I suggest the topic of UCC 201 (Uniform Commercial Code)and the use of non recourse letters of credit provided to a first mortgage lender that has a recorded mortgage and UCC financing statement on Hartford leasehold property owned by the borrower who is a joint venture consisting of 2 limited partner entities. The lender has filed foreclosure due to default of the terms and conditions of the mortgage and has demanded that the commercial tenants of the borrower pay rents directly to the lender as specified in the assigment of rents addendum to the mortgage note. Additionally, the industrial warehouse property has a mechanics lien filed due to non payment of tenant improvement work by one of the tenants, who is claiming that the master lessor (fee simple owner) signed a defective application to apply for a CPR (Condominum Property Regime). And the contractor that filed the lien coerced the (AHJ Authority Having Jusrisdiction) into accepting the certification of the "as-built" condition by the structural engineer thereby waving an additional third party inspection by the lenders' insurance company and real estate appraiser. Lastly, one of the limited parterships has filed BK, and the attorney for the surety company has filed a motion for relief of automatic stay.
