Real Estate: Commercial Lending 2023

Course Chairs
Timothy J. Lack — Redpoint Law LLP, Vancouver
Jennifer M. Williams — MLT Aikins LLP, Vancouver

About the Course Chairs
Tim Lack has extensive knowledge and experience in all areas of real estate including secured lending, commercial and residential development, commercial leasing, and sales and acquisitions of residential and commercial real estate and businesses. He has a BA (Honors) with an HBA from the Ivey Business School, University of Western Ontario 1988, LLB UBC 1993, and was called to the BC bar in 1994.

Tim's practice also includes corporate and commercial law acting for lenders and borrowers on commercial transactions and he represents many institutional lenders on large commercial loans.

Over his career, Tim has been responsible for over 10,000 real estate transactions, acting for banks, credit unions, and many other institutional and private lenders. His work with private lenders is extensive and he has been asked to provide numerous expert opinions on private lending issues for litigation lawyers. He has also lectured publicly on several occasions to other lawyers on this subject.

On the real estate side of his practice, Tim has been involved in residential and commercial conveyancing, land assemblies, office and industrial leasing, including landlord and tenant disputes. As part of his real estate development work, Tim has counselled clients from acquisition, through development and to final sales on condo projects, including mixed use and hotel developments.

Tim represents hundreds of clients in all areas of business and commercial deals and is well experienced in the issues surrounding the purchase and sale of businesses.

Finally, he prides himself on providing delicate and trusted advice in the area of wills and estate planning.

With more than two decades of experience focused on Commercial Real Estate and Development, clients appreciate the business acumen Jennifer Williams has built working shoulder to shoulder with real estate, business and other professionals.

After practicing Commercial Real Estate and Development law for 10 years at a national firm, Jennifer transitioned to a role as in-house counsel for a prominent commercial real estate developer, Larco Investments. In that role, she led the in-house legal department within a highly diverse portfolio, primarily focused on complex Commercial Real Estate Transactions, Commercial Leasing, Development, Lending, and general counsel work including the complex leasing program for the redevelopment of Park Royal Shopping Centre.

Returning to private practice after five years, Jennifer continued to act on complex Commercial Real Estate transactions that included Commercial Leasing, commercial acquisitions and sales, Development, construction agreements, financing, and the real estate aspect of insolvent properties including those in CCAA. Her Indigenous law practices include transactions and partnerships with a wide range of Indigenous nations and peoples through various Real Estate related projects that support and advance Indigenous economic development.

Her cross-disciplinary practice gives her a unique appreciation for the risk and rewards of Commercial Real Estate and Development that informs the advice she provides to her clients. She knows firsthand what business people need from their legal counsel. And delivers on her well-earned reputation for thinking like a business partner and providing innovative and practical solutions to her clients' issues. Jennifer is exceptional at simplifying complex issues and communicating concisely in business language.

An avid writer, Jennifer is the author of many articles published by CLEBC. She is also a prolific speaker, presenting at various legal and real estate industry events and conferences.

Passionate about community involvement and giving back to her profession, Jennifer is active in the legal community and continuously volunteers her time to charitable and pro bono services including Access Pro Bono.

She serves on the Land Title and Survey Authority Stakeholder Advisory Committee on behalf of the CBA. Jennifer is passionate about Diversity, Equity and Inclusion, having served as past chair and currently as a member of committees dedicated to EDI. Her respect and engagement with the Indigenous community arises from the desire to support Indigenous economic development as underscored by her Indigenous husband and two children who are members of the Athabasca Chipewyan First Nation.

Faculty
Mark C. Baron — Richards Buell Sutton LLP, Vancouver
Sergio C. Custodio — Bennett Jones LLP, Vancouver
Jessica Fisher — McMillan Dubo Law Group, Kamloops
Brett A. Horton, BA, LLB — Counsel & Director, Commercial Business Development-BC, Stewart Title Guaranty Company, Vancouver
David Moonje — Stewart, Aulinger & Company, Vancouver
Shauna Towriss — Cassels Brock & Blackwell LLP, Vancouver
Mark von Marksfeld — DLA Piper, Vancouver
Gary M. Yaffe — Owen Bird Law Corporation, Vancouver

Click here for full faculty bios

• tips/guidelines from lender's counsel on real property based loan transactions—what borrower's counsel should consider in terms of:
  • commitment letter requirements
  • ownership structure
  • due diligence vs. title insurance
  • CMHC insured loans
  • PPSA issues
  • other pre-funding conditions

• the use of title insurance by commercial lenders
• the coverages lenders request as part of their risk mitigation strategy
• title fraud on commercial properties
• priority concerns including CRA super priority
• construction loans and title insurance

• introduction to commitment letters
• the lawyer's role
• enforcing commitment letters
• remedies for breach
• commitment fees and deposit
• criminal rates of interest

• lender's advances/draws
• trust property financing
• trust property as it relates to bare trusts
• the standard form grant/language
• when can the subordinate lender exercise its rights
• partial discharges as projects complete and units sell
• re-advances by the senior lender
• what costs, charges, and expenses should have priority
• payments received by the subordinate lender
• ethics component: duties owed to other counsel
• General Security Agreements