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  1. Trail Guide Sponsor

  2. Eagle Scout Sponsor

  3. Forest Ranger Sponsor

  4. Adventurers Sponsors

  5. Tenderfoots Sponsors

  6. Seminar Committee Members Chair Paul Silverman, Geltmore Inc. Anne Browne, Sutin, Thayer & Browne PC Drew Dolan, Titan Development Ltd. Company John Lewinger, Grubb & Ellis|New Mexico Allen Lewis, United Enterprises, Inc. James Trujillo, REDW The Rogoff Firm

  7. Energy Efficiency at PNM Sue Fullen, VP, Marketing and Customer Service

  8. Drivers forEnergy Efficiency • 23 States have mandated utilities to achieve cost-effective energy efficiency • New Mexico passed a law in 2005 requiring utilities to achieve reduction of 2005 energy retail sales • In 2007 PNM Launched its first energy efficiency programs • Aggressive efficiency targets were set in the 2008 Integrated Resource Plan for PNM • Customers are asking utilities to find ways to help them lower their bills • Utilities are making energy efficiency a part of their energy supply portfolio • Protects the environment • Delays construction of new energy resources • Environmental stakeholders are very active in lobbying for energy efficiency

  9. Programs

  10. Residential Programs • In-Store Home Lighting Discounts • Refrigerator Recycling Rebates • Compact Fluorescent Light (CFL) Distribution • Low-Income CFL and Fridge Replacement • Low-Income Easy Savings Kits • PNM Power Saver – Demand Response • Market Transformation

  11. Business Programs • New Construction Rebates • Retrofit Rebates • PNM Quick Saver – Small Business • Refrigerator Recycling • PNM Peak Saver – Demand Response • PNM Power Saver – Demand Response • Energy Star Homes – Builder Rebates

  12. Program Performance Since 2007 • Energy Efficiency Measures Taken by PNM Customers • Equivalent to energy consumed annually by 12,000 homes • Reduced carbon dioxide emissions by estimated 60,000 tons per year • Equivalent to taking 10,480 cars off the road for one year • Created at least 30 green jobs in New Mexico

  13. 2010/2011 Targets Targets Determined by the 2008 Integrated Resource Plan Long term EE goals based on EE Act mandates and “Potential Study” estimate of “maximum achievable” (Itron Consulting)

  14. Customer Benefits • 2009 • PNM spent $4.5 million in incentives • 150 businesses participated • 2010 • $6 million in incentives projected, including $2 million in commercial rebates • 200 participants expected in program for large businesses • PNM Quick Saver small business program launched

  15. More Information pnm.com/rebates 1-888-DIALPNM 1-888-342-5766

  16. Panel 1:How to Find Food & Water (i.e. Deals) Martin Bronstein, Chairman The Situs Companies & Lead Guide

  17. Panel 1:How to Find Food & Water (i.e. Deals) Andrew Simons, Shareholder Sutin, Thayer & Browne, PC

  18. Foreclosure • Comply with requirements of mortgage agreements. • E.g. notice of default and demand for cure. • Residential mortgages. • Notice of default and right to cure, and at least 30 days to cure default, required. NMSA 1978, § 52-21A-6 (2009). • Limits on fees, e.g. only $100 for pre-suit attorney fees. Id.

  19. Foreclosure • General foreclosure process: • Obtain title search. • Draft complaint—sue all lienholders, in addition to borrower. • File suit & record lispendens. • Update title search through date of l.p. recording. • If necessary, amend to add late-recorded lienholders. • Normal lawsuit timeline.

  20. Foreclosure • … General foreclosure process … • Normal lawsuit timeline: • Serve complaint, summons, etc. on defendants (1 – 30 days). • Defendants then have 30 days to answer. • If no answer filed, move for default judgment. • If answer filed, move for summary judgment (30 days). • If discovery required, 75 days. • Defendants can respond with motion to dismiss, can assert counterclaims in answer.

  21. Foreclosure • … General foreclosure process … • Enter judgment. • Foreclosure of client’s interest and all other interests in property. • Money judgment in amount of debt. • Sale of property to satisfy money judgment. • Discretion to credit bid all or part of money judgment at sale. • Judgment for any deficiency amount after sale.

  22. Foreclosure • Pre-judgment judicial remedies. • Assignment of rents. • Generally provided for in documents. • Can use “self-help”, but risky. • Can doom the borrower, which can be good or bad. • Source of debt-pay-down for lender. • Receivership. • Receivership Act. NMSA 1978, §§ 44-8-1 et seq. (1995).

  23. Foreclosure • … Pre-judgment judicial remedies ... • … Receivership ... • Lender entitled to receiver if documents provide for one. Section 44-8-4(A) (“district court shall appoint a receiver … where … written agreement provides for the appointment of a receiver.”). • Takes control of property away from borrower, which again can be good or bad. • Receiver technically neutral, but usually chosen by lender.

  24. Foreclosure • Sale • Advertise (case caption; judgment date; place, date, time of sale; special master contact information; property description; simple property address; etc.) once/week for 4 consecutive weeks in paper of gen’lcirc’n in county where property located. NMSA 1978, § 14-11-10 (1931); NMSA 1978, § 14-11-12 (1891); NMSA 1978, § 14-11-10.1 (1987); NMSA 1978, § 39-5-1 (1895); NMSA 1978, § 39-5-1 (1887).

  25. Foreclosure • …Sale… • At least 30 days after entry of judgment. NMSA 1978, § 39-5-17 (1931). • At least 3 days after last publication of notice. NMSA 1978, § 14-11-10 (1931). • Coordinate w/special master; provide announcements. • File affidavit of publication. NMSA 1978, § 14-11-5 & -6 (1931).

  26. Foreclosure • File special master’s sale report, move for approval of same and for sale confirmation. Rule 1-053(E) NMRA. • Obtain order approving report, confirming sale, directing special master’s deed to buyer at sale. See Rule 1-053 NMRA. • No sale confirmation rule/statute, but req’d. • Redemption. NMSA 1978, § 39-5-18 (1931); NMSA 1978, § 39-5-19 (1957).

  27. Foreclosure • …Redemption… • Generally 9 months, but can be shortened to 1 month by agreement. Id. • Shortened one-month period applies to junior lienholders even though not parties to agreement. Sun Country Savings v. McDowell, 108 N.M. 528, 775 P.2d 730 (1989). • Special rights: N.M. has 9 months, NMSA 1978, § 42-6-14 (1947); U.S. has a year, 28 U.S.C. § 2410. • Former owner, junior mortgagor/lienholder even if party to suit. Section 39-5-18.

  28. Foreclosure • …Redemption… • Pay to purchaser: • the sale amount plus 10% interest. • all taxes, interest, and penalties thereon plus 10% interest. • all post-sale payments to satisfy prior liens not foreclosed plus 10% interest. • Or deposit above amount with Court and file petition. Section 39-5-18(A)(1) – (2). • Priority of competing redeemers. Section 39-5-18(A)(3)

  29. Foreclosure • Pre-foreclosure sale to third party. • Until foreclosure sale, borrower, not lender, is owner. • Depending on involvement/control of borrower, may need to negotiate with borrower or lender. • But lender must be kept informed and in end must approve. • Start with the lawyers, but don’t let them get in the way. • Don’t assume there will be a fire sale. • Price driven by appraisal, concern about Court approval • Lender can’t jack up deficiency • Lender wants value, just like any other seller. • Lender not necessarily in a big rush to sell. • Lender has imperatives other than the market: regulators, internal policies, position in the food chain. • Make serious offers – don’t waste time.

  30. Foreclosure • … Pre-foreclosure sale to third party ... • If receiver appointed, start there. • Nuts & bolts not too different from any deal. • Unless you have a boatload of cash, or just want to see what happens, don’t bother attending the foreclosure sale. • Lender likely to buy at foreclosure sale, and can always buy from lender then.

  31. Panel 1:How to Find Food & Water (i.e. Deals) Scott Edwards, Edwards & Associates, LLC

  32. Current Credit Environment • Lending money successfully requires lenders to predict the future.

  33. Current Credit Environment • Historical perspective • Economic cycles • The economy made deals easier

  34. Current Credit Environment • The beginning of the change in environment • CRE guidance from the banking regulators • Economic downturn

  35. Current Credit Environment • Regulatory pressure and the need for increased scrutiny • Market conditions • Contingent debt • Global cash flow • Future cash flow, current liquidity and/or access to capital

  36. Current Credit Environment

  37. Current Credit Environment

  38. Current Credit Environment

  39. Q & A

  40. Panel 2:How to Build a Shelter(I.E. Due Diligence) Martin Bronstein, Chairman The Situs Companies & Lead Guide

  41. Panel 2:How to Build a Shelter(I.E. Due Diligence) Catherine Goldberg, Director Rodey Law Firm

  42. Panel 2:How to Build a Shelter(I.E. Due Diligence) Ben Darwin, Principal Meyners + Company

  43. Foreclosure Tax Consequences to Debtor

  44. Tax Consequences Property Transfer to Lender