In response to the coronavirus disease (COVID-19), lenders around the country are taking steps to respond to the needs of borrowers directly affected by COVID-19. To aid our borrower clients, this article focuses on the potential for an event of default, as well as various talking points with lenders and potential ways to mitigate the…
By Shelly Masters & Wes Hunnell Two avenues for financial assistance under the March 27, 2020 CARES Act include: the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA) and the Federal Reserve’s Main Street Loan Facilities Program. Locally, the State of Texas is partnering with Goldman Sachs and LiftFund to provide $50…
As the COVID-19 pandemic continues, the virus itself as well as the actions being taken in response to it, have directly impacted the ability of both landlords and tenants to perform their respective obligations under commercial lease agreements. STRUCTURE Cokinos, the transactional team of Cokinos | Young (principal office in Houston, Texas), under the leadership…
A Cokinos|Young Informational Update Following up on our recent bulletin focusing on force majeure and project delay, which may be found at https://www.cokinoslaw.com/covid-19-and-force-majuere/, this update provides more specific information regarding the treatment of force majeure clauses in Texas. Handling of these issues may vary in other jurisdictions, but most concepts are relatively common and should…
The Institute for Health Metrics and Evaluation (“IHME”) predicts that COVID-19 infections and hospitalizations will peak in Texas on April 29, 2020. Cities[1] and counties such as Harris County, Bexar County, Travis County, and Dallas County are monitoring construction sites and increasing job site safety mandates and plaintiff lawyers are advertising for injury or illness…
Cokinos | Young STRUCTURE, our transactional team, advised Central Texas Refuse and its affiliates in the sale of their business to Integrated Waste Solutions Group. Central Texas Refuse, a family-owned business since 1981, was headquartered in Austin, Texas, and provided full-service waste and recycling services throughout central Texas. The Cokinos team was led by Tiffany…
The City of Dallas recently enacted its Rules for the Construction Industry as to COVID-19 in Dallas Ordinance No. 200438. Yesterday, the City further announced the strict enforcement of the ordinance and accompanying policies during all building inspections. It will be the responsibility of the contractor to ensure that personnel on the project site are strictly adhering…
The City of Austin has confirmed that all construction work is now permitted in Austin. The City issued Supplemental Guidance late yesterday based on Governor Abbott's March 31 Executive Order, confirming that it will no longer prohibit residential or commercial construction. The City stressed in a memo to the public that safety precautions must still…
On March 31, Governor Greg Abbott issued Executive Order GA 14 to provide statewide continuity regarding essential services that are exempt from the stay-at-home orders issued by municipalities in response to the COVID-19 disaster. For the Austin construction industry, the Order contains welcome guidance regarding what construction work is exempt from the City of Austin's…
We recently reported regarding Texas Executive Order GA-12, which imposes a mandatory self-quarantine for persons entering the State of Texas through roadways from Louisiana, as well as the exemption for travel in connection with commercial activity. To read that article, click here: https://www.cokinoslaw.com/texas-executive-order-requiring-self-quarantine-for-travelers-from-louisiana-and-the-commercial-activity-exception/. The State of Texas is taking measures to standardize and simplify the…