The Howard Hanna Showcase of Homes Pittsburgh 10-23-2016

Presented by Procore's Director of Business Development Kris Lengieza, the 2019 forecast provides you with expert advice on planning for the year ahead and keeping up with the industry trends.

Find out directly from a Procore client how and why they chose Procore to run their projects. Darren Younker will talk about how McPherson Contractors went through the software-buying process; plus, he'll save time to answer any and all of your questions at the end.

In construction loans, the lender advances a small portion (or none) of the loan at closing since the proceeds are intended to fund construction costs as incurred. The conditions for advancing funds are often complicated because there are three participants--the lender, the borrower, and the contractor--and in part, because actual costs may vary from the construction budget. Most construction loan agreements provide for shifting cost savings for one item to another item in the budget. Construction budgets will usually incorporate "contingency" to be applied by the borrower to pay for cost overruns for items in the budget, subject to certain conditions. Documents must provide for retainage for unforeseen costs to ensure the completion of the project. A construction loan is unique for title insurance because disbursements are made post-closing, and property increases in value with each disbursement. Title insurance must be in place to cover the loan amount as it is funded. Counsel to the lender must structure the loan to ensure the priority of advances and procure title insurance (including appropriate endorsements at closing) consistent with that priority. Also, the borrower will typically need to obtain lien waivers or lien subordination as disbursements are made. Listen as our authoritative panel discusses the construction loan funding process and the need for increasing title insurance coverage as funds are disbursed. The panel will discuss budgeting and construction draw provisions in loan agreements, future advance clauses, and other practices for preserving the senior position of the mortgage over mechanic's liens and the title endorsements to obtain at closing.

Reciprocal easement agreements (REAs) are necessary documents to address access rights for adjacent development, shared utility infrastructure, the construction, maintenance, and repair of shared components, and the allocation of costs for such shared components. In recent years, REAs and commercial leases also have presented unique challenges to the repurposing of shopping centers and addressing shared spaces affected by emerging technology, such as parking areas. Our program will provide a framework for the drafting of reciprocal easements. The panel will provide information on relevant provisions to include in reciprocal easements depending upon the context of the project, including allocating development rights and encroachments into air space related to the development of the property. Listen as our authoritative panel of practitioners discusses best practices for drafting and negotiating complex easement agreements. The panel will discuss reciprocal easements in commercial developments such as mixed-used and retail projects, as well as issues involved in restrictions on airspace.