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</o:shapelayout></xml><![endif]--></head><body bgcolor=white lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Did the lender provide the defeasance quote? I recently dealt with a similar transaction (which ultimately fell through), and we were working with an East Coast financial firm that specialized in defeasance. Happy to dig up the contact info and pass it along should you be interested. There is a potential paradox that if the buyer opts not to close, the seller may be limited to earnest money yet has compromised its existing financing through commencement of the defeasance process. We wanted to be certain we could safely unwind the defeasance process in that event, but the transaction fell through before we reached that stage of analysis. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><b><span style='font-size:10.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>James B. Hoff<o:p></o:p></span></b></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><b><span style='font-size:10.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>CoRE Law, PLLC<o:p></o:p></span></b></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:9.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>3030 W. Commodore Way, Suite A-302<o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:9.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>Seattle, WA 98199</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'><o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:9.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>Telephone: (206) 443-1616</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'><o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:9.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>Fax: (206) 443-2626</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'><o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:9.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>Mobile: (206) 465-1000</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'><o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:9.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>Email: <a href="mailto:jhoff@corelaw.com" title="mailto:jhoff@corelaw.com"><span style='color:#0D0D0D'>jhoff@corelaw.com</span></a></span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'><o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'>Website: </span><span style='font-size:9.0pt;font-family:"Verdana","sans-serif";color:#0D0D0D;position:relative;top:0pt;mso-text-raise:0pt'><a href="http://www.corelaw.com/"><span style='color:#0D0D0D'>www.corelaw.com</span></a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Robert Ordal<br><b>Sent:</b> Friday, August 12, 2016 10:24 AM<br><b>To:</b> cole-gilday@stanwoodlaw.net; WSBA Real Property Listserv<br><b>Subject:</b> Re: [WSBARP] Defeasance<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial","sans-serif";color:#1F497D'>Anne Lawler. The best.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-other'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>Anne DeVoe Lawler</span></b><span style='font-size:11.0pt;font-family:"Arial Black","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> <br></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>Jameson Babbitt Stites & Lombard PLLC</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> <br></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>801 Second Avenue, Suite 1000</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> <br></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>Seattle, WA 98104</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> <br></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>206-292-1994</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> <br></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>206-516-3204(direct dial)</span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> <o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-other'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>206-719-7687(cell)<o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-other'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>206-292-1995(fax)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><a name="_MailEndCompose"></a><span style='font-size:14.0pt;font-family:"Arial","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-other'><b><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>] <b>On Behalf Of </b>Gregory L. Gilday<br><b>Sent:</b> Thursday, August 11, 2016 3:24 PM<br><b>To:</b> WSBA RPPT Real Property Discussion Forum <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br><b>Subject:</b> [WSBARP] Defeasance<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='margin-bottom:12.0pt'>I have a client who is selling a building in Seattle that has a securitized loan on it. When she contacted her bank to inquire about a early payoff penalty, she was told she was still in the defeasance period so couldn't pay it off. When she received the list of associated fees with the defeasance (including a defeasance premium)....well, let's just say it got her attention. <br><br>I know enough to know that I don't know enough about this area to assist her in this matter. Does anyone have a name I can pass on to her of someone she could sit down and chat with? Client is in Seattle. <o:p></o:p></p><div><p class=MsoNormal style='margin-bottom:12.0pt;punctuation-wrap:hanging;text-autospace:ideograph-other'>-- <span style='position:relative;top:0pt;mso-text-raise:0pt'><o:p></o:p></span></p><p class=MsoNormal>Very Truly Yours,<o:p></o:p></p><p class=MsoNormal>Gregory L. Gilday <o:p></o:p></p><p class=MsoNormal>Law Office of Cole & Gilday, P.C. <o:p></o:p></p><p class=MsoNormal><i> </i><o:p></o:p></p><p class=MsoNormal>10101 - 270th St. NW <o:p></o:p></p><p class=MsoNormal>P.O. Box 249 <o:p></o:p></p><p class=MsoNormal>Stanwood, WA 98292 <o:p></o:p></p><p class=MsoNormal>(360) 629-2900 (Telephone) <o:p></o:p></p><p class=MsoNormal>(360) 629-0220 (Fax) <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal>This message contains confidential and privileged information that is intended only for the named recipient(s). Unless you are the named recipient or authorized agent thereof, you are prohibited from reading, copying, distributing or otherwise disseminating such information. If you receive this communication in error, please notify the sender immediately.<o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p></div></div></body></html>