `l" E#n !n   `mM' 'K ' M'/ 1f3 `n% M' M'/ %/ 13@3 `oM'/ ' % %/  `p+ .,K .,+1f3 `q) + +)13@3 `r+.,))13 s G .% tOA"Arial RegularO        @  1stQtr.% u! !G .% v"#OA"Arial RegularO        @  2ndQtr.% w% %G .% xo$'OA"Arial RegularO        @  3rdQtr.% yn* n*G .% z(+OA"Arial RegularO        @  4thQtr.% { T .% |: + OA"Arial RegularO        @  0.% } T .% ~] N OA"Arial RegularO        @  20.% T.%  pOA"Arial RegularO        @  40.% ;T;.% OA"Arial RegularO        @  60.% ]T].% OA"Arial RegularO        @  80.% T.% OA"Arial RegularO        @  1006 1BSdu"3DVgy&7IZk} -?Qs(((5[ Xv _(k/ =o(E Q ,]qdx>Z,Fr*=٭ H.1P'Ho 5R7#$ 2&9 E2+MW#amYt} 7~Ax)®Om s /PmN:K% =E '$. b:WPCYXX81%XX81%Y3'XXXX,,,,9"T0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   T0h$' R.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Ifthepartieshaveanexpressagreement,whatwouldthemortgageelike?.+/ Z@1 _333 `S00uuWPCXX81%XX81%e3'XXXX,,,,9 j"^< 0B< 0C ` ` , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC xx, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 L" dddddd$   < 0.'133 < .Q O, \AZ"Arial RegularO        @3a aO, \AZ"Arial RegularO` ` `     O, \AZ"Arial RegularO` ` `         @0X..SubordinationoftheleaseLO, \AZ"Arial RegularO` ` `         @3    O, \AZ"Arial RegularO` ` `         @0X..AttornmentagreementbyTO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO     3f   @3f0,..(or newleaseclause)O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO     3f   @3f0,..(oroptional unsubordination)WPCVXX81%XX81%=3'XXXX,,,,9"80h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   80h$' 6.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Ifthepartieshaveanexpressagreement,whatwouldthetenantlike?.+/ Z@1 _333 `700eeWPCt XX81%XX81%=3'XXXX,,,,9"<0B0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC yy, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 99, \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   <0+133 ;@Q/ JO, \AZ"Arial RegularO999        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0&..Anondisturbanceagreement,promisingTwontbekickedout(provided,ofcourse,thatTisincompliancewiththelease).WPCiXX81%XX81%3'XXXX,,,,9 j"70h$:0h$C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   0h$-.)*+%'153 e.#O, \AZ"Arial RegularOT T T         @  Q QO, \AZ"Arial RegularOT T T  Inthe realworld:.+/ Z@1 _333 `f0088WPC XX81%XX81%3'XXXX,,,,9j"V0BV0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC yy, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 99, \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$   V0+133 `@VQ/ O, \AZ"Arial RegularO999        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0&..StrongLandlord:SubordinationandAttornmentf  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0&..StrongTenant:Nondisturbancef  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0&..Balancedbargaining:Subordination,Attornment,andNondisturbance(SNA)WPCmXX81%XX81%P3'XXXX,,,,9"M!0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   M0h$' Ko.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  WhywouldLwantasubordinationfromT,ifLisgoingtogiveTanon-disturbanceclauseanyway?.+/ Z@1 _333 `L00##WPC XX81%XX81%P3'XXXX,,,,9"Oe 0Be 0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$   Oe 0+133 N@e Q/O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Thelendersregulatorsmaylimitthelenderto1stliens.f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Theleaseandmortgagemayhaveconflictingclausesonfireinsuranceproceeds,condemnation,etc.Thedocumentwithprioritywillprevail.WPC XX81%XX81%K3'XXXX,,,,9"Jgu/&'Bu/&'C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$   Ju/&'+133 I;uH/&O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Iftheloanisnegotiatedbeforetheleases,theSNAcanbeincorporatedintheleases.f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Iftheleasesareinplacewhentheloanismade,itmaybenecessarytohavea3-cornerednegotiation(althoughtheLandlordisntveryconcernedwiththeresults).WPCoXX81%XX81%/3'XXXXKKKK9"*Z/c$:/c$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   */c$' (.#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO 3.0..ExceptionstoLendersobligations(Twillresist;thesemaybenegotiable):.+/ @1 _333 `)//wwWPCXX81%XX81%/3'XXXXKKKK9".Z /!BZ /!C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   .Z /!+133 -;Z H/z!O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..PriorLsdefaults  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..PriorLsactsoromissions  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..OffsetsagainstpriorL  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..RentprepaidtopriorLfor>1mo.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..AmendmentstoleasemadewithoutLendersconsent  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..ConstructionofimprovementspromisedbypriorLWPC<XX81%XX81%63'XXXX,,,,9"1<0h$:0h$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   10h$' /CN/#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO AfewmoreexceptionstoLendersobligations:.+/ Z@1 _333 `000ssWPCXXX81%XX81%63'XXXX,,,,9"5 /#B /#C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$   5 /#+133 4; H/#. O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Notboundbyany radiusor exclusiveclausesintheleasesf  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..NotboundbywarrantiesgivenbyLandlord(e.g.,zoning)f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..NotboundbyoptionsheldbyTtoleaseadditionalspacef  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..NotboundtousefireinsuanceproceedstorebuildWPCDXX81%XX81%^3'XXXX,,,,9"Yw0h$:0h$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   Y0h$' WCN/#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO AndyetafewmoreexceptionstoLendersobligations:.+/ Z@1 _333 `X00ssWPC(XX81%XX81%^3'XXXX,,,,9"]GT0 BT0 C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9=   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$   ]T0 +133 \9TY/G  O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..LendernotboundtorefundsecuritydepositsO, \AZ"Arial RegularO     3f   @3f..        @3    O, \AZ"Arial RegularO     3f   @3f0..butLendershouldrequiredepositsbeescrowedwithLender,andpledgedsoLendercantakethemoveruponborrowersdefaultf  O, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..TagreestogiveLendernoticeofanyLandlorddefault,andopportunitytocureit.WPC;XX81%XX81%R3'XXXX,,      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz|}~,,9"M0h$:0h$C ( ( , \AZ"Arial Regular +C ( ( , \AZ"Arial Regular +C ( ( , \AZ"Arial Regular +C ( ( , \AZ"Arial Regular +C ( ( , \AZ"Arial Regular +C ( ( , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   M0h$' Kn.#O, \AZ"Arial RegularO( ( (         @  Q QO, \AZ"Arial RegularO( ( (  Howdoestheforeclosinglenderevaluateleases?.+/ Z@1 _333 `L00""WPC XX81%XX81%R3'XXXX,,,,9"Q g1!B g1!C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   Q g1!+133 P; 0 O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Rentandrentescalationclauses  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Tsfinancialcondition  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Landlordsfinancialduties  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Casualtyloss/rebuilding  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Renewals&extensions  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Exclusiveclauses  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Assignment/sublettingrights  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Dutytooperate(lightson)WPCFXX81%XX81%/3'XXXX,,,,9"*8M0f$:8M0f$C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *8M0f$' (H"/#O, \AZ"Arial RegularO         @  Q QO, \AZ"Arial RegularO  Isitwiseforamortgageetotakedirectpossession?.+/ Z@1 _333 `)8N0N08WPCXX81%XX81%/3'XXXX,,,,9".K`0B`0C , \AZ"Arial Regular +C ++, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC CC, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   .`0+133 -@`Q/ O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Verystrict(fiduciary)dutyofaccounting.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Dutytocarefortheproperty.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Dutyto3dpartiesintort.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Doingsomayterminatejuniorleases.WPC/XX81%XX81%(3'XXXXKKKK9"#<=0h$:=0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   #=0h$' !.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Howdoesamortgageegetpossession?.+/ @1 _333 `">0>0WPCXX81%XX81%(3'XXXXKKKK9"'%w0Bw0C , \AZ"Arial Regular +C ++, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC CC, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$   'w0+133 &@wQ/O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Titletheorystate:ondemandatanytime(theoretically)f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Intermediatetheorystate:ondemandifthereisadefaultf  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Lientheorystate:onlyif-  O, \AZ"Arial RegularO+++     3f   @3f        @3    O, \AZ"Arial RegularO+++     3f   @3f0..voluntaryrelinquishmentbymortgagor  O, \AZ"Arial RegularO+++        @3    O, \AZ"Arial RegularO+++     3f   @3f0..mortgagorabandons  O, \AZ"Arial RegularO+++        @3    O, \AZ"Arial RegularO+++     3f   @3f0..mortgageauthorizesitupondefaultWPCFXX81%XX81%(3'XXXX,,,,9"#0h$:0h$C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   #0h$' !.#O, \AZ"Arial RegularOT T T         @  Q QO, \AZ"Arial RegularOT T T  Whywouldamortgageewantpossessionpriortoforeclosure?.+/ Z@1 _333 `"00::WPC XX81%XX81%(3'XXXX,,,,9"'-fM 0BM 0C , \AZ"Arial Regular +C ++, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC CC, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   'M 0+133 &@M Q/O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Tostopwasteortomakerepairs.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Torentoutthepremises(ifvacant)  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Tointercepttherentsandapplythemtothedebtandrepairs.WPCPXX81%XX81%53'XXXX,,,,9"4@ =%2@ =%C , \AZ"Arial Regular +C ::, \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC ~~, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f)?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   4@ =%' 3<@ $GO, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularOMostlendersarereluctanttobecome mortgageesinpossession.Asanalternative,theyusuallyprefertohaveareceiverappointedbyacourt.WPC5XX81%XX81%.3'XXXX,,,,9"-020C ` ` , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC ~~, \AZ"Arial Regular +3f3f)?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   -0' ,.,O, \AZ"Arial RegularO~~~        @  Q QO, \AZ"Arial RegularO` ` `  Whathappenstoexistingleaseswhenamortgageisforeclosed?   O, \AZ"Arial RegularO` ` `   O, \AZ"Arial RegularO` ` ` Theanswerdependsontherelativepriorityofthemortgageandthelease.WPC!XX81%XX81%63'XXXX,,,,9"1v0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   10h$' /U .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Ifleasehaspriority:.+/ Z@1 _333 `000  WPC XX81%XX81%63'XXXX,,,,9"5yk 0B 0C , \AZ"Arial Regular +C hh, \AZ"Arial Regular +3f3fC $$, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 L" dddddd$   5 0+133 4@ Q/(O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Foreclosurepurchaserhasnorighttoterminatelease.L  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Tenanthasnorighttoterminatelease.L  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Tenantmustattorntoforeclosurepurchaser(justasifMRhadsoldtheproperty).WPC$XX81%XX81%/3'XXXX,,,,9"*I0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *0h$' `(^ .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Ifmortgagehaspriority:.+/ Z@1 _333 `)00  WPC XX81%XX81%3'XXXX,,,,9j" 0B 0C , \AZ"Arial Regular +C hh, \AZ"Arial Regular +3f3fC $$, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$    0-.)*+%'1353  Y/!O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..IfTismadeapartytoforeclosure,Tsleaseisdestroyed.f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..IfTismadeaparty,eveniftheforeclosurepurchaserwantstokeepT,Tcan walk(terminate)!WPC0XX81%XX81%K3'XXXX,,,,9"Fv=0h$:=0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   F=0h$' D.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  WhereandwhenistheSNAnegotiated?.+/ Z@1 _333 `E>0>0WPCXX81%XX81%=3'XXXX,,,,9"80h$:0h$C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +C T T , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   80h$' 6.#O, \AZ"Arial RegularOT T T         @  Q QO, \AZ"Arial RegularOT T T Theend.+/ Z@1 _333 `70088WPCXX81%XX81%e3'XXXX,,,,9 j"~ 0h$ 0h$  0h$.'1 .#O, \AZ"Arial RegularOT T T         @  Q QO, \AZ"Arial RegularOT T T EstoppelStatements.+/ Z@1 _333 `00;;WPC!XX81%XX81%3'XXXX,,,,9j"0 /"B /"C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$    /"-.)*+%'1353 `e; H/w"O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Leaseisvalid&binding  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Nomodificationsmade  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Rentisasstated  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Noprepaidrentorrentconcessionsmade  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Amountofsecuritydeposit  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Term&renewaloptions  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..ThasnoclaimsagainstLandlordforbreachWPCWXX81%XX81%3'XXXX,,,,9j"6I1a$:6I1a$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   6I1a$-' 儢 90#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Thelendermayimposea debtservicecoverageratio:.+/ Z@1 _333 `7I17I1WPC{ XX81%XX81%3'XXXX,,,,9j"H^ 0B 0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC yy, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 99, \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$    0+133 `ބ@ Q/ IO, \AZ"Arial RegularO999        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0&..E.g.,netrents(afterpayingoperatingexpenses,butbeforepaymentofdebtservice)mustbeatleast120%ofdebtservice.WPC?XX81%XX81%(3'XXXXKKKK9"#=0h$:=0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   #=0h$' !.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` ` ThreeclauseformsthatmighthavebenefittedSaratoga:.+/ @1 _333 `">0>0WPCXX81%XX81%(3'XXXXKKKK9"'0B0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC 44, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9=   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   '0+133 &@Q/ O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0.. OptionalunsubordinationO, \AZ"Arial RegularO     3f   @3f..        @3    O, \AZ"Arial RegularO     3f   @3f0..0..(wouldthisworkwithoutaclause?SeeRestatement7.7)  O, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0.. Attornmentclause.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0.. NewLeaseclause.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Musttheclausebeinthelease?Whataboutputtingitinthemortgage?WPC'XX81%XX81%/3'XXXXKKKK9"*;0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *0h$' (d .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Ifmortgagehaspriority: .+/ @1 _333 `)00  WPC XX81%XX81%/3'XXXXKKKK9".YY 1BYY 1C , \AZ"Arial Regular +C rr, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9/-111=   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   .YY 1+133 -Y #1( O, \AZ"Arial RegularO        @3  a /-111aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..SupposeMEintentionally omitsmakingtheTenantapartytotheforeclosure?LO, \AZ"Arial RegularOrrr     3f   @3f..        @3    O, \AZ"Arial RegularOrrr     3f   @3f0..Inhalfthestates,Tisautomaticallywipedoutorcaninterveneandinsistonbecomingaforeclosureparty.(Automaticstates)L..O, \AZ"Arial RegularOrrr        @3    O, \AZ"Arial RegularOrrr     3f   @3f0..Intheotherhalfofstates,Tcantintervene;soMEcan pickandchoose.WPCXX81%XX81%3'XXXX,,,,9 j"</_$:/_$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   /_$-.)*+%'153 턝J.#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO RooseveltHotelCorp.v.Williams,56S.W.2d801(1933).+/ Z@1 _333 `//WPCk XX81%XX81%3'XXXX,,,,9 j"/!B/!C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC ee, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC **, \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   /!+133 석."!9O, \AZ"Arial RegularO***        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Theforeclosure[bypowerofsale]ofleasedpremises,underamortgageantedatingthelease,nullifiesandextinguishesthelease.***Theconveyancemadeunderaforeclosureofamortgagepassesthetitletothepurchaserasofthedateofthemortgage,anduprootsanycontractoflease,orotherincumbrance,madebythemortgagorsubsequenttothatdate.WPCq XX81%XX81%63'XXXX,,,,9"520B0C , \AZ"Arial Regular +C rr, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   50+133 4@Q/(GO, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Thetrustee'ssaleoperatesasacompleteforeclosureandcutsoffaseconddeedoftrustascompletelyasiftherehadbeenadecreeofforeclosurewithallpartiesbeforethecourt.  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..ButQuery:InajudicialforeclosureinMissouri,cananomittedtenantinterveneinordertogetitsleasewipedout?Thereseemstobenocase.WPCNXX81%XX81%63'XXXX,,,,9"10h$:0h$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   10h$' /CSN/#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO Sipesv.KansasCityTitleIns.Co.,372S.W.2d478(Mo.App.1963).+/ Z@1 _333 `000  WPCkXX81%XX81%/3'XXXX,,,,9"*<K0h$:0h$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *0h$' (CN/# O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO Missourinoticeofnonjudicialforeclosuresalesbytrustees(Mo.Rev.Stat.443.320,443.330):.+/ Z@1 _333 `)00XXWPCLXX81%XX81%/3'XXXX,,,,9".Qg 0B 0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC CC, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9<   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   . 0+133 -@ Q/"O, \AZ"Arial RegularO        @3a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Advertisementfor4weeksO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Mailednoticeto:O, \AZ"Arial RegularO     3f   @3f..        @3    O, \AZ"Arial RegularO     3f   @3f0..Anyonewhohasrecordedarequestfornotice..O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO     3f   @3f0..Therecordowner..O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO     3f   @3f0..Themortgagor(grantor)..O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO     3f   @3f0..(Allasof40daysbeforethesale)WPCIXX81%XX81%63'XXXXKKKK9"1Z0h$:0h$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   10h$' /CZN/#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO Query:Whatstheeffectofaforeclosurebypowerofsale?.+/ @1 _333 `000''WPCXX81%XX81%63'XXXXKKKK9"5n>80B80C , \AZ"Arial Regular +C rr, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 f" dddddd$   580+133 4_80'g O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Manypowerofsalestatutesdontevenrequirenoticetojuniortenants(e.g.,MO)f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Aretheythereforecutoffautomaticallybyapowerofsaleforeclosure?(Probablyso.)f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Ifnoticetothemisrequired,cantheMEpreservethembynotgivingthemnotice?f  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Ordoesthatmaketheforeclosurevoid?WPC# XX81%XX81%/3'XXXX,,,,9"..nw~<Bnw~<C , \AZ"Arial Regular +C rr, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 L" dddddd$   .nw~<.'133 -Dn<O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Whenlendingonabuildingwithexistingtenants,whydoesalenderrequire estoppelstatementsfromthetenants?L  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Thelendermayrefusetoloanwithoutestoppelsfromapercentage(say,75%)ofalltenants,andfromallthe majortenants.WPCCXX81%XX81%D3'XXXXKKKK9"?#q=0h$:=0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   ?=0h$' =.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Typical smalltenantshoppingcenterleaseform:.+/ @1 _333 `>>0>0WPC XX81%XX81%D3'XXXXKKKK9"C4f/Bf/C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC xx, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 L" dddddd$   Cf/+133 Bf.O, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0X..Thisleasewillautomaticallybesubordinatetoallmortgagesthatmaynoworhereafteraffectthepremises.L  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Therebyagreestoattorntoanypersonacquiringthepremisespursuanttoexerciseofremediesunderanymortgage,attheoptionofsuchperson.WPC"XX81%XX81%D3'XXXX,,,,9"?)0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   ?0h$' =^ .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` ` WhatdoestheSNAachieve?.+/ Z@1 _333 `>00  WPC XX81%XX81%D3'XXXX,,,,9"C0B0C , \AZ"Arial Regular +C ++, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC CC, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9?   433333333 @3 @3 @3 @3 @3 @3 L" dddddd$   C0+133 B@Q/uO, \AZ"Arial RegularO        @3  a aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..1.Technicalpriorityforthelender.L  O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..2.Fairnessbetweenlenderandtenant(neithercanbreaktheleaseonaccountofforeclosure).WPCXX81%XX81%H3'XXXXKKKK9"E--0<$:0<$C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +)?  !@Z33 4 @ @ @ @ @ @ " dddddd$   E0<$' D.Z#OA"Arial RegularOH H H         @  Q QOA"Arial RegularOH H H  NowletsconsidertheactuallanguageofanSNAagreement...g- ,D u% / 8nAS*vM?hNM=6E N"$re H M RX&WPCeXX81%*"g3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*+<</ @1  3**f{.f**  +'13"e/" gj(?O, \AZ"Arial RegularO           TheLienandTitleTheoriesofMortgages-InteractionofMortgagesandLeasesWPC XX81%i0"l3'XXXX,,,,513 ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9' ei0!O \AZ"Arial RegularO         OldTown..p..pX..XFiber0..0..0 ..0..0..0p..0X..FormOldTown..p..pX..XSaratoga.... .. ....p..pX..XDover'1f fZ ] Z yyyiiqimmm] ] ] M!M!M!oI!I!I!9"9"9"r"g%t6t6t6t&t&@&&&&@ttttt'1"hJG.O \AZ"Arial RegularO` ` `         Lease"i_l{  O \AZ"Arial RegularO` ` `         D/T'1f j& & & $ $ $ % % % %!%!%!&!&!&!'!'!'!' ' ' }( }( }( '1 kN(M (.O \AZ"Arial RegularO` ` `         FclWPC*XX81%}."f3'XXXX,,,,51942*+' e}."xO,wAZ"Arial RegularO` ` `         Whatwouldprioritybetweenleaseandmortgagehavebeen,absentanyleaseclause?Whatwastheeffectoftheleaseclausedealingwithpriority?WPC}XX81%p."f3'XXXX,,,,51942*+' ep.Z"O,wAZ"Arial RegularO` ` `          TenantagreesthatthisLeaseshallbesubordinatetoanydeedsoftrustthatmayhereafterbeplaceduponthepremises. Anybeneficiary,atitsoption,mayelecttohavethisLeasesuperiortoitsdeedoftrust.WPC XX81%/"m3'XXXXKKKK513 ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9|' *e!li0!O, \AZ"Arial RegularO         OldTown..p..pX..XFiber0..0..0 ..0..0..0p..0X..FormOldTown..p..pX..XSaratoga.... .. ....p..pX..XDover'1z*f!lZ ] Z yyyiiqimmm] ] ] M!M!M!oI!I!I!9"9"9"z*gs Նt6t6t6t&t&@&&&&@ttttt'1 *h!l+O, \AZ"Arial RegularO` ` `         Lease *i<lx  O, \AZ"Arial RegularO` ` `         D/T'1z*j!l& & & $ $ $ % % % %!%!%!&!&!&!'!'!'!' ' ' }( }( }( '1 *k!lN(J (.O, \AZ"Arial RegularO` ` `         Fcl"l{hV/=O, \AZ"Arial RegularO` ` `         Whocouldhaveelectedtomaketheleasesuperior?How?When?Shouldithavedoneso?WPC XX81%Z/"m3'XXXX,,,,519|+' *e!l6i0!O,wAZ"Arial RegularO         OldTown..p..pX..XFiber0..0..0 ..0..0..0p..0X..FormOldTown..p..pX..XSaratoga.... .. ....p..pX..XDover'1z*f!lZ ] Z yyyiiqimmm] ] ] M!M!M!oI!I!I!9"9"9"z*gs Նt6t6t6t&t&@&&&&@ttttt'1 *h!l8O,wAZ"Arial RegularO` ` `         Lease *i<l  O,wAZ"Arial RegularO` ` `         D/T'1z*j!l& & & $ $ $ % % % %!%!%!&!&!&!'!'!'!' ' ' }( }( }( '1 *k!lN(W (.O,wAZ"Arial RegularO` ` `         Fcl lZ/5O,wAZ"Arial RegularO` ` `         CouldSaratogahavepreservedtheleaseby omittingFiberFormfromfcl?WPC XX81%Z/"m3'XXXX,,,,519|+' *e!l6i0!O,wAZ"Arial RegularO         OldTown..p..pX..XFiber0..0..0 ..0..0..0p..0X..FormOldTown..p..pX..XSaratoga.... .. ....p..pX..XDover'1z*f!lZ ] Z yyyiiqimmm] ] ] M!M!M!oI!I!I!9"9"9"z*gs Նt6t6t6t&t&@&&&&@ttttt'1 *h!l8O,wAZ"Arial RegularO` ` `         Lease *i<l  O,wAZ"Arial RegularO` ` `         D/T'1z*j!l& & & $ $ $ % % % %!%!%!&!&!&!'!'!'!' ' ' }( }( }( '1 *k!lN(W (.O,wAZ"Arial RegularO` ` `         Fcl lZ/+O,wAZ"Arial RegularO` ` `         WasitwiseofFiberFormtopayrenttoDoveraftertheforeclosure?WPCXX81%T1%k3'XXXXKKKK513 ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9|+<<15""`j=>00+'15"e16"$O, \AZ"Arial RegularO` ` `         Assumethatthemortgagehaspriorityoverthelease: Pick&Choose:.. AutomaticStates` ..`  .. ........Termination:Judicial:omitjr....Judicial:jr.Tstenants .. ........canintervenePowerofsale:....Powerofsale:dontgivenotice..bound+<<'1""f=>00"g=>0"h=> 0 "i=>WPCSXX81%0#3'XXXX,,,,513 ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9Bo1f #.#.'1 e-~"O \AZ"Arial RegularO` ` `           TheSNA:Athree-corneredagreement: >")'/ L@1 32*kmmE Zf&dm 5 % dV*lmmE Zf&  A>9c  U7/ #s@1 o?M&3M&j*mmmE Zf&iS" Cz(Ipj,  d  ?  ui"*nmmE Zf&P"*ommE Zf&F/ L@1 32*pmmE Zf&{ (& * $(L{ R*qmmE Zf& m S u!S o"h !#s #n |'H ' o( ' &C$]  m >*rmmE Zf& H = %%$t$ H "*smmE Zf&/ #s@1 o?M&3M&2*tmmE Zf&D P$})qSD / @1 Y3f33f*ummE Zf&8) KJ8wSKM_W N[)r 39E Z46>Bf87q*N6 DJS>a~-gq-(x/ L@1 3^*vmmE Zf&4CxF<LBKv/:41 3Z*wmmE Zf&vXgc@;]v1 3Z*xmmE Zf&|w]KNDO^tp|/ @1 ߯3v*ymmE Zf&WpJ<f29VcPj'z1ry$ f        .y4N X m w u n b N : $ \'AYjzw}y mj}7CZp^kUe/ L@1 3>*zmmE Zf& v[J*{mmE Zf& G-# #<GV*|mmE Zf&^_!3% 277CfJ\^J*}mmE Zf& wspvu[l}1 3:*~mmE Zf&1 ^*mmE Zf&5]>+<A_OL56*mmE Zf&7*D\:*mmE Zf&6Bu9DQ2s1 3*mmE Zf& Z?^uusPX[&`!*& Up{S;Wo#aLDZ?:*mmE Zf&*OB*.*mmE Zf&bF76&*mmE Zf&e8(6*mmE Zf&DxHx Dr*mmE Zf&N|Nu7?"?"iKrtrBk 5RZf*mmE Zf& ))r:*mmE Zf&PPk/UlE?HP*mmE Zf&:mh|x`5k(qPE\NYOBU(9^&8D!JzMH<$ CP /@T(k,/H[6:[!mh6*mmE Zf&&tob|>N*mmE Zf& `1**mmE Zf&$P=E^*mmE Zf&RF<C?d+>*mmE Zf& da1 3Z*mmE Zf&ri^*QIQ\]x743 9?1 3V*mmE Zf&mM7>f+`-/ @1 ߯3*mmE Zf&,YrJD]6 h 41wtOOJ2wCg*?"pO P/ L@1 3b*mmE Zf&ztNK :[ybozZ*mmE Zf&H*:/Swzl|\hhC%1/'44<"H*/ @1 ߯3*mmE Zf&=}!^ U ^| }?  0j_e%K 7v"`oo{{) ud h !!s"\>"`g"["B"*##D#w##6###e# ##a##i# #"vn"vE"a!k!2!!}!/ L@1 3F*mmE Zf&_"_"]"^"G"0"5"0"+#"#>#A#}#}#}####2#2#2#######=#c##x#f#j"x"vW"t#"a"a!a!f!mz!tr!-!!!3!3 < ; 9 7 QX!O!&!>P"Aa"Bg"e"k"q"f#u%#2####S####.#Lw##]6"_8"1 3~*mmE Zf&{         x d B '+ 4 L l         { 6*mmE Zf&3"$!!f!O!?!6!2*mmE Zf&!!V!!!!!8 .*mmE Zf&!c!;!!!!>*mmE Zf& @l"$D"$" "!!}!u!j!B*mmE Zf& m)"G"g"""$"="H"X"h"6*mmE Zf&n#F###"""6*mmE Zf& # #?#l####>*mmE Zf& e"M"1"|"S"9""{"]!.*mmE Zf&#####**mmE Zf&####&*mmE Zf&###.*mmE Zf&#G#\#|##2*mmE Zf&Oq#yy#q#^#O#>#.*mmE Zf&"""3"@"**mmE Zf&"&"3"K"v*mmE Zf&-7@Kfm ~s/?^sl-\`OF@7&-Z*mmE Zf&[>   033K][^*mmE Zf&  d !K!    \ |        ^*mmE Zf& | @~ o ;o (N _m U U Z w w b     *mmE       !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstvwxyz{|}~Zf&(!O!!   j  squsF|xkku@      .!`!u!{ !!f*mmE Zf&  1 h h p Qt S 1 "p k o   g o v   ^*mmE Zf&5|sn|ty .5Z*mmE Zf&].7&VB*mmE Zf& f&Lqv1 3b*mmE Zf&@|TQ`ov3,] D 9L@1 3R*mmE Zf&#   R  '  W t 4 p  # 1 3*mmE Zf& ;   [*hS HKm/7v , , \ j kd 1 3B*mmE Zf& t R k5 N $;. , t R/ L@1 3b*mmE Zf&3  ZxHMKq dd;w0  3 / L@1 3*mmE Zf&   Q/g/ QNj|{d7i9xq\x    j 1 3:*mmE Zf& 7 8 v ?  o  Z*mmE Zf&G    L     b  , K M| 7_ G >*mmE Zf& 9* \     A>*mmE Zf& Y,"'?>*mmE Zf& 9T?n8(&*mmE Zf& 0KD.*mmE Zf&~KwNX36*mmE Zf&<mN(B2*mmE Zf&2 @ L   " . 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