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In 2005, an LLC in which I had a 25% interest bought retail

In 2005, an LLC in which I had a 25% interest bought retail commercial real estate with one mortgage in the amount of $2,775,000 secured by land, improvements and leases on commercial real estate in SC . In 2011, I took over 100% of the LLC and the lender restructured the loan into two loans: One loan (A) for $695k was accrual only, no interest due. The other loan (B) was $2,080,000 and was interest only. The loans were prime plus 1%. In addition I personally was granted a $100,000 line of credit (loan C) used to improve and repair the property because the appraised value of the property itself could not support another loan. The loans are 50% recourse. I also have invested in the property to fund operating deficits.The bank has renewed Loans B and C annually and in 206 reduced the interest rate to prime. Loan A I was told had been written off.Since July 2016, the property has been under contract for sale for $2,150,000 and the bank had agreed to settle for $1,844,000 which after paying closing costs would leave me about $170,000. Now Closing of the sale has been delayed as the buyer (developer) negotiates with another end user of the property and the lender no longer wishes to renew loans A and C. The lender is under a consent decree due to "bad loans" of which mine is the largest. He wants to get rid of the loan to get out from under the consent decree which is costing him high FDIC fees. My loans A and C are performing in accordance with terms which of course are below market in that that the interest rate is low and they do not amortize. The pay-off the bank has agreed to is 86% loan to value (1844/2150). The lender has asked me to try to refinance $1,844,000. The loans are due in May 2017.So the question is what happens next? If the bank sells the loan can they come after me for the deficiency (1844- amount received for the loan)?Would the new owner restructure the loan to a market interest rate and terms? What if I don't agree with the terms?Can the new owner come after me for the original principal balance?Any other thoughts?Bob

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DrakeLAW

Juris Doctorate

1,092 satisfied customers
I need a legal opinion on a Supplier Agreement I am a party

Hi:I need a legal opinion on a Supplier Agreement I am a party to.The Agreement was created to assign the franchise system rights to my company from a client that defaulted on a Development Agreement and owed considerable unpaid. Part of the consideration for us accepting the franchise system rights, was waiving the balance, which at the time was $45K.If you quickly review the Agreement you will see that the Seller (the original business Founder), was to perform various on-boarding duties, such as franchisee training and support, etc. Albeit, in exchange for a fee for each service performed.The Agreement is 3 years into a 10 year term and the assigning party now wants to sell the original business that the franchise system is based on (Better Life Maids). Further, he reports that his buyer wants to sunset the Brand, as part of the acquisition terms.I am in my current talks with him, as he is requesting that I reassign the rights back to him, "even though they had no plans on using the Brand". Unsurprisingly, he is offering little compensation, as he asserts "that if he walks away it will be worthless to me".My question is, based on the Agreement and his pledging to perform brand training and support, can I assert a contract interference defense to his abandoning the Brand and the Agreement? At this point, I am happy to grant back the rights, but not without the compensation originally wrote off in consideration of the original assignment, which is far more than the $15K he offering, as "a gesture to part as friends".

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I was wondering what how I mightvgo about countersuing a

I was wondering what how I mightvgo about countersuing a plantiff.The company that I work for are being sued for breach of non compete.The company has been served a month ago.My lawyer has been in contact with thier lawyer asking for the 2002 copy of the non compete that we believe is forged.They refuse to give us the document for Forensic Handwriting analysis.We are sure that it is because it is forged.I was just served last week.I am hoping to not use an attorney because it is so expensive. Should I countersuit them for frivolous lawsuit and ask for punitive damages or just frivolous lawsuit and later sue them for punitive damages?

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264 satisfied customers
When a business is sold do the employee contracts transfer

when a business is sold do the employee contracts transfer to the new owner or do new contracts have to be signed?

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39,114 satisfied customers
In 2002 I obtained a first option to purchase ( first right

In 2002 I obtained a first option to purchase ( first right of refusal) a vacant lot, its a bit crude and informal but still signed and dated by the owner who has since passed away. The language just states that John D. has the first option to purchase property XYZ. Does this signed first option have any legal standing? The property went to the beneficiary of the estate. If they are trying to sell it do I have a first option right? if so how do I proceed?

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Richard - Bizlaw

Juris Doctor

10,924 satisfied customers
This is a civil case filed pro se by me against Social

This is a civil case filed pro se by me against Social Security. Maybe you can help. I filed my motion for default judgement at the courthouse on the 62nd day after filing the original complaint, as the opposing counsel had not answered. The next day, I received the defendant's motion to dismiss, with the documents dated the day before. So, it looks like I might have beat them to the punch by only a matter of hours. My question is, if my motion was filed first, do I still need to file a motion for denial of the motion to dismiss?

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Dwayne B.

Juris Doctor

37,260 satisfied customers
I just won a case today in civil court and I have some

I just won a case today in civil court and I have some questions on how to proceed.in summary, it is a case of a bad investment with unpaid services rendered, and unjust enrichment.I invested money and work (including graphic design, marketing, advertising etc) towards an event someone was doing. that person claimed to have a non-profit organization which turned out to be a lie so I registered the company name she was using to prove in court that the company never existed and the fraudulent intentions of that person.1- three people were named as defendants, (a woman, her husband and her company) only the woman showed up in court as pro se claiming she had power of attorney to represent her husband. the judge did not accept that, saying she only can represent herself. Moreover, he admonished my (seemingly rookie) lawyer for not asking for default judgment against the two others parties, but would not grant it either, ruling in my favor against the woman only. I got only 40% of the amount I was asking for. My question is, can I still ask for a default judgment against the other 2 parties even though the judge has ruled in the case?2- if so what are the steps to do so? (would appreciate an idea of the cost and whether this mandatorily requires an attorney or can be filed directly)3- Please give me an idea on what to expect now. how do i get my money? within how much time? will the woman have to pay me directly or to the court? knowing her, she'll do whatever not to pay, so how can i make sure to get my money back?4- to what extent can this info be used in public, like in a press release with the woman's photo and court ruling etc.?Thanking you in anticipation for answering my question.

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John

Attorney

Doctoral Degree

8,710 satisfied customers
I was assigned the Operating Manager for our LLC when we

I was assigned the Operating Manager for our LLC when we incorporated it but my husband, the true managing member has always been the owner of the LLC and been running it. Can we just do a resignation of operating manager and a new assignment of operating manager without having to change the Articles of Organization? Hisname appears no where on Articles of Org. only mine as Operating Manager, however he has always signed LLC documentation as Member.

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Irwin Law

Juris Doctor JD

9,514 satisfied customers
I was suit personally in a Civil Law Suit on breach of

Hi - I was suit personally in a Civil Law Suit on breach of contract, the breach occurred several years ago - prior to the final Jury deliberation, I recalled one of the Juries faces, who was involved in the contract negotiation led the issues years back. I had my attorney bring the bias Juror to the attention of the Judge prior to any verdict or final deliberation.The Judge decided to let them deliberate, to make a decision after the verdict. Question - there is a concrete connection between the plaintiff and the Juror - the Judge did not pull and replace him. Instead, the Judge will have a hearing prior to the final Judgement. The Jury verdict came back @ 2x punitive vs actual damages, in addition to the breach damages. It shows a clear prejudiced and bias - I have asked for a Mistrial and a new trial with a non bias Jury. If the Judge does not grant a New Trial, can I repeal the verdict to the appellate on technicality - if so, do we have to pay the lump sum of the Judgement? Thanks

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RayAnswers

Lawyer

Doctoral Degree

40,390 satisfied customers
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