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.
North Carolina Fee Mortgage Provisions from a Ground Lease
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FAQ
A master lease is a continuing lease arrangement, preferred by customers who anticipate multiple installations over a sustained period of time. This arrangement allows the customer to sign a single agreement and make one agreed payment, instead of several agreements, with several separate payments.
When an owner leases her property, she temporarily relinquishes the right to: occupy the property.
Ground leases are used in commercial real estate. The real estate developer leases the land from the tenant for a period of up to 99 years. The developer makes improvements and at the end of the lease term, the improvements become property of the landowner.
A ground lease is an agreement in which a tenant can develop property during the lease period, after which it is turned over to the property owner. Ground leases commonly take place between commercial landlords, who typically lease land for 50 to 99 years to tenants who construct buildings on the property.
And ground leases are generally net leases, which means that tenants are responsible for paying property taxes, insurance, and maintenance expenses for the duration of the lease. Ground leases tend to have very long terms -- 20 to 40 years is common for an initial term, but ground leases up to 99 years aren't uncommon.
Lessee: What's the difference? In a lease agreement, the lessor is the person or party that issues the lease (allows the property to be rented), and the lessee is the person that the lease is granted to (the person paying rent to use the property).
A net lease is an agreement between a tenant and a landlord where THE TENANT, not the landlord, is responsible for paying rent plus some or all of the operating expenses of the building such as taxes, insurance premiums, repairs, and utilities.
The Ground Lease Valuation Module, in contrast, puts the ground lease payments below NOI and seeks to calculate the value of the land by finding the present value of the ground lease cash flows at some user-defined discount rate.