This office lease form states that the lessor represents to the lessee that the existing fee mortgage is the only mortgage encumbering the land and the demised premises. The lessor agrees to cause the holder of the existing fee mortgage to agree to certain provisions.
Iowa Fee Mortgage Provisions from a Ground Lease
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FAQ
Leasehold interest refers to property insurance covering the loss suffered by a tenant due to termination of a favorable lease because of damage to the leased premises by a covered cause.
Leased Fee Estate vs. Leasehold Interest. A leased fee estate is the interest that a landlord or lessor maintains under a lease granted to a tenant/lessee. The leasehold is the interest a tenant acquires under a lease granting the right to use and occupy the property.
Leasehold interest is the temporary and exclusive right to possess, occupy and use land or property for a definitive period of time pursuant to a lease. The owner of the freehold interest grants the leasehold interest to the lessor pursuant to a lease which creates the relationship of landlord and tenant.
Tricky to get a mortgage - Many lenders may not be willing to finance a land lease home, and those who do might ask for a higher percentage of the purchase price as a down payment compared to when buying a freehold house. The lease tenure might also affect the mortgage tenure.
What is a land lease? A land lease, also known as a ground lease, is an arrangement in which a landowner (the lessor, in legal terminology) rents out the land to a tenant (or the lessee). A land lease can be used to purchase a home plus land, or simply to purchase land that you plan to develop later on.
