Joshua Stein's Website: Nonrecourse

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Nonrecourse
7 Articles and Other Items Found

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Bad-Boy Carveouts Speeding Foreclosures [2009]
Commercial Mortgage Alert interviewed Joshua Stein for a brief report on how nonrecourse carveouts affect loan enforcement in 2009. Click here to read the article.

Caveat Guarantor - Courts Rule Nonrecourse Carveouts Mean What They Say [2009]
Lenders have started to try to enforce "nonrecourse carveout guaranties" in litigation against guarantors. So far the lenders have done rather well. This article explores a recent case in New Jersey and some other issues that may arise in enforcing these guaranties.

Aozora Bank Case: Some Comments [2004]
Brief discussion of a California case denying a lender recovery for its attorneys' fees in enforcing a "nonrecourse carveout guaranty."

Perils of Subtenancy and a Roadmap for Recourse When the Sublandlord Defaults [2002]
Subleases can create subtle risks for subtenants. This article explains those risks and some legal theories that might help mitigate them, with some unexpected implications for nonrecourse financing

Nonrecourse Carveouts - How Far is Far Enough? [1997]
The logic of nonrecourse clauses. Just how far can you take it? And where does it end?

Lender's Model State-of-the-Art Nonrecourse Clause (With Carveouts) [1997]
This article identifies 37 possible carveouts to nonrecourse treatment for commercial real estate loans. It ranks those carveouts from the ordinary and typical to the extreme and unusual. The article also notes which carveouts typically make the guarantor liable for the entire loan, and which only require the guarantor to indemnify the lender for loss. The result: a reference point for comparison of any other nonrecourse clause.

Nonrecourse Clauses Revisited [1992]
Why older nonrecourse clauses amount to "heads I win, tails you lose" for the borrower. An early statement of the rationale for nonrecourse carveouts.