Congratulations to Kayla Ashley daughter of Jennette Ashley, one of our real estate paralegals, for the recognition of her work on behalf of the Ronald McDonald House near Cincinnati Children’s Hospital. The local Fox TV affiliate Channel 19 recognized Kayla’s volunteer work during their Pass the Cash spot. Click on the link to watch.
June 2010
Audit Those Leases
The typical co-tenancy clause provides that if occupancy at a shopping center falls below a certain level and/or certain other key tenants close, the tenant gets rent relief and at some point the right to terminate its lease. In the current retail environment, all sophisticated tenants demand some sort of co-tenancy protection. Landlords have generally…
Excuse Our Indulgence !!!
Ulmer & Berne LLP Real Estate Practice Ranked 1st in Ohio; 7th in the Midwest by Midwest Real Estate News Magazine
Ulmer & Berne LLP announced today that Midwest Real Estate News magazine named the Firm seventh on its list of 2010 Best of the Best Midwest Real Estate Law Firms. Ulmer & Berne was…
HOUSING PRICES MAY NOT HAVE BOTTOMED OUT JUST YET
Since early 2009, Housing prices have stabilized and valuations and affordability of homes have improved. This stabilization is primarily attributed to government housing policies, such as the home buyer tax credit, the federal government’s purchase of mortgage-based securities, and temporary mortgage modifications through the Home Affordable Mortgage Program. However, many economists believe that the housing…
FIRST-TIME HOMEBUYER TEMPORARY FEDERAL TAX CREDIT EXTENDED AND EXPANDED FOR MILITARY FAMILIES
Thank you to our friend Drew Stacey of First Place Bank for reminding us of the extension of the The First-Time Homebuyer Credit for the benefit of Military families for an additional year through May 1, 2011. According to the IRS:
"In general, you can claim this credit if:
-
You bought your main home in the United States after 2008 and before May 1, 2010 (before July 1, 2010, if you entered into a written binding contract before May 1, 2010), and
-
You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.
No credit is allowed for a home bought after April 30, 2010 (after June 30, 2010, if you entered into a written binding contract before May 1, 2010). However, if you (or your spouse) are on qualified official extended duty outside the United States for at least 90 days after 2008 and before May 1, 2010, you have an extra year to buy a home and claim the credit. In other words, you must buy the home before May 1, 2011 (before July 1, 2011, if you entered into a written binding contract before May 1, 2011)."
Performance and Payment Bond for Public Project Deemed Discretionary
In the much-publicized "Kenwood Towne Place" litigation in Cincinnati, which involves over $40MM in lien claims, presiding Judge Beth Myers issued a Decision and Entry that disposed of subcontractor claims against the Port Authority of Greater Cincinnati (the Public Authority involved with the project). The Court dismissed the subcontractors’ claims for takings and negligence.
One…
Roll Up Your Pants !!!!
According to FEMA the National Flood Insurance Program is no longer in effect. See the post from the FEMA website below and on this link:
"The NFIP will not be reauthorized by Congress by midnight of May 31, 2010. Therefore, the Program will experience a hiatus – a period without authority to:
- issue new
…
Don’t Be Anyone’s Lunch !
I often think of an African proverb shared by Kip Reader, Managing Partner of Ulmer & Berne:
…