Negotiating the SophisticatedReal Estate Deal 2007

High Stakes Strategies in Challenging Times

Why You Should AttendIn today’s challenging real estate market, you need to be currenton the changing environment for sophisticated commercialproperty transactions. Nationally known real estate lawyersinvolved in today’s newsworthy, high-profile transactions willshare their expertise of both classic transactional sales and thedifferent needs of today’s and tomorrow’s marketplace.

How do you negotiate deals in the the current hyperactive andhigh-priced real estate market? In what ways has the revolutionin financing sources, including REITs, securitized financing andunleveraged funds, changed the issues and priorities involved inacquisition and sale transactions? How do the characteristics ofa property and the structuring of the acquisition fit with thecurrent needs of lenders? Which provisions in a sales contractare critical, and which ones are tradeoffs? What is the beststrategy to remedy a defaulted contract? Which are the key taxconcerns? You will learn the answers and much more from someof the best real estate lawyers in the country.

What You Will Learn• NEW! Preemptive bids: A lawyer’s nightmare or dream?• UPDATES!

- The best techniques for negotiating under current marketconditions

- The issues of REITs, including REITs as purchasers—Operating Partnership Units as currency

- Joint Ventures: Critical areas to address, and remedies and responses for when they fail

• How to address the concerns of financing sources• Which representations and warranties do you really need?• The role of the real estate investment banker and real estate

advisor• Special issues in representing the purchaser, including entity

formation, existing financing, marketable title and titleinsurance, 1031 exchange, parking rights, labor issues,estoppel certificates, and anti-flipping provisions

• Special considerations of “layered” ownership, such as tiers ofleases

• Strategies and remedies for breach of contract• What risk areas may be acceptable to an individual investor,

but not to a security-oriented fund

Who Should Attend• Real estate attorneys• Investment bankers who acquire and sell real estate• Real estate executives• Asset managers and acquisition managers• Investment advisors• Bankers• Real estate advisors and consultants

PLI’s Nationally Acclaimed Course HandbooksAll program attendees will receive a copy of theCourse Handbook. This softcover, bound volumewas prepared specifically for this program andwill also stand alone as a permanent reference.PLI’s Course Handbooks represent the definitivethinking of the nation’s finest legal minds, andare often the standard reference in the field.

View PLI Seminars In Your Home Or OfficeWith PLI’s WWeebb SSeeggmmeennttss there is no easier way to completeyour MCLE requirement. We’ve taken PLI’s extensive library ofOn-Demand Web Programs, previously recorded programsavailable online 24/7 via streaming video and/or audio, andconveniently broken them down into 1/2 - 3 hour programs soyou get only the information you want. With over 1,000 hours ofcontent to choose from, you’re sure to find a Web Segment thatwill meet your needs. As an added bonus, you’ll continue to haveaccess to your Web Segments for one full year and will be ableto download the online Course Materials that accompany yourWeb Segment. At more than 60% off the regular price, there’snever been a faster, easier, more affordable way to meet yourstate MCLE requirement.

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PLI NEWS (ISSN 0479-0219), published triweekly on Monday, Wednesday and Friday from January to August and semi-monthly on Wednesday from September to December byPractising Law Institute, 810 Seventh Avenue, New York, NY 10019. Periodicals Postage Paid at New York, NY and at additional mailing offices. Printed in the United States. VVooll.. 4444,, NNoo.. 4400,, AApprriill 22,, 22000077.. PPOOSSTTMMAASSTTEERR:: Please send address changes to PLI News, Practising Law Institute, 810 Seventh Avenue, 25th Floor, New York, NY 10019.

NEW YORK CITY, APRIL 23-24, 2007

Reserve your place today, call (800) 260-4PLI.

Please plan to arrive sufficiently in advance of the conference start time to register.A continental breakfast will be available upon your arrival.

First Day: 9:00 a.m. – 5:00 p.m.

Morning Session: 9:00 a.m. - 12:30 p.m.

9:00 Introduction and Opening Remarks

9:15 Market Overview• State of the market• Role of the real estate advisor/consultant• Who makes the market?• What factors achieve the highest pricing?• Where is this market heading?Darcy Stacom

9:45 Purchaser Due Diligence and Contract Issues

• Understanding the property; structuring issues• Income tax impact• State of title and title insurance• Local laws; zoning; violations• Physical conditions• Purchaser contingencies• Service and maintenance contracts• Due diligence period vs. hard contract• Physical inspection reportsStephen A. Cowan, Martin D. Polevoy

10:30 Break

10:45 Seller Due Diligence and Contract Issues• Parking rights; labor issues• Estoppel certificates• New York Style vs. escrow closing• Negotiating style — hard nosed vs. conciliatory• Purchase money mortgage issues• Adjustments at closing; anti-flipping provisions• What does marketable title really mean?• Failure of seller to perform under contract• Time of the essence contracts and default issuesStephen A. Cowan, Martin D. Polevoy

11:30 Acquisition Financing Techniques, IncludingPurchase Money Financing and OtherStrategies

• Purchase money financing• Where it works and where it does not• Typical loan terms• Contrast to typical institutional first mortgage • Mezzanine financing• Relationship to capital structure• Pricing, participations, conversions• Nature of collateral security• Conforming to prohibitions in senior debt documents• Other financing techniques• Credit enhancements

- Guaranties- Letters of Credit

• Equity participation• Convertible leaseholdsRobert J. Ivanhoe

12:30 Lunch

Afternoon Session: 1:30 p.m. - 5:00 p.m.

1:30 Preemptive Bids: A Lawyer’s Nightmare or Dream?

• When are preemptive bids effective?• The positive and the negative• Legal considerations• Business considerationsJonathan L. Mechanic

2:30 Joint Ventures: Critical Areas That Must Be Addressed

• Establishing the purpose and form of the joint venture• Governance and management• Protection of the interests of the developer/operator, and the

investor/equity member• Capital calls and capital contributions• Dispute settlement mechanisms• Compensation structures, including carried interests, preferred

returns, priorities• Control of major decisions: Financing, development, change of

purpose, saleAlan J. Pomerantz

3:15 Break

3:30 Joint Ventures: Remedies and ResponsesWhen Joint Ventures Fail

• Shortfall coverage issues and squeeze downs• Buy/sell provisions• Management agreement issues in a failed joint venture• Defining powers of the Managing Member• Decisions requiring unanimous approval• UBIT concernsAndrew C. Williams

4:15 Construction Financing• Lender-borrower issues• How to deal with the third parties involved• Stress points• Disbursements• Mixed-use projects: Office-retail, hotel-residentialMeredith J. Kane

Program Schedule

FFrreeee EEmmaaiill NNeewwsslleetttteerrssTThhee CCoommpplliiaannccee CCoouunnsseelloorr features commentary to help you clearthe endless hurdles you and your clients face.

LLaawwyyeerr’’ss TToooollbbooxx features links to downloadable forms and checkliststhat will keep you up-to-date on a range of current practice issues.

PPoocckkeett MMBBAA provides everything an attorney needs to know aboutfinance.

AAllll--SSttaarr BBrriieeffiinngg presents thought-provoking insights to keep you atthe top of your game.

IInn--HHoouussee IInnssiigghhttss offers ideas law department managers can use tomanage outside counsel better, improve productivity, control costs, andboost their value to the organization they serve.

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Second Day: 9:00 a.m. – 4:45 p.m.

Morning Session: 9:00 a.m. - 12:30 p.m.

9:00 The Pragmatics of Negotiating theRepresentations and Warranties

• Which should survive closing and for how long?• What does “R & W the rent roll” really mean?• What are the representations and warranties that a purchaser

must have or should have in a contract?• What recourse does a purchaser have for a breach of the

representations and warranties?• How do estoppel certificates relate to the representations and

warranties?• How much latitude should a seller have as to incorrect

representations and warranties?Lawrence J. Lipson, Chris M. Smith

10:15 Break

10:30 REITs as Purchaser and Seller• The ”corporatization“ of real estate M&A transactions• Complications of UPREIT transactions• Doing deals based on publicly available information• Restructuring models that haven't worked• Defending REITs — excess share provisions and poison pills• REIT M&A structuring issuesRobin Panovka

11:30 Utilizing the Title Insurance Company inComplex Transactions—ExpandingTraditional Coverages

• Traditional role of title insurance in commercial transactions• Casualty insurance vs. title insurance• Insuring off-record conveyances: Equity transfers• Evolution of new coverage• Covering the economics• Creditors’ rights issues

- Non-judicial foreclosure- Deeds in lieu of foreclosure- Preferences- Fraudulent conveyances

• Making the most of endorsements• Mortgage tax issuesRobert A. Simins

12:30 Lunch

Afternoon Session: 1:30 p.m. - 4:45 p.m.

1:30 The Advantages and Pitfalls of UtilizingLetters of Credit in Real Estate Transactions

• Codes governing letters of credit• Terms to include• “Evergreen” letters of credit• Upside and downside of using letters of creditNancy A. Connery

2:30 Break

2:45Impact of Sales on Real Estate Tax Assessmentsand Strategies to Minimize Such Impact • What do assessors know; how and when do they know it?• Methods of valuation• Price vs. market value• Offensive and defensive use of sales price by assessing

jurisdictions • Sales and assessments in New York City• Other real estate tax considerations for buyers and sellers• Tax projectionsWilliam E. Banfield

3:45Ethics and Malpractice Prevention• Conflicts of interest• Confidentiality• Dealings with non-attorneys• Computer-related risksPatricia A. Wilson

Pro Bono EffortsSince 1933, PLI has been the comprehensive resource for thetraining and development needs of legal professionals. PLI isheavily involved in pro bono and research and developmentactivities to ensure that all practicing attorneys and law studentsremain on the cutting edge. These activities include awardingfull and partial scholarships to our institutes and programs,assisting public interest organizations in their training needs,and helping law students become first-rate attorneys by postingfree lectures on our web site and offering free MPRE courses.For more information, go online to pro-bono.pli.edu.

PLI ScholarshipsPlease check the Registration Information section of thisbrochure for more information about PLI scholarships.

Faculty

William E. BanfieldPodell, Schwartz, Schechter & Banfield, LLPNew York City

Nancy A. ConnerySchoeman, Updike & Kaufman, LLP New York City

Stephen A. CowanDLA Piper US LLPSan Francisco

Robert J. IvanhoeGreenberg Traurig LLPNew York City

Meredith J. KanePaul Weiss Rifkind Wharton & Garrison LLPNew York City

Lawrence J. LipsonProskauer Rose LLPNew York City

Jonathan L. MechanicFried, Frank, Harris, Shriver & Jacobson LLPNew York City

Robin PanovkaWachtell Lipton Rosen & KatzNew York City

Alan J. PomerantzSenior Managing DirectorClaremont AdvisorsNew York City

Robert A. SiminsExecutive Vice President & General Counsel - NYChicago Title Insurance CompanyNew York City

Chris M. SmithShearman & Sterling LLPNew York City

Darcy StacomExecutive Vice President and Partner,

Investment Properties Institutional GroupCB Richard EllisNew York City

Andrew C. WilliamsGeneral CounselCornerstone Real EstateHartford, Connecticut

Patricia A. WilsonProfessor of LawBaylor Law SchoolWaco, Texas

Program Attorney: Howard G. Maurer

Chair

Martin D. Polevoy DLA Piper US LLPNew York City

CCoouurrssee HHaannddbbooookkNNeeggoottiiaattiinngg tthhee SSoopphhiissttiiccaatteedd RReeaall EEssttaatteeDDeeaall 22000077:: HHiigghh SSttaakkeess SSttrraatteeggiieess iinnCChhaalllleennggiinngg TTiimmeess, $179. The CourseHandbook will be available on the first day ofthe program.

For information on quantity order discounts,please contact PLI’s Customer RelationsDepartment at (800) 260-4PLI.

Program attendees save up to 50% on Books, Audio and Video Products.

TTrreeaattiisseessHHoollttzzsscchhuuee oonn RReeaall EEssttaattee CCoonnttrraaccttss,,SSeeccoonndd EEddiittiioonnKKaarrll BB.. HHoollttzzsscchhuuee (Adjunct Professor,Fordham Law School; former Partner,O’Melveny & Myers, New York City)

HHoollttzzsscchhuuee oonn RReeaall EEssttaattee CCoonnttrraaccttss givesyou all the essential legal information, advice,and tips you need to make real estate dealsproceed efficiently. Important reading forbrokers, title insurers, and inspectors as well,HHoollttzzsscchhuuee is the only single-volume, step-by-step, plain-English guide for both sides inresidential and commercial real estatetransactions. The comprehensive Index will helpyou find the answers to all your questions.1 looseleaf volume, 762 pages, $150 (Revised annually oras needed: No charge for revision issued within 3 monthsof purchase)

FFrriieeddmmaann oonn CCoonnttrraaccttss aanndd CCoonnvveeyyaanncceessooff RReeaall PPrrooppeerrtt yy,, SSeevveenntthh EEddiittiioonnMMiillttoonn RR.. FFrriieeddmmaann (deceased; formerPartner, Parker, Duryee, Zunino, Malone, andCarter, New York City) and JJaammeess CChhaarrlleessSSmmiitthh (John Byrd Martin Professor of Law,University of Georgia)

Packed with significant new coverage ofcontracts, conveyances, and title insurance, theexpanded Seventh Edition of FFrriieeddmmaann oonnCCoonnttrraaccttss aanndd CCoonnvveeyyaanncceess ooff RReeaallPPrrooppeerrttyy provides you with all the legal analysisand technical guidance you need to negotiate,draft, and finalize airtight contracts of sale.2 looseleaf volumes, 1,560 pages, $350 (Revised annually:No charge for revision issued within 3 months of purchase)

Other Relevant Products From PLI

For more information on any treatise, including the Table of Contents, log on to www.pli.eduAll treatises require prepayment and can be returned within 30 days for a full refund.

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Negotiating the Sophisticated Real Estate Deal 2007High Stakes Strategies in Challenging Times

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Negotiating the Sophisticated

Real Estate Deal 2007High Stakes Strategies in Challenging Times

Vol. 44, No. 40, April 2, 2007

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