Impossible, Impracticable or Just Expensive?: Allocation of Expense of Ancillary Risk in the CMBS Market

This Paper addresses the implications of event risk. Of course, there can be no accurate prediction of all future risks, particularly those outside, or ancillary, to the real estate market. That said, the purpose of this Paper is to begin the formulation of a legal structure that will allow parties to address unforeseen ancillary risk and reflect legal treatment of such risk in their pricing.