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M.,1 @oe3oe M..3,3,1 S'oe  T  1 M3  T  T  1 S'oe3oe !  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  4 @ @ @ @ @ @ " dddddd  0k$.)*+%'153 eW.#NO \AZ"Arial RegularO         @  Q QO \AZ"Arial RegularO      ff   @  Doesliabilitydependon...+'3 `f00  WPC XX81%XX81%33'XXXX,,,,519"2Y 0Y 0C`` ` ,wAZ"Arial Regular +C`,wAZ"Arial Regular +ffW` 6Times New Roman Regular +ffffW` 6Times New Roman Regular +ffffW` 6Times New Roman Regular +ffffW` 6Times New Roman Regular +ffff9   4MMMMMMMMMMMM  Y 0 @1Y m.Nc 6Times New Roman Regularc        @a aO,wAZ"Arial RegularO` ` `         @          @0X..        @Spencersbeingpersonallyliableonthemortgagedebt?O,wAZ"Arial RegularO` ` `         @0X..        @Thepresenceinthemortgageofacovenantagainstwaste?WPCcXX81%XX81%(3'XXXX,,,,9"#p0m$20m$C ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ff)?   4 @ @ @ @ @ @ " dddddd$  #0m$%ff'13 !.#O, \AZ"Arial RegularO` ` `      ff   @  Q QO, \AZ"Arial RegularO` ` `  Wastecanbeanextremelyvaluabletheorytothemortgageewhoisfacedwith....+%13 `"00jjWPCXX81%XX81%3'XXXX,,,,9 j"o00C , \AZ"Arial Regular +C ++, \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW CC&d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4MMMMMMMMMMMM @ @ @MM @MM @MM @MM 3" dddddd$   0.*+%'153 e@.6 c&d9 Z6Times New Roman Regularc        @a aO, \AZ"Arial RegularO        @        @    O, \AZ"Arial RegularO        @0..anon-recourseclauseinthemortgageornoteO, \AZ"Arial RegularO@@@(dependingonthewordingoftheclause;seenextslide)O, \AZ"Arial RegularO3O, \AZ"Arial RegularO        @    O, \AZ"Arial RegularO        @0..anon-assuminggrantee3O, \AZ"Arial RegularO        @    O, \AZ"Arial RegularO        @0..anantideficiencystatuteO, \AZ"Arial RegularO+++     ff   @..        @    O, \AZ"Arial RegularO+++     ff   @0..(Query:iswasteasurrogateforadeficiencyrecovery?)WPCBXX81%XX81%(3'XXXXKK?K?9"#\[0m$2[0m$C , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ff)?   4 @ @ @ @ @ @ " dddddd$  #[0m$%ff'13 !0.#O, \AZ"Arial RegularO      ff   @  Q QO, \AZ"Arial RegularO Damagerecoveryforwasteislimitedbythreefactors:.+%13 `"\0\0WPCXX81%XX81%(3'XXXXKK?K?9"'00C 44, \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW GG&d9 Z6Times New Roman Regular +ffffW kk&d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4MMMMMMMMMMMM @ @ @MM @MM @MM @MM L" dddddd$   '0+13 &@.c&d9 Z6Times New Roman Regularc        @a aO, \AZ"Arial RegularO444        @        @    O, \AZ"Arial RegularO444        @0 ..Theactualamountofwastecommitted(reductioninvalue).LO, \AZ"Arial RegularO444        @    O, \AZ"Arial RegularO444        @0 ..Thebalanceremainingonthemortgagedebt.LO, \AZ"Arial RegularO444        @    O, \AZ"Arial RegularO444        @0 ..Theamountbywhichsecurityhasbeenimpaired.WPC XX81%XX81%/3'XXXXKK?K?9"*K0m$20m$C , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ff)?   4 @ @ @ @ @ @ " dddddd$  *0m$%ff'13 (v.#O, \AZ"Arial RegularO      ff   @  Q QO, \AZ"Arial RegularO Damageby3dParties.+%13 )00**WPCXX81%XX81%/3'XXXXKK?K?9",U0x20xC , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?   4 @ @ @ @ @ @ " dddddd$   ,0x.+1 +@.O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO(E.g.,contractorshiredbytheowneroftheproperty)WPCXX81%XX81%/3'XXXXKK?K?9"._11C 44, \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4MMMMMMMMMMMM @ @ @MM @MM @MM @MM " dddddd$   .1.13 - 0 c&d9 Z6Times New Roman Regularc        @a aO, \AZ"Arial RegularO444        @        @    O, \AZ"Arial RegularO444        @0X..CantheybeliabletotheME?O, \AZ"Arial RegularO444        @    O, \AZ"Arial RegularO444        @0X..Whatiftheydidntknowtherewasamortgageontheland?O, \AZ"Arial RegularO444        @    O, \AZ"Arial RegularO444        @0X..WhatiftheiractionswereauthorizedbytheMR?O, \AZ"Arial RegularO     ff   @,..,        @    O, \AZ"Arial RegularO     ff   @0X..Shouldtheyhavetocheckwiththelenderaswell?WPCXX81%XX81%ڄ3'XXXX,,,,9j"لcVu0m$2u0m$C , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ffC , \AZ"Arial Regular +ff)?   4 @ @ @ @ @ @ " dddddd$   لu0m$-.)*+%ff'153 eu.#O, \AZ"Arial RegularO      ff   @  Q QO, \AZ"Arial RegularO TheendWPCWXX81%XX81%e3'XXXXKKKK9Ѐ|"B0m$2B0m$C ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ffC ` ` , \AZ"Arial Regular +ff)?   4 @ @ @ @ @ @ " dddddd$   B0m$)*+%ff'153 .#O, \AZ"Arial RegularO` ` `      ff   @  Q QO, \AZ"Arial RegularO` ` `  TwoVersionsofaNonrecourseclauses:.+%13 `C0C0WPC XX81%XX81%e3'XXXXKKKK9Ѐ|"gw{/w{/C , \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4MMMMMMMMMMMM @ @ @MM @MM @MM @MM L" dddddd$   w{/+13 wj."Nc&d9 Z6Times New Roman Regularc        @a aO, \AZ"Arial RegularO        @        @    O, \AZ"Arial RegularO        @0X..1.MortgagorshallhavenopersonalliabilityunderthePromissoryNote,andMortgageessoleremedytocollectthedebtshallbeforeclosureofthemortgage.LO, \AZ"Arial RegularO        @    O, \AZ"Arial RegularO        @0X..2.MortgagorshallhavenopersonalliabiityforanyobligationowedtoMortgagee,andMortgageessorerecourseagainstMortgagorshallbeforeclosureofthemortgage.WPCtXX81%XX81%(3'XXXXKKKK9"#10m$@0m$C 44, \AZ"Arial Regular +ffC 44, \AZ"Arial Regular +ffC 44, \AZ"Arial Regular +ffC 44, \AZ"Arial Regular +ffC 44, \AZ"Arial Regular +ffC 44, \AZ"Arial Regular +ff)?  ' @ 4 @ @ @ @ @ @ " dddddd$  #0m$%ff'13 !CN/#O, \AZ"Arial RegularO444     ff   @  Q QO, \AZ"Arial RegularO444 Ifthemortgageerecoversdamages,whatmustitdowiththemoney?.+%/ @1  3 `"00WPCr XX81%XX81%(3'XXXXKKKK9"'N9090C 44, \AZ"Arial Regular +C , \AZ"Arial Regular +ffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffffW &d9 Z6Times New Roman Regular +ffff9   4MMMMMMMMMMMM @ @ @MM @MM @MM @MM " dddddd$   '90+13 &@9.c&d9 Z6Times New Roman Regularc        @a aO, \AZ"Arial RegularO444        @        @    O, \AZ"Arial RegularO444        @0X..Applyittowardthemortgagedebt! X?zU V bM #%y(+J)WPCXX81%. g3'XXXXKKKK9R+%/ @1  f' :.' :.nn+%'1"e' t)oO, \AZ"Arial RegularO          TheMortgageesRemediesforWasteWPCXX81%qH/o f3'XXXXKKKK9R+%1 e . WPCXX81%H.$f3'XXXX,,,,5139R'"eI^6.~"'O \AZ"Arial RegularO` ` `         Prudentialv.Spencers:Debtowed............. .. $994,000Bidatsale............ .. $635,000Deficiency.............. .. $359,000Wastecommitted: .. $444,000Whyisrecoveryforwastelimitedto$359,000?WPCXX81%7?."g3'XXXX,,,,519+' e7?."O,wAZ"Arial RegularO` ` `         Supposethemortgagecontainedspecificcovenantsrequiringacertainlevelofmaintenanceorrepair;WouldtheybebindingonSpencer(despitethefactthatSpencerdidnotassumethemortgagedebt)?+%'51 f WPCxXX81%m.6#f3'XXXX,,,,5139'"eo."O \AZ"Arial RegularO` ` `         Impairmentofsecurity...Itseasyifforeclosurehasalreadytakenplace!0 ..Isthevalueoftherealestate(asmeasuredbythehighbidatthesale)equaltothemortgagedebt?WPCXX81% /O$f3'XXXXKKKK5139R'"e /#O, \AZ"Arial RegularO` ` `         HowmuchwassecurityimpairedinSpencers? .. Mortgagedebt.. .. $994,000- .. Valueofland.... .. $635,000 .. Impairment.... .. $359,000O, \AZ"Arial RegularO@@@(Notethatthevalueofthelandisdeterminedbytheforeclosuresaleprice.)WPCXX81%V."f3'XXXXKK?K?5139'"e[."O, \AZ"Arial RegularO` ` `         Supposeasuitforwasteisbroughtbeforeforeclosure.Howdowedeterminewhetherthemortgageessecurityisimpaired?0 ..Isvaluelessthandebt?0 .. Reasonablecushionofsecurity?WPCXX81%m,!q3'XXXXKKKK5139+PP1**eAig3 A, A,3)**fAigj%%)+<< ggx+'1"hZq,# O, \AZ"Arial RegularO@@@        $100K)+<<'1 i & )+'1"j  O, \AZ"Arial RegularO@@@        $80K mcO, \AZ"Arial RegularO        Loanstarts"nw!O, \AZ"Arial RegularO        Wasteoccurs,:p $Z__HصyC'O, \AZ"Arial RegularO        @LoanbalanceWPCXX81% .h"f3'XXXX,,,,519+' e .! O,wAZ"Arial RegularO` ` `         Originalappraisedvalueofrealestate .. $135,000Scheduledloan-to-valueratioattimeofthewaste............80/135=0 ..0@..0` ..0 ..0..0..0..0..0 ..59%WPC XX81%z0#f3'XXXXKKKK5139'"e(W0!LO, \AZ"Arial RegularO` ` `         Assumewastereducesthevalueoftherealestateby$20,000,to$115,000.Actualloantovalueratioafterthewaste...80/115= .. @..@` ..`  .. ........ .. @..@69.5%Sosecurityhasbeenimpaired!WPCKXX81%.#f3'XXXX,,,,519+' e.~"O,wAZ"Arial RegularO` ` `         HowmuchshouldMErecoverinordertorestoretheloan-to-valueratioto59%?$115,000x59%=$67,850SoMEneedstorecoverenoughtoreducetheloanbalancetothisamount.WPCXX81%-"f3'XXXXKKKK5139'"e -!5O, \AZ"Arial RegularO` ` `         MEsdamagerecovery:Loanbalancebeforerecovery.... .. $80,000Loanbalanceafterrecovery.... .. $67,850Recovery........ .. $12,150WPCXX81%D -!f3'XXXX,,,,519+' eD -'!gO,wAZ"Arial RegularO` ` `         ThisrecoverywillallowMEtopreserveitsscheduledloan-to-valueratio.Thisseemsfair,sinceitiswhatMRbargainedtodo.WPCXX81%6Z/#h3'XXXXKK?K?5139'"e%41a"O, \AZ"Arial RegularO` ` `         @  TheRestatementtest(4.6): Istheloan-to-valueratioafterthewastehigherthanitsscheduledlevel?Assumeanoriginal$100,000loanonpropertyworth$135,000"aratioof74%.+  %'1 g %WPCXX81%n$.#f3'XXXX,,,,5139'"e$.!O \AZ"Arial RegularO` ` `         @  Underthisapproach...0 ..MRcould getawaywithmorewasteifpropertyvalueshadrisen.0 ..MRcould getawaywithlesswasteifpropertyvalueshadfallen.WPCXX81%.c,B3'XXXXKK?K?9 Q"*A4)J)8YW1 ` N8!8!R] " "aa6WHWHCbb1 1sh `--<`>X*>2 %!"    t njTxb      Py\&4-------- ` QQ8@@@@@@ iaa80&o]PFQQQQQQQQ1řwh `##1Eo]:qX;1t!""##########\ `%%%#"_Jgd\UQA2%%%%%%%%1s `   "#%%###""!t  \ ` ###%%2AQFPo]E1########1qP ` %%##1dh^P ` F"F"F"C!>GOXRL!F"F"F"F"F"F"F"F"1isa\ ` XOG>*1I\ ` #lll-,)( `'WWububububub/|::dZ,MMM H H H H HEM\blllllaaaaaa===PPP}::*eeeeee\\\(111IWWWWWWWWP `// S SP `""j=h `NH&<&<&<&<&<&<P `1ZHH@'cccccc1W ` H H HMMMGd(),-&4\ME H H H H H H H H1qP ` S S//h `""j="""""""""1ۅP `!!!!!!!!!1q ` &&&('&&&&&&&&&1ph `((dG&&&&&&'((((((((1Jh `&<&<&<&<&<&<NH1lD ` ububovvvvvvZZZZZZZZm~nnnnnubububububub1Jh `ubububnnnnn~mZd::|/ububububububububh `HHH1Zcccccc@'HHHHHHHH1lD `P\CPP1J ` :::}PPPCCC\\\eeeeee*::::::::1Y0~t ` II&QQQQQIIIIII ` MMFzzzzzMMMMMMMMMMMMt `! s.....:::::h,,,,,t `" ww[!=====AAAAA0lwwwwww `# Q(^T4Gt `$  Hgiiiii\\\\\d;t `% SSz*nnnnn~~~~~"q-dddddSSSSSS `& J20N!=&<@t `' VPqqqqqeeeeeRDt `( ([([$u&v&v&v&v&vm6 l l l l l([([([([([([ `) i"g|GGGGGWWWWWstxvt `* ,,@@@@@FFFFF1$1$1$1$1$,,,,,,t `+ rre<)<)<)<)<)::::::::::vn n n n n rrrrrrt `, )!)!3+BBBBBD-D-D-D-D-;E%1%1%1%1%1)!)!)!)!)!)!t `- Oooooo{{{{{!Ut `. cd vvvvvu tt `/ I~ Uqt `0 &\\\\\fffff-t `1 '}8t `2 //k2     >x'''''//////t `3 VUPddddd u u u u ua^ct `4 iiL"'99999JJJJJ9T1$t$t$t$t$tiiiiii `5 [[c/i;;;;;IIIIIw>!h*OOOOO[[[[[[ `6 <F<FO jK 1 1 1 1 111111'Tv"^<V<V<V<V<V<F<F<F<F<F<F `7SBSB?"f9uq%bXV{+GkB3R7R7R7R7R7SBSBSBSBSBSBt `8 ]O ;;;;;@@@@@` nt `9 CB *****t `: QQ@qqqqq i i i i iLAAAAAQQQQQQ `; kHHHHHWWWWWt1+++ + + + + +t `< ooj9E22222BBBBBUy1fffffoooooot `=  #ZYYYYYhhhhh]3t `> .E.E[:)-----9`I3T3T3T3T3T.E.E.E.E.E.Et `? ;;8633333CCCCCEHJJJJJ;;;;;;t `@ oH6?????PPPPPLE}WPC'XX81%:/"}3'XXXXKKKK5139' ec:/"`O, \AZ"Arial RegularO` ` `         Shouldwasteincludefailuretopaypriornon-taxliens?(Theresonlyalittleauthoritytosupportthisidea.)+ '/ @1 3>*fyyKK z 1 4]   P z+1 3:*gyyKK x  D I  1 ߿3*hyyKKi _  Zx  s)  n"9PK_  >!\!! !! >!VZ p'IN*iC<'# <>2sC Z!C##$V%o&Q'P(5)v)**xc+,++I++K+j*2*g))Nt)5)(9:(j'o<& % $ %q #%% /% #% $t $Z # # "A ! ! c Kv     @  0  k ] s s A u a _ L x   _+ 1 3*iyyKK( P ?   * aW  X 6  X1}C X] bP  s x e [ D 2 ( " * * }   Y $ Pj*jyyKKTOkkuo__-$bPb8GpTG*%* >!2!2".#<$ %%l&\'((yL)Y)$)))***))$j)Y(g('&e&%*% G$w##"2!G^!Pz ZZ.PPZT| i Kh*D"D/z:e+1 3b*kyyKK! nyYmYV0)eNvN*lyyKK ) P rI>ImkNo1 3n*myyKK0g"  B7 *09BB0+  *nyyKK<!+"""##$%&'0g([)*o**i*+Bs+++g++c+ +X*9-*[)[))=**&c+j+++H++m+0*+a*x**)B)`(x|'I&&r&%g%$ $W#""+"! !n*oyyKKU6)mTM?mwZN m ma!v"w##R$$$ %%c&'&'A(9(  )9)[)j)dj) c)3)(c(((]'|@& % L% $ $ V% % &|'o:((B)t)))F{)c)3)( (9`(R'X'R;'G&&%$$$#p#"! ^ ;.mhX?6*pyyKKj=#^Y3 & I    zW ; * 5 s; ; g *  ! *! h!; " " y# $ q$ $ $ %Q % % $ $ |$ #) ,# " p"V !    b  A   N   :  (l \ \ x _! $" "H =# # |$A $X %w 6% @% 6%5 %w $ $ ]$ #[#" " n!j !Q Q 8 _ j ?_ W n    |: $L~0'6=*qyyKKU l  XS  T  2 2 u u   w \5  c ? i P . iS f q] .    U +1 3*ryyKK% & 8y D D 8y  y #@   /  g Y ( T c <   - t X `  c 7  /YV <J2+1 L3R3*syyKK*jL    LRj 6A  3 G 4 a  + x fx 1x  I   Q+ | 8p" p  Z7j+1 3^*tyyKK =J-+!Q%Z)[&#03  J  n n +1 v~M`3M`R*uyyKKisD   6 !$:(%!<i+1 3*vyyKK5 ,F+)V-, !t9$-W$-9$9$WW$$#"V!,! W I:deFJ<  + 1 3*wyyKKZnXh])aXKK8&%mq\ZSTkam8 D m #u*Hnv3Y<1k|~Bv{R:Nij8OaGUCh  (Dgtqy 8c%vU.*xyyKKwf.*yyyKK^Km]!^K*zyyKKZ7(WjL0  1VO"6 KX d v 7!q!!{!v0"dh"K"6"""""""t`"G1"+!!!  / /3!+x!.!5!G"ZV"p"o"h"V"*""!"!(!/B!, " x ?vD`D64%:TTws*7.*{yyKKO^#W"KO.*|yyKK!0g#W#!SlideShowSqFSqFMain FontInformation SqFSqFFontNumber0 Times New Roman/6/RwhT\|f|h0\RwRwTimes New Roman Regular&d9 Z FontNumber1 FontNumber2Times New Roman/6/RwhT\|f|h0\RwRwTimes New Roman  ArialNew Roman/6/RwhT\|f|h0\RwRwArial Regular, \AZ