"This Book endeavors to provide the reader with an understanding of the basic concepts of real estate finance provisions that a lawyer must know and understand in order to provide effective counsel to borrowers in the context of closing a commercial real estate loan. This goal will be accomplished through the detailed analysis of key provisions contained in real estate mortgages and several other key mortgage loan documents. Lawyers new to the practice of real estate finance can benefit greatly from a highly practical evaluation of these key provisions, because in most instances they represent very important aspects of a mortgage transaction. This Book uses many provisions that were previously utilized in the Federal National Mortgage Association ("Fannie Mae") Deed of Trust form for multifamily housing, but this Book embellishes on those provisions and adds others that are also commonly used in commercial real estate loan transactions. In addition, this Book examines a number of other key loan documents that are often used in commercial real estate transactions. The goal in undertaking these examinations is to expose new lawyers to loan provisions that are now commonly used in commercial real estate loan documentation. In selecting these provisions, I have made a few assumptions, for several reasons. First, the loan provisions used in this Book contemplate that the mortgaged property is an income-producing property, as distinguished from a loan secured by a residence that the borrower would live in and which would not generate any income. A number of these provisions thus relate to the "commercial" nature of the property, such as the treatment of property rents. Second, unlike provisions contained in forms that some counsel for lenders have created and use for their first draft in a loan negotiation, the loan provisions used in this Book are relatively evenhanded and sometimes contain points that the borrower's counsel would want to seek on behalf of his/her client. When applicable, I have attempted to point out advantages and deficiencies contained in any of these provisions that could be utilized if the reader were to be engaged as counsel representing a borrower in a mortgage loan transaction, and also to give the reader strategies for use when negotiating these provisions. As indicated earlier, this Book is organized around the provisions of a mortgage and several other key documents, including the Letter of Intent, Closing Agenda, Note, and Carve Out Guaranty. Each part of this Book sets forth an introduction to, and then the verbatim text of, a specific provision of a given key loan document (which is set out in italic type), immediately followed by commentary on the italicized provision. My commentary explains what the applicable italicized loan provision means, what functions the provision serves, and any problems with the application or enforcement of the provision from a lender's or borrower's perspective. The commentary includes basic information that any lawyer new to mortgage transactions would find helpful, including potential pitfalls to watch out for from a borrower's counsel perspective, as well as suggested approaches for dealing with such pitfalls. This commentary also provides a thorough analysis that even a lawyer who is well-seasoned in commercial mortgage loan practice would find useful. At the end of this Book, in the Appendix section, I have included a full form Letter of Intent, Closing Agenda, Mortgage and Security Agreement, Note, and a form of "Bad-Boy" Carve Out Guaranty. Each of these Appendix documents includes all of the applicable provisions that have been included as an italicized excerpt in each applicable Section of this Book, so the reader can use them to better follow how these provisions fit into an actual document. This Book can be read cover to cover, especially by someone new to the practice of commercial real estate mortgage transactions. I hope that this Book will provide useful insight both to lawyers handling their first mortgage transactions and to more seasoned mortgage lawyers looking for a useful reference source"--

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A practical and quick guide to the basic concepts of real estate finance, this book also provides valuable techniques and issues to consider in order to successfully deal with these loan provisions when they are engaged to represent borrowers in closing such loans.