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• W143756023 abstract "While overbuilding and related declines in occupancies and earnings were apparent a few years ago, the actual failure, foreclosure, and divestment of hotel and motel properties has only recently hit peak levels. As a result, the handling of turnarounds and the sale of such properties now demands that lenders take quicker and more effective action. In addition to the traditional foreclosure remedy, lenders now frequently seek the appointment of a receiver to protect the property and related business securing the loan. Less than optional. The lender may not only benefit from the appointment of a receiver but may, in fact, be compelled to take such action in order to protect its future rights. The protective remedy of a receivership action is not new, but-was not often used until recently. Because many attorneys and judges are inexperienced in making such appointments, lenders must familiarize themselves with the process and related issues. In the present climate, the hotel owner/borrower, when served with a notice of default and proposed foreclosure sale, may resort to filing bankruptcy. This creates a stay against creditor actions. Lenders may seek relief from the bankruptcy stay, but that can take considerable time, allowing the debtor to retain possession. This can permit further depletion of the property's funds and deterioration of its physical condition and reputation, and in turn reduce the value of the collateral. In the event of such a bankruptcy, the lender may find it useful to have the property appraised, particularly if the present value is less than the debt. Proof of the lack of owner equity will strengthen the claim for relief from the stay. The typical hotel or motel loan is secured by a mortgage or trust deed on the property itself. In addition, the lender usually has the right to exercise some control over the income of the hotel in the event that payments are in default. This right is typically embodied in the and profits clause of the promissory note. Even if the lender succeeds in gaining relief from the bankruptcy stay, the bankruptcy filing can destroy the lender's right to rents and profits. Receivership process. In order to exercise its rights to such income before a filing--while avoiding claims of lender interference--the bank may ask the court to appoint an impartial third party to receive the property and its income. The receiver is not an agent for the lender; it is an independent third party hired to protect the property. The receiver is usually selected by the lender or its attorney, who then recommends the person to the judge. In some jurisdictions receivers must be selected from a pre-approved list. The judge has final approval of any receiver, and the receiver's qualifications, actions, and fees are subject to court review, and may be attacked by opposing parties. In the case of most hotel-motel projects, the receiver will hire a management company to oversee daily operations. A receiver may be appointed on very short notice, even without a hearing involving both parties. The need for such ex parte (where only one side is present) actions must be demonstrated. The proposed receiver and/or management company may be asked for a declaration supporting the lender's claim, say, that the property is being neglected or that funds are being misused. Both the receiver and the party seeking to have the receiver appointed must file oaths of performance and financial bonds. There are other costs as well. For example, though the property is likely already paying fees to a management company, this expense will likely rise if the receiver engages a new firm. The new firm's fee may be higher because of the short or uncertain duration of the contract, as well as additional demands created in a receivership. There may be some overlapping fees of receiver and management company for property visits, inspections, court appearances, and so on. …" @default.
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• W143756023 date "1992-06-01" @default.
• W143756023 modified "2023-09-24" @default.
• W143756023 title "Receivers Can Tame Troubled Hotels" @default.
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