Recap of Webinar on Leases and Loans: Feeling the Effects of COVID-19
NAIOP San Francisco Bay Area Chapter (SFBA) kicked off its weekly members-only Zoom-In series on Thursday April 9th with over 100 registrants. The inaugural session, Leases and Loans: Feeling the Effects of the COVID-19 Crisis was moderated by Chapter President David Karol, Principal, Ridge Capital Investors, and featured Phillip Wang, Partner, Rimon Law and NAIOP SFBA Board Member.
Mr. Wang delivered a thoughtfully prepared presentation with extremely high take away value. Topics included:
1. Update on COVID-19 Restrictions
- California Shelter in Place Order – Executive Order N-33-20
- Essential Business – 16 Critical Infrastructure Sectors
- Detailed List of Essential and Nonessential Businesses
- Update on SF Bay Area Restrictions
2. Effect on Leases
- California Moratorium on Evictions
-Executive Order N-28-20, 3/16/20 – Local Authorization for Eviction Moratorium
-Executive Order N-37-20, 3/27/20 – Statewide Residential Eviction Order
-Judicial Council, 4/6/20 – Rule Change to Restrict Evictions/Foreclosures
3. Effect on Loans
- Relief for Residential Loans – Forbearance Relief
- Relief for Multifamily Loans – Forbearance Relief
- Relief for Multifamily Loans (CARES Act)
- Relief for Other Commercial Property Loans
4. Defenses to Performance
- Force Majeure Clauses
- Impossibility, Impracticability and Frustration of Purpose
5. CARES Act – Bankruptcy
- Changes to the Small Business Reorganization Act (SBRA) allowing more small businesses to potentially consider Subchapter 5 – a faster and less expensive option for Chapter 11 business reorganizations
6. Other Related Practical Issues
- Insurance for Business Interruption
- California Property Tax Deferral
-NAIOP SFBA advocating to obtain waiver penalties
Click here to download Wang’s full presentation.
Feel free to email him with any questions at phillip.wang@rimonlaw.com
