How current events impact business & real estate

Monday, September 21, 2020

Commercial Eviction and Foreclosure Moratoriums Extended through October 20, 2020

By Executive Order 202.64, Governor Cuomo extended the moratoriums for the initiation of a proceeding or enforcement of an eviction of any commercial tenant for nonpayment of rent or a foreclosure of any commercial mortgage for nonpayment of such mortgage to October 20, 2020. This means that no eviction or foreclosure proceeding may be commenced against commercial tenants for nonpayment of rent or mortgage until such date.

There are no moratoriums in place for residential properties by Executive Order. Irrespective of Governor Cuomo’s Executive Orders, court directives are still in place whereby landlords and lenders are permitted to initiate residential and commercial evictions and foreclosures not based on nonpayment but such proceedings remain suspended until further notice. You can read more about these court directives HERE and HERE. Further, residential evictions remain governed by the Tenant Safe Harbor Act as well, which prohibits courts from issuing a warrant of eviction or judgment of possession against a residential tenant experiencing COVID-19-related financial hardship, among others.

No comments:

Post a Comment

Share your thoughts and ask your questions here.

Only restrictions are no spam, discrimination, and/or harassing others.

By commenting here you assign us a irrevocable, worldwide, perpetual and royalty free license on your copyright to reproduce your comment, in whole or in part, as we unilaterally deem fit.