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About the Book
For lawyers counseling borrowers or lenders in the context of a commercial real estate loan, this is a practical and effective guide to the basic concepts of real estate finance. It takes as its framework a detailed analysis of a commercial form mortgage document that addresses all important aspects of a mortgage transaction. Thanks to this structured format, Anatomy of a Mortgage is a valuable resource both for attorneys handling their first such transaction to more seasoned mortgage attorneys seeking a useful and comprehensive reference.
The book's analysis is based on the Federal National Mortgage Association ("Fannie Mae") Deed of Trust form for multi-family housing. An advantage of this widely used form is that it addresses income-producing property as collateral and therefore contains special provisions relating to the commercial nature of the property. Unlike the forms that some lenders have created, it is relatively even-handed for both borrower and lender and is both comprehensive and up-to-date. In addition, use of a Deed of Trust allows for the possibility of a "power of sale" remedy available in approximately 35 jurisdictions.
Organized around the provisions of the form Deed of Trust, the book analyzes the form on a section-by-section basis, including those sections of the form Note that are referenced in the Deed of Trust. Each section sets forth the text of a specific provision, followed by expert commentary explaining what the provision means, the functions it serves, and any problems with application or enforcement from the lender's or borrower's perspective. These commentaries include both basic information and thorough analysis that meets the needs of both novice and experienced practitioners in real estate law.