Anatomy of a Mortgage: Understanding and Negotiating Commercial Real Estate Loans

A practical and quick guide to the basic concepts of real estate finance, Anatomy of a Mortgage also shares valuable techniques and raises issues to consider to successfully close the deal. This is essential, hands-on information for the lawyer to know and understand to provide effective counsel to borrowers in a commercial real estate loan. A complete sample Mortgage and Security Agreement are included in the book's appendix. Author Lawrence Uchill, a veteran real estate attorney, draws on his experience by providing a detailed analysis of key provisions contained in real estate mortgages and several other related mortgage loan documents. He considers many provisions previously utilized in the Federal National Mortgage Association ("Fannie Mae") Deed of Trust form for multifamily housing, but he adds to those provisions and includes others that are also commonly used in commercial real estate loan transactions The author's analysis is based on provisions used for income-producing property, and the provisions relate to the "commercial" nature of the property, such as the treatment of property rents. The loan provisions discussed are intended to be relatively evenhanded and may contain points that the borrower's counsel would want to seek on behalf of his/her client. In addition to discussion of the provisions, alternatives, and possible deficiencies for a borrower are enhanced by the author's guidance on strategies to employ when negotiating these provisions. Organized around the provisions of a mortgage, this book also covers relevant provisions in other key loan documents such as the Note, Loan Agreement and Assignment of Leases and Rents. Each section follows an easy-to-understand format, introducing a specific provision of a loan document, followed by the verbatim text and commentary on the provision. The commentary explains: - What the applicable loan provision means- What functions the provision serves - Potential problems with the application or enforcement of the provision from a lender's or borrower's perspective- Basic information about pitfalls to watch out for from a borrower's counsel perspective, as well as suggestions to how to deal with the situationProviding a thorough analysis of the provisions in a real estate mortgage, the analysis and commentary for each provision is useful both for lawyers well-seasoned in commercial mortgage loan practice, as well as for attorneys new to real estate law.

Lawrence Uchill is the principal and founder of Uchill Law, PLLC, a boutique law firm specializing in complex real estate and capital market transactions as well as alternative energy transactions and corporate law. Having been a partner at several national and international law firms as well as vice president of Legal Affairs at Cabot, Cabot & Forbes, a real estate development firm, he has been practicing real estate transactional law for over forty years.

A practical and quick guide to the basic concepts of real estate finance, Anatomy of a Mortgage also shares valuable techniques and raises issues to consider to successfully close the deal. This is essential, hands-on information for the lawyer to know and understand to provide effective counsel to borrowers in a commercial real estate loan. A complete sample Mortgage and Security Agreement are included in the book's appendix.Author Lawrence Uchill, a veteran real estate attorney, draws on his experience by providing a detailed analysis of key provisions contained in real estate mortgages and several other related mortgage loan documents. He considers many provisions previously utilized in the Federal National Mortgage Association ("Fannie Mae") Deed of Trust form for multifamily housing, but he adds to those provisions and includes others that are also commonly used in commercial real estate loan transactionsThe author's analysis is based on provisions used for income-producing property, and the provisions relate to the "commercial" nature of the property, such as the treatment of property rents. The loan provisions discussed are intended to be relatively evenhanded and may contain points that the borrower's counsel would want to seek on behalf of his/her client. In addition to discussion of the provisions, alternatives, and possible deficiencies for a borrower are enhanced by the author's guidance on strategies to employ when negotiating these provisions.Organized around the provisions of a mortgage, this book also covers relevant provisions in other key loan documents such as the Note, Loan Agreement and Assignment of Leases and Rents. Each section follows an easy-to-understand format, introducing a specific provision of a loan document, followed by the verbatim text and commentary on the provision. The commentary explains: What the applicable loan provision means What functions the provision serves Potential problems with the application or enforcement of the provision from a lender's or borrower's perspective Basic information about pitfalls to watch out for from a borrower's counsel perspective, as well as suggestions to how to deal with the situationProviding a thorough analysis of the provisions in a real estate mortgage, the analysis and commentary for each provision is useful both for lawyers well-seasoned in commercial mortgage loan practice, as well as for attorneys new to real estate law.

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