Here's a brief glance at what you'll find in the April/May issue...
Subleases: They're not as simple as they seem
With many commercial tenants experiencing financial difficulties, you may see an increasing number of requests for consent to subleasing arrangements. Subleases and "lease assignments" are separate and distinct legal concepts with very different legal relationships. This article explores the intricacies of subleases so you don't get burned.
Developments in CERCLA
Why legal title to land isn't necessarily enough for cleanup liability
It may seem like the EPA always comes out on top in environmental liability cases, but the Seventh Circuit U.S. Court of Appeals recently declined to rule for the agency in an action to recover response costs from a potentially responsible party. This article discusses why, in U.S. v. Capital Tax Corp., the court held that, depending on the relevant state law, a party may not be liable for cleanup even though it held legal title on the contaminated property. A sidebar delves into the issue of potentially responsible parties (PRPs).
Keeping a lid on exit costs
Borrowers interested in refinancing or selling properties subject to commercial mortgage-backed securities loans that result in prepayment of the loans generally have two options depending on the language of the loan agreement: 1) yield maintenance, or 2) substitution of collateral through defeasance. Both methods release the borrower from its loan obligations, but one may prove more cost-effective than the other, depending on the circumstances. This article takes a look at these loan options, so you can determine which may be best for your particular circumstance.
Helpful tool presents legal risks to the unwary
Building Information Modeling (BIM) has become an increasingly common technological tool in design, construction and building management. BIM is essentially a database of electronic information that multiple design and engineering participants can contribute to and access at any time. Although it offers benefits to owners, designers and contractors, BIM also presents some legal risks. This brief article explains what those risks are and how to avoid them.
New lead paint rule colors renovation projects
The EPA's relatively new rule requiring the use of lead-safe practices is designed to prevent people from contracting lead poisoning during renovation, repair and painting projects. Although the rule was first enacted in spring 2008, the agency is phasing in the requirements over two years, with the major requirements taking effect in April 2010. Anyone engaged in construction, contracting, leasing and property management may fall under the rule's requirements. This article takes a look at what the rule entails.