- Represent lenders and real property owners on mortgage
foreclosure and loan workouts
- Serve as receiver or counsel to receiver in mortgage foreclosure
proceedings
- Assist developers in acquiring distressed assets still under
construction and aid in negotiations to complete construction
- Assist in the evaluation of value and strategy for
completion of partially finished projects which are experiencing
financial constraints due to cost overruns, construction defect and
design errors and omissions
- Represent lenders in selling distressed loans to new borrowers
- Trouble-shooting for developers and lenders to resolve issues on
troubled and failed construction projects
Representative Experience
- Wide Range of Legal Issues Faced by Hotel Receiver
When a Manhattan hotel was unable to keep up with its mortgage payments, the
bank obtained a court order placing the hotel under the direction of a
receiver. John E. Osborn P.C. served as general counsel to the receiver and
advised the receiver on a multitude of issues including restaurant openings,
union issues, a health club contract, premises liability, facade repairs, an
environmental assessment, and the removal of mechanic’s liens from the hotel
property, which were the responsibility of the borrower. Our firm was
instrumental in clearing up a wide range of legal issues and was retained by the
new hotel owner who purchased the hotel out of receivership.
- Auction of
commercial and residential properties Handled auctions of residential co-ops,
condominiums and commercial properties on behalf of lenders
- Set foreclosure
strategy for lender Advised lender on a strategy relating to the foreclosure of
a factory property on a contaminated site
- Advised on lending on
environmentally contaminated sites Advised lenders regarding providing loans on
mildly contaminated sites in Manhattan
- Advised Developer Regarding Mortgage Foreclosure
Represented developer in acquiring mortgage foreclosure from a
lender which the developer pursued the mortgage foreclosure to successful
conclusion and received payment of the mount due under the mortgage