Common Contracts
1 similar Default and Remedies contracts
DEFAULT AND REMEDIES IN THE PORTFOLIO SALEDefault and Remedies • July 9th, 2001
A portfolio sale agreement, for either land or loans, (“Portfolio Agreements”) resembles in many respects the agreement for purchase and sale of one or two loans or parcels of real estate (“One Off Agreements”). We are all familiar with the defaults, remedies and damages generally included in One Off Agreements. (As used herein the terms “Agreement” or “Agreements” shall refer collectively to Portfolio Agreements and One Off Agreements.) Because Portfolio Agreements encompass a number of loans or parcels of real property (collectively referred to herein as “Assets”), we may assume that Portfolio Agreements are more sophisticated than One Off Agreements. This assumption is usually true in the due diligence and representations and warranties sections of the Portfolio Agreement. It is generally not the case with respect to defaults, remedies and damages. However, in Portfolio Agreements, the remedies available may not be as effective as such remedies are in a One Off Transaction. This ana
