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.
Massachusetts Fee Mortgage Provisions from a Ground Lease
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US-OL20071
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How to fill out Fee Mortgage Provisions From A Ground Lease?
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FAQ
The key difference between a fee simple and leasehold interest is the degree of ownership. In fee simple, one owns the entire property, while for a leasehold interest, one must pay rent to the original owner until the interest ends. Examples of each type of interest are included below.
Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.
Costs associated with the ground lease process may be higher than if the tenant were to purchase a property outright. Rents, taxes, improvements, permitting, as well as any wait times for landlord approval, can all be costly.
What does all this mean to your hypothetical tenant who agreed that the ground lease is subordinate to the fee mortgage? It means that in order to exercise the option to purchase and take title to the property free and clear of the fee mortgage, the tenant must pay off, in full, the fee mortgage.
Fee simple ownership allows an individual to buy outright ownership of the land and its improvements. Whereas, a ground lease gives a tenant exclusive rights to use and occupy the property for a specific purpose, time and at a negotiated rate.