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Implied Restrictive Covenant Prevents Conversion of Golf Course to Residential Lots

By Roger D. Winston, Shelah F. Lynn, and Katherine M. Noonan A federal court of appeals held, [ enhanced version available to lexis.com subscribers ], that a golf course was encumbered by an implied restrictive covenant, preventing the foreclosing lender from selling the golf course for residential...

Lender Allowed To Foreclose But Punished By Court For Violating Consumer Fraud Act

A New Jersey trial court has issued an interesting opinion, [ enhanced version available to lexis.com subscribers ], allowing a lender to foreclose but imposing significant limitations on the lender because the court concluded that the lender had violated the Consumer Fraud Act. In Freedom Mortgage...

Chicago City Council Introduces Draft Affordable Housing Ordinance Amendment

By David L. Reifman , Richard F. Klawiter , Paul W. Shadle , Jesse W. Dodson , and Daniel Kraft , Attorneys, DLA Piper Chicago’s City Council has introduced a proposed amendment to the existing affordable housing ordinance (the 2015 ARO) which, if passed, will change, and in most cases increase...

Chicago Affordable Housing Ordinance Passes: Key Provisions, Key Requirements

By Theodore J. Novak , Richard F. Klawiter , Paul W. Shadle , Mariah F. DiGrino , David L. Reifman , Jesse W. Dodson , Katherine C. Jahnke Dale , Daniel Kraft Chicago’s City Council has approved an amendment to the existing affordable housing ordinance (the 2015 ARO) which will change, and...

When, If Ever, Is A Residential Mortgage Not "Residential" For The Purpose of Foreclosure?

By Peter J. Gallagher ( @pjsgallagher ) Believe it or not, this question comes up from time to time in my practice (exciting life, I know). In recent years I have prosecuted many foreclosure actions, but only commercial foreclosures. So the first question I usually ask a colleague who comes to...