KMK Law Real Estate Blog

On April 1, 2020, Governor Mike DeWine signed Executive Order 2020-08D, which contains certain “requests” of commercial mortgage lenders and landlords with small business commercial tenants located in Ohio.

While the health and safety of the US populace is of primary concern, the economic and legal implications of COVID-19 have already proven to be significant, particularly in the commercial real estate context. Mandated closures have left landlords and tenants concerned about the enforceability of lease obligations (especially with respect to the obligation to pay rent); purchasers and sellers concerned about meeting the timelines set forth in contracts of purchase and sale and the logistics of closing; borrowers and lenders concerned about the fulfillment of loan obligations; ...

The scenario of a developer who paid cash for a parcel of land and wants to get started on development and construction prior to the closing of the construction loan is fairly common.  However, under Ohio law a pre-start construction project creates difficulties for the title insurance underwriter to insure the priority of the mortgage over mechanic’s lien risk.  This is likely to result in more time and costs to provide the required title insurance and if not handled properly, it could jeopardize the financing for the project. 

As users of commercial real estate become more interested in sustainable practices, buying or leasing a LEED^®-certified building becomes a business deal point.  How does an attorney or real estate manager determine if a particular target was properly LEED certified or has kept the certification status as advertised? 

To update the earlier posting, please note that yesterday Ohio Governor Strickland signed Senate Bill 232 with an emergency clause, making the new law effective June 17, 2010.

In the wee hours on Friday, June 4, 2010, the Ohio House adopted Amended Senate Bill 232 which was designed to provide a personal property tax exemption to owners of renewable energy projects.