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Tejon Ranch Co. Announces Settlement of Litigation Related to the Tejon Ranch Conservation and Land Use Agreement

December 05, 2022 — Tejon Ranch Co.
TEJON RANCH, Calif., Nov. 30, 2022 (GLOBE NEWSWIRE) -- Tejon Ranch Co. is pleased to announce the resolution of a legal dispute involving the Tejon Ranch Conservancy and the signatories to the 2008 Tejon Ranch Conservation and Land Use Agreement (Agreement), namely, Audubon California, Endangered Habitats League, Natural Resources Defense Council, Planning and Conservation League, and the Sierra Club. The dispute stemmed from the signatories' participation in the Antelope Valley Regional Conservation Strategy (AVRCIS), which was subsequently used by the Center for Biological Diversity (CBD) and the California Native Plant Society (CNPS) to oppose Tejon Ranch Co.'s Centennial development. The 2008 Tejon Ranch Conservation and Land Use Agreement has been widely hailed as a historic conservation achievement in preserving one of California's great natural and working landscapes. Tejon Ranch Co.'s agreement to conserve 90 percent of its landholdings pursuant to the Agreement is a monumental contribution to conservation in California. Tejon Ranch Co. continues to be a leader in balancing the stewardship of the ranch as a natural treasure for California and achieving economic opportunities for its shareholders. The Company demonstrated that leadership with the actions it took to enforce the terms of the Agreement, which led to this legal dispute. As part of a settlement agreement, the Conservancy and the signatories dismissed with prejudice the lawsuit they filed. They also acknowledge that the AVRCIS does not contain the "best available scientific data" regarding Tejon Ranch Co.'s landholdings, and further, that they will not use, or support the use of, the AVRCIS or any other similar endeavors, to challenge Tejon Ranch Co.'s development projects and/or any Ranch uses consistent with the Agreement. In turn, Tejon Ranch Co. released from escrow 50% of the advance payments it withheld under the terms of the Agreement. The remaining funds will be released over a three-year period as matching funds to monies raised by the Conservancy as well as others who participate in Conservancy capital raising programs, after which the remaining funds with be released to the Conservancy to further its mission. These funds are the final fulfilment of Tejon Ranch Co.'s full funding obligations under the Agreement, totaling $11,760,000 over the past 14 years, again demonstrating Tejon Ranch Co.'s commitment to fulfilling the implementation of the 2008 Tejon Ranch Conservation and Land Use Agreement. All parties are glad to put this dispute behind them and move forward in a cooperative manner to achieve the goals envisioned in the historic 2008 Agreement. About Tejon Ranch Co. Tejon Ranch Co. (NYSE: TRC) is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com. Forward Looking Statements This press release contains forward-looking statements, including without limitation statements regarding commitments of the parties under the settlement agreement and the achievement of certain goals related to Tejon Ranch Co.'s landholdings. These forward-looking statements are not a guarantee of future results, performance, or achievements, are subject to assumptions and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements to differ materially from those implied by such forward-looking statements. These risks, uncertainties and important factors include, but are not limited to, the ability and willingness of the parties to the Settlement Agreement to take the actions (or refrain from taking the actions) specified in the Settlement Agreement, and the risks described in the section entitled "Risk Factors" in our annual and quarterly reports filed with the SEC. Read the court decision
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Preparing For the Worst with Smart Books & Records

November 07, 2012 — CDJ STAFF
Contractors are often too caught up in keeping the wheel of business churning to recognize deficiencies in how their records are managed. Working hard and working often tend to leave little time for consideration of your documents. But all too often I see the unthinkable, a contractor gets into trouble and has to call on its surety for help. At that point, you might finally get your first dose of reality about your records – and it can cost you. Read the court decision
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Reprinted courtesy of Douglas Reiser of Reiser Legal LLC.
Mr. Reiser can be contacted at info@reiserlegal.com

Haight has been named a Metropolitan Los Angeles Tier 1 “Best Law Firm” and Tier 2 for Orange County by U.S. News – Best Lawyers® “Best Law Firms” in 2023

November 21, 2022 — Haight Brown & Bonesteel
Haight Brown & Bonesteel LLP is listed in the U.S. News – Best Lawyers® (2023 Edition) “Best Law Firms” list with metro rankings in the following areas: Los Angeles

Metropolitan Tier 1

Insurance Law
Product Liability Litigation – Defendants

Orange County

Metropolitan Tier 2

Product Liability Litigation – Defendants

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Reprinted courtesy of Haight Brown & Bonesteel

New Jersey Supreme Court Ruled Condo Association Can’t Reset Clock on Construction Defect Claim

September 20, 2017 — David Suggs – Bert L. Howe & Associates, Inc.
The New Jersey Law Journal reported that New Jersey Supreme Court “justices reversed an Appellate Division ruling that found three suits filed against contractors by the Palisades at Fort Lee Condominium Association on various dates in March and April 2009 and September 2010 were within the six-year limit because the association received notice of construction defects in the building in an engineer's report issued in June 2007.” The justices stated that the statute of limitations is not reset when property changes hands: "An owner of a building cannot convey greater property rights to a purchaser than the owner possessed. If the building's owner knew or reasonably should have known of construction defects at the time of the sale of the property, the purchaser takes title subject to the original owner's right—and any limitation on that right—to file a claim against the architect and contractors." Read the court decision
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Blue Gold: Critical Water for Critical Energy Materials

October 24, 2022 — Robert A. James & Ashleigh Myers - Gravel2Gavel Construction & Real Estate Law Blog
As demand increases for low-carbon technologies to power the energy transition, the acquisition of critical materials—so-called given their integral role in the transition of energy activities—is becoming increasingly important. As described in our previous post, such critical materials include rare earth elements (REE), lithium, nickel and platinum group metals. In short, the transition endeavors to reduce use of one non-renewable resource—fossil fuel—by significantly ramping up our use of other non-renewable resources. While critical material discussions have largely centered on the availability and economic extractability of the minerals themselves, Pillsbury is also counseling on the other resources needed to bring the materials to market at the scales required for our decarbonization goals. Chief among these resources is water. The extraction, processing and manufacture of critical materials into low-carbon technologies all require significant volumes of water. For example, up to 5,000 gallons of water are needed to produce one ton of lithium. Critical materials are often found in arid climates that are already experiencing water stress (such as the “lithium triangle” of Argentina, Bolivia and Chile, and copper in Chile), or in areas experiencing conflict and challenges to water development (such as cobalt production in the Democratic Republic of the Congo). In the U.S., development potential resides largely in the water-constrained western and southwestern states, such as Arizona (copper), California (REE), New Mexico (copper, REE), Texas (REE), Utah (magnesium, lithium, platinum, palladium, vanadium, copper), and Wyoming (REE, platinum, titanium, vanadium). Reprinted courtesy of Robert A. James, Pillsbury and Ashleigh Myers, Pillsbury Mr. James may be contacted at rob.james@pillsburylaw.com Ms. Myers may be contacted at ashleigh.myers@pillsburylaw.com Read the court decision
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Increases in U.S. Office Rents Led by San Jose and Dallas

October 01, 2014 — Hui-yong Yu – Bloomberg
San Jose, California, and Dallas led the U.S. in office-rent increases in the third quarter as cities benefiting from growth in the technology and energy industries outperformed the gradual national recovery. Rents after any landlord discounts, known as effective rents, climbed 6.7 percent from a year earlier in San Jose, compared with the U.S. average increase of 2.6 percent, property researcher Reis Inc. (REIS) said. Dallas rents rose 5.2 percent, followed by San Francisco’s 5.1 percent gain, Houston’s 4.4 percent increase and New York’s 3.9 percent advance. The national sluggishness in the office market’s growth is being bucked by parts of Northern California and Texas, where large bases of technology or energy workers drive demand for space, Reis said. Throughout the U.S., increases in office occupancies show that the market “is in the midst of a recovery,” according to the New York-based company. Read the court decision
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Reprinted courtesy of Hui-yong Yu, Bloomberg
Hui-yong Yu may be contacted at hyu@bloomberg.net

What Does It Mean When a House Sells for $50 Million?

September 10, 2014 — Jonathan J. Miller – Bloomberg
One of the byproducts of the global financial crisis has been the creation of a new class of housing and buyers. Some of the strongest evidence is the rise in the number of residences sold for more than $50 million. A buyer recently paid a record $71.3 million for a Manhattan co-op, breaking the $70 million record set only a few months earlier. These sales seem modest compared with a $147 million sale in East Hampton, New York, and a $120 million sale in Greenwich, Connecticut, the two highest U.S. residential transactions in 2014. There have been six sales of more than $100 million in the past four years, with more likely to come. Wealthy investors have benefited from rising stock markets, while preserving capital by acquiring assets such as U.S. residential real estate. However, the high-end market isn't a proxy for the health of the broader U.S. housing market. Unlike the buyers in the market's upper strata, who often are foreign and all-cash purchasers, the majority of U.S. homebuyers remain dependent on access to credit. And today's tight lending conditions aren’t expected to ease anytime soon. According to the Federal Reserve, only a small number of banks have recently eased mortgage standards. Read the court decision
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Reprinted courtesy of Jonathan J. Miller, Bloomberg
Mr. Miller may be contacted at jmiller@millersamuel.com

The Benefits of Incorporating AI Into the Construction Lifecycle

December 23, 2024 — Ian Warner - Construction Executive
Interest in artificial intelligence has been spreading like wildfire over the past few years. AI is not a new term for Trimble, which has been capturing and leveraging construction data for decades. From hardware to software, the field to the office or among stakeholders, harnessing and making meaning out of data is the crux of Trimble’s business. Generative AI is simply a new set of tools that provide a richer narrative around data, making it more insightful and actionable. As a company that helps connect stakeholders across the entire construction lifecycle—design, construction and operations/ maintenance—AI has been woven in and leveraged across a number of Trimble solutions to help contractors do more with less, while also giving them greater decision-making power and the ability to focus on other key challenges. While the use cases for AI are diverse and ever-changing, below are a few key areas where Trimble has doubled down on AI, with the goal of making contractors’ jobs less cumbersome and repetitive, safer and more capable of being upskilled—efforts which will only continue to grow in the coming years. Reprinted courtesy of Ian Warner, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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