ࡱ> tno  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrsuvwxyz{|}~Root Entryb.@p DPerfectOffice_MAIN& PerfectOffice_OBJECTS, D DSummaryInformation(| Oh+'Oh+'0L    Dale Whitman30$C:\COREL\SUITE8\PROGRAMS\PRWIN8.EXE Original Slide Show hartTextOrg ChartData ChartCombinationWPCXX81%vq-3'XXXXKKKK513942*WPC-XX81%}0>Ʉ3'XXXXKKKK ? ///???OOO___fffooof1?O/_?WPC  ~ {()l+,...!8ffff%h|B"XXXX'33' >_R=) 5 M R8X@M MP "MC#,%R~%M%'M'(TWPC "  "2  I  .3  TagreestogiveLendernoticeofanyLandlorddefault,andopportunitytocureit.(   (2  I  .3  Whydolenderstake as-signmentsofrents(se-curityinterestsinrents)?..2  A  .3  Lengthyforeclosureperiod....2  1  .3  (orbankruptcymayintervene)..2  A  .3  MRisdivertingrents, milkingtheproperty..2  A  .3  Managementandmaintenancearedeterioriating( (2  I  .3  Threetypesof assignmentsofrents..2  A  .3  HardLockbox:Allrentspaiddirectlytolenderfromoutset.Lenderpaysdebtservice,reserves,&expenses,distributesremaindertoborrower...2  A  .3  SoftLockbox:Allrentspaiddirectlytolender,butsweptdailytoborroweruntila cashtrapevent(default,failureofDSCRorotherconditions);thenbecomes hard...2  A  .3  Rentspaidtoborroweruntilactuatedbylenderactionafterdefault.(Mostcommon.)"! "2  I  .3  2  I  .3  ..2  A  .3  SecurityAgreementreLockboxAccount:Borrowerherebypledges,transfersandassignstoLender,andgrantstoLender,asadditionalsecurityforthepaymentandperformanceoftheNoteandtheotherobligationsofBorrowertoLenderpursuanttotheLoanDocuments,acontinuingperfectedsecurityinterestinandto,andalienupon(i)theAccountandalloftheBorrower'sright,titleandinterestinandtoallcash,interest,propertyorrightstransferredtoordepositedintheAccountfromtimetotimebyBorroweroronbehalfofBorrower,and(ii)anyandallproceedsoftheforegoing.##2  I  .3  Lockboxarrangements:..2  A  .3  A HardlockboxmayberequiredbyratingagenciesforCMBSloans...2  A  .3  A Softlockboxmay gohardasaresultof:....2  1  .3  Adefaultbytheborrower.....2  1  .3  AfailuretomaintainaspecifiedDSCR.....2  1  .3  Otherconditions(specifiedintheloandocuments)thatindicatetroubleintheproject.!  2  I  .3  ##2  I  .3  MatterofMillette..2  A  .3  Wasthisassignmentofrents absoluteoras security?..2  A  .3  Whatdoesitmeanto perfectasecurityinterest?..2  A  .3  Hadthemortgagelenderhere perfecteditsinterestintherents?..2  A  .3  Somefurtheractbythelenderisnecessary,nottoperfect,buttodowhat?________________# #2  I  .3  The absoluteassignment:..2  A  .3  Whenwouldalenderwanta trueabsoluteassignment(hardlockbox)?....2  1  .3  Securitizedcommercialmortgages....2  1  .3  Lenderlackstrustinborrower(rare)..2  A  .3  Lendersoftencalltheirassignments absolutebecauseofacommonmisconstructionbybankruptcycourtsinthe1985-90period.....2  1  .3  Thesecourtsconfused perfectionwith enforcementandheldthat,witha securityassignment,therewasno perfectionuntilMEtookaffirmativeaction."  "2  I  .3  # #2  I  .3  Doesthislanguage.....2  A  .3  reallyconstituteanabsoluteassignment?....2  1  .3  Inanyrealisticsense,itsjusta securityassignment..2  A  .3  spelloutthemechanismbywhichME enforcestheassignment?..2  A  .3  Isntsomemechanismnecessary?( (2  I  .3  Howto triggeror enforcetheassignment:..2  A  .3  Takepossession(risky)..2  A  .3  Bringanactionto impoundor sequestertherents..2  A  .3  Getareceiverappointed..2  A  .3  WrittendemandtoMR..2  A  .3  Writtendemandtothetenants(necessaryinanyeventasapracticalmatter)  2  I  .3  -#  -2  I  .3  Howisamortgageonrents perfectedasagainstthirdparties?....2  1  .3  e.g.,themortgagorstrusteeinbankruptcy..2  A  .3  Rentsarerealproperty;fileintherealestaterecords!..2  A  .3  ButfileaUCCArt.9financingstatementaswell.....2  1  .3  0..0 ..0| ..Thejudgemaybeconfused....2  1  .3  0..0 ..0| ..Themoneyinquestionmaynotbe rent!(    (2  I  .3  Arethese rents?..2  A  .3  Hotelroomreceipts..2  A  .3  Nursinghomeresidentsfees..2  A  .3  Boatslipfeesatamarina..2  A  .3  Parkinglotreceipts..2  A  .3  Studentdormitoryreceipts..2  A  .3  Autoracewaygatereceipts..2  A  .3  Golfcoursegreensfees   2  I  .3  (  (2  I  .3  Whyisareceivershipthebestwaytocollectrents?..2  A  .3  Quick&easytoobtain(oftenafteronlyanexpartehearing)..2  A  .3  Wontterminatejuniorleases..2  A  .3  Notortliability..2  A  .3  Receivercanmakerepairs..2  A  .3  Receivercanevictdelinquenttenantsandfillvacancies   2  I  .3  (  (2  I  .3  Arizonasrequirementsforappointmentofareceiver:..2  A  .3  Inadequatesecurity[wasit?]....2  1  .3  0..0 ..andmortgagorisinsolvent?..2  A  .3  Wasteisthreatened[wasit?]"  "2  I  .3    2  I  .3  ( (2  I  .3  QuestionsaboutReceiverships:..2  A  .3  Isexparteappointmentofareceiveradenialofdueprocessoflaw?..2  A  .3  Supposetwodifferentmortgageeswantreceivers?Whichgetsthereceiver?..2  A  .3  Canthereceiverdisaffirm sweetheartleases? 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