Jeffrey B. Steiner

January 20, 2010 | New York Law Journal

Jeffrey B. Steiner, a member of DLA Piper LLP, and Zachary Samton, counsel to the firm, write: When amending or modifying a mortgage loan, a lender must consider issues of enforceability against both the borrower and subordinate lenders. Whether an amendment or modification of a mortgage loan is recorded, or consented to by an existing junior lien holder, should not affect its enforceability against the borrower, but may have significant implications with respect to the priority of the liens encumbering the mortgaged property. In a period of declining real estate values, lien priority may have a considerable effect on a lender's ability to realize on its collateral.

By Jeffrey B. Steiner and Zachary Samton

13 minute read

May 19, 2010 | New York Law Journal

Jeffrey B. Steiner, a member of DLA Piper LLP (US), and Zachary Samton, counsel to the firm, write that the number of acceptable estoppel certificates that must be obtained prior to closing is often a well negotiated point in the term sheet stage of a loan transaction. All too often, however, after a challenging collection process and the rush to close a transaction, the estoppels themselves may contain problems.

By Jeffrey B. Steiner and Zachary Samton

12 minute read

January 15, 2002 | New York Law Journal

W ith the passage of the federal E-Sign Act, 1 has the era of electronic mortgage closings dawned? Apparently, not in New York. Despite this federal legislation, aimed at facilitating electronic commerce, New York`s Attorney General has taken the position that certain transactions requiring recordation cannot be conducted electronically. 2 In this article we will examine the E-Sign Act, New York`s equivalent 3 and the opinion of the Attorney General.

By Kenneth M. Block And Jeffrey B. Steiner

11 minute read

July 19, 2001 | Law.com

A New York federal court thwarted a borrower's effort to repudiate, on the ground of economic duress, a release given as a condition to a mortgage assignment to a new lender. The court concluded that the release was negotiated at arm's length and supported by valuable consideration, and therefore barred the borrower from bringing suit. The case provides lenders with the assurance that carefully negotiated written agreements will be enforced by the courts.

By Kenneth M. Block and Jeffrey B. Steiner

11 minute read

September 17, 2008 | New York Law Journal

Jeffrey B. Steiner and Jason R. Goldstein, members of DLA Piper LLP, write that in cases of delayed or rejected requisitions, the exercise of discretion contrary to explicit loan provisions may be deemed unconscionable or in bad faith, triggering lender liability or otherwise restricting the lender's ability to exercise certain remedies.

By Jeffrey B. Steiner and Jason R. Goldstein

11 minute read

November 19, 2008 | New York Law Journal

Jeffrey B. Steiner, a member of DLA Piper LLP (US), and Zachary Samton, counsel to the firm, write that in the current economic environment, special servicers are likely to play an increasingly larger role in the commercial real estate finance market. Consequently, they note, understanding their rights, duties and authority (both legal and contractual) has become more significant for all parties to a securitized mortgage loan and should not be overlooked or underestimated.

By Jeffrey B. Steiner and Zachary Samton

11 minute read

July 20, 2005 | New York Law Journal

Kenneth M. Block and Jeffrey B. Steiner, members of Brown Raysman Millstein Felder & Steiner, write that construction lenders generally require borrowers on major projects to obtain performance bonds from their contractors. For the past several years, however, an alternative to performance bonds has been available in the form of contractor default insurance, marketed under the name "Subguard" by Zurich North America Insurance Company.

By Kenneth M. Block and Jeffrey B. Steiner

8 minute read

July 16, 2008 | New York Law Journal

Jeffrey B. Steiner, a partner at Thelen Reid Brown Raysman & Steiner, and Zachary E. Samton, counsel to the firm, write that as oral negotiations in a workout of a distressed commercial real estate loan can lead to unintentional modification of the underlying documents or the waiver of rights and remedies thereunder, a carefully tailored pre-workout agreement should be the first step a lender's attorney takes to insure that the client's interests are protected.

By Jeffrey B. Steiner and Zachary E. Samton

12 minute read

May 17, 2006 | New York Law Journal

Jeffrey B. Steiner and Jason R. Goldstein, members of Brown Raysman Millstein Felder and Steiner, write that there has been not only a revitalization of the construction-lending business, but also been a budding new growth opportunity . . .

By Jeffrey B. Steiner and Jason R. Goldstein

8 minute read

June 12, 2006 | New Jersey Law Journal

The applicability and enforceability of prepayment premiums and exit fees for commercial loans has been the subject of recent litigation around the country, with lenders and borrowers advancing contrary positions based upon their particular reading of the relevant loan documents.

By Kenneth M. Block and Jeffrey B. Steiner

8 minute read