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<p class="MsoNormal">Forever? I mean there is no time limit on how long that provision is in effect and no limit on how often it can be invoked? If it’s otherwise a “why in the world did you sign this?” then – without specifically having researched facts
such as this - some unconscionability argument might be your only hope.<o:p></o:p></p>
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<p class="MsoNormal"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Chris Benis<br>
<b>Sent:</b> Wednesday, October 24, 2018 11:56 AM<br>
<b>To:</b> wsbarp@lists.wsbarppt.com<br>
<b>Subject:</b> [WSBARP] Commercial loan broker question<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">List:<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I have a client who used a commercial loan broker for a (commercial property) loan about 5 years ago. Apparently, she signed an agreement with the loan broker stating that if she refinances with the same lender in the future, she will pay
another 1% loan fee to that broker. She is now looking at refinancing now that the loan is adjustable, and the broker popped up saying “hey, if you talk to your current lender, I get another fee from you.”<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I have read the agreement and the language is pretty clear. Is anyone aware of any limitations/prohibitions on this sort of agreement?
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Chris Benis<o:p></o:p></p>
<p class="MsoNormal"><b>Harrison-Benis, LLP<o:p></o:p></b></p>
<p class="MsoNormal">2101 Fourth Avenue, Suite 1900, Seattle, WA 98121<o:p></o:p></p>
<p class="MsoNormal">206.448.0402 office – 206.448.1843 fax – <a href="http://harrison-benis.com/">
harrison-benis.com</a><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><i><span style="font-size:8.0pt">This message contains information that may be CONFIDENTIAL AND PRIVILEGED. Unless you are the addressee (or authorized to receive for the addressee), you may not use, copy or disclose to anyone the message
or any information contained in the message. If you have received the message in error, please advise the sender by reply e-mail
<a href="mailto:cbenis@harrison-benis.com">cbenis@harrison-benis.com</a>, and delete this message. Thank you very much.<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:8.0pt"><o:p> </o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:8.0pt">To comply with recent IRS rules, we must inform you that this message, if it contains advice relating to federal taxes, was not intended or written to be used, and it cannot be used, for the purpose of avoiding
penalties that may be imposed under federal tax law. Under recent IRS rules, a taxpayer may rely on professional advice to avoid federal tax penalties only if that advice is reflected in a comprehensive tax opinion that conforms to stringent requirements
under federal law. Please contact me if you would like to discuss our preparation of an opinion that conforms to these new rules.<o:p></o:p></span></i></p>
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