Why Detail is Important in a Letter of Intent for a Commercial Lease

Letters of Intent (LOIs) are typically non-binding and set out the "basic terms" that will be contained in a lease document once the parties agree to the contents of the LOI. However, once the LOI is signed, there is usually an affirmative obligation to move to the next stage, i.e., lease negotiation.

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U.S. Supreme Court Weighs in on Mortgage "Strip-Offs"

Yesterday the United States Supreme Court ruled that a Chapter 7 debtor may not avoid - aka "strip off" - a second mortgage even though the amount owed on the first mortgage exceeds the value of the home that secures the loans. This ruling is consistent with the law applied in bankruptcy courts in Virginia for many years. The decision originated from two bankruptcy cases in Florida in which Chapter 7 debtors were allowed to strip off their second mortgages.

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Why Businesses May Like the "Duke Rules Package" Part 4 of 4: The Outcome

Earlier this year, I introduced a four-part series about the "Duke Rules Package" which includes drastic changes to the Federal Rules of Civil Procedure. On April 29, 2015, Chief Justice John Roberts officially informed Congress that the high Court had adopted most of the rules proposed by the Duke Rules Package, taking effect December 1, 2015. In this final installment, I summarize the rules ultimately adopted by the Supreme Court.

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