Loan Servicer - Hotel Receiver Appointment
Representation of special servicer in procuring appointment of a receiver on behalf of a securitization trust for an operating hotel in the New York metropolitan area. The receiver received broad powers under the order that Herrick crafted. The order empowered the receiver to act in the owner's stead in making decisions for the hotel reserved to the owner under the hotel management agreement. Even rarer, the receiver order empowered the receiver to sell the property prior to completion of the foreclosure under specified parameters.