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.
Minnesota Fee Mortgage Provisions from a Ground Lease
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How to fill out Fee Mortgage Provisions From A Ground Lease?
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FAQ
Leaseholders are called lessees instead of owners since they only own the structure for so many years. Leaseholds are usually much cheaper than fee simple properties since they don't build equity and the freeholder (fee simple owner) keeps so much control.
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.
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.
In this scenario, a landlord or lessor grants a tenant the right to use and occupy the property for a specified period. Rental properties, including multi-family residences and commercial properties for lease, are classic examples of properties valued under leased fee ownership.
What this term means is. that when a leased property is owned in fee simple, the owner's leased fee interest is a combination of. the owned fee simple estate plus the private lease arrangement between the owner and a tenant (i.e., the possessory, personal property lease contract).
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.
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.