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When a Retail Tenant Goes Dark – Part Two

This post follows up on a prior article addressing the myriad issues that can occur when a retail tenant abandons the premises before the expiration of the lease term: When A Retail Tenant Goes Dark – Part One. This is a growing concern for shopping mall owners and their property managers who are seeing brick and mortar tenants default at a higher … Continue reading »

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When A Retail Tenant Goes Dark – Part One

Despite strong consumer confidence and the lowest unemployment level in a decade, retail defaults this year are expected to surpass those in 2009 when the economy was in the throes of the Great Recession. Sorry, We’re Closed, The Economist, May 13, 2017.  This general trend means brick-and-mortar shopping center owners and their property managers are increasingly facing the variety of … Continue reading »

Seattle Imposes New Caps on Move-in Fees

Effective January 15, 2017, Seattle residential landlords must comply with a host of new rules relating to the move-in fees they charge to tenants. This is the latest of several measures implemented under the recommendation of the Seattle Housing Affordability and Livability Agenda (“HALA”) Advisory Committee to make housing more affordable and inclusive. New rules include: Landlords are prohibited from … Continue reading »

Commercial Guarantors are Still on the Hook Even After Non-Judicial Foreclosure, Says Division I

The Division I Court of Appeals recently split with Division II and held that a lender retains the right to pursue a deficiency action against commercial guarantors after nonjudicially foreclosing on deeds of trust securing the underlying loans. Washington Fed. v. Gentry, — P.3d —, 2014 WL 627817, (Wash. Ct. App. Feb. 18, 2014). In doing so, the court rejected … Continue reading »

The Washington Deed of Trust Act May Bar a Deficiency Judgment Against a Commercial Guarantor

The Division II Court of Appeals recently decided that the Washington Deeds of Trust Act prohibited a lender from obtaining a deficiency judgment against a commercial guarantor where the guaranty was secured by nonjudicially foreclosed deeds of trust. First-Citizens Bank & Trust Co. v. Cornerstone Homes & Development, LLC, __ Wn. App. __, 314 P.3d 420 (2013). The holding has broad implications for both commercial lenders … Continue reading »