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Edward M. Bloom receives REBA's Richard B. Johnson Award for Lifetime Achievement
Edward M. Bloom was awarded the Richard B. Johnson Award at the Real Estate Bar Association's spring conference on May 2, 2016. Established in 1977, the award was created to honor Richard B. Johnson, a highly regarded figure in the legal community following distinguished service in World War II. Award recipients have included members of the judiciary, former REBA officers, members of the Land Court's legal staff and distinguished real estate attorneys. REBA's highest honor, this lifetime achievement award recognizes outstanding and selfless contributions to advancing the practice of real estate law.
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New Opportunities for Credit Union Ownership of Real Estate
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Proposed changes to NCUA's rule on federal credit union (FCU) ownership of real estate and to the Massachusetts credit union parity rules, promise to open new areas of credit union investment in real estate as an ancillary business line. Assuming both proposed rule changes take effect this summer, FCUs and MA state charters will have the ability to buy, develop, own and sell commercial real estate, provided that the FCU eventually (within six years of purchase or such longer period as NCUA may allow) occupies at least half of each property. The remaining space in each property may be leased by the FCU to unaffiliated tenants or to a developer entity, for re-leasing to third parties. In calculating how much of a property a specific CU occupies, space occupied by a CUSO that is controlled - through voting rights, without necessarily majority economic ownership - by the CU may be included.
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A Major Danger To Commercial Property Owners (And Their Lenders) - The Protective Safeguard Endorsement To Property Insurance Policies
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Almost all property owners' insurance policies contain various endorsements covering such matters as rent insurance, business interruption, service interruption, liquor liability, flood and earthquake, plate glass and terrorism insurance. But there is an endorsement called a
protective safeguards endorsement
which reduces the insurance premiums on the policy, but can cause the loss of all insurance coverage if the owner fails to abide by its terms and conditions.
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Renting retail space in a shopping center? An office in downtown Boston? A parcel of land for development in the suburbs? For many commercial tenants, a fully executed lease may not be enough to protect long term interests and investments in the property without recording a Notice of Lease. For commercial landlords, a recorded Notice of Lease can interfere with future plans for the property by creating a cloud on title. What follows is a brief introduction to these notices and what each party can do to better protect itself.
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Percentage Rent is intended to reward the Landlord for creating a successful retail environment wherein the Tenant exceeded a sales benchmark ("breakpoint") establishing a level of profitability. The Tenant, on the other hand, is given a lesser base rent than it would otherwise pay in exchange for making the Landlord a stakeholder in the Tenant's business at that location. If the gross sales exceed the breakpoint (which may be calculated in different ways), the Tenant pays the Landlord the stated percentage on every dollar of gross sales in excess of the breakpoint. Read More
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Upcoming Real Estate Industry Events
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Joshua M. Bowman to teach a course at the Boston University School of Hospitality Administration
Joshua M. Bowman, partner in the firm's Real Estate Department and Corporate Department and chair of the firm's Hospitality Practice Group, will be teaching a course at the Boston University School of Hospitality Administration in the Spring of 2017 entitled, "Fundamentals of a Hotel Real Estate Deal."
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Jessica G. Kelly named "Up and Coming Lawyer" by Massachusetts Lawyers Weekly
Jessica G. Kelly was honored at Massachusetts Lawyer's Weekly "Excellence in the Law' event on May 4th. Jessica assists clients in a variety of industries with complex business litigation, including finance, biotech, and national retail. She also assists clients in real estate title permitting and environmental matters, as well as disputes arising from the purchase and sale of property.
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Bethany A. Bartlett attends Novogradac's Financing Renewable Energy Tax Credit Conference
Bethany A. Bartlett, partner in the firm's Real Estate Department and chair of the firm's Solar Energy Practice Group, attended Novogradac's Financing Renewable Energy Tax Credit Conference in San Francisco, CA on April 28-29th, 2016. The conference brings together lawyers, developers, investors, bankers and others involved in the renewable energy industry from around the country to discuss emerging trends and issues, updates in the laws, and the overall outlook of renewable energy.
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Robert M. Carney, chair of the firm's Real Estate Department, and Edward M. Bloom, partner in the firm's Real Estate Department, presented at the MCLE seminar, "Negotiating & Drafting Office & Retail Leases: Similarities, differences, issues and negotiated solutions."
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About Sherin and Lodgen
Our clients rely on Sherin and Lodgen's experience and understanding in real estate, litigation, and business law. With 40 attorneys, we can handle the most complex matters, while providing responsive, senior-level attention to every matter. We deliver sophisticated analysis with effective, efficient and focused representation, and a high level of service by developing in-depth understanding of our clients' business goals, issues, concerns and emerging industry trends. Visit our website to learn more.
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