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.
Puerto Rico Fee Mortgage Provisions from a Ground Lease
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Multi-State
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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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While it is possible for a US-based bank or mortgage company to provide financing for the purchase of property in Puerto Rico, there are some reasons why it may be more advantageous to use a mortgage company based in Puerto Rico.
Lessee Accounting: Impact on Balance Sheet and Income Statement. Under ASC 842, Leases, ground leases will be capitalized to the balance sheet through a ?right-of-use asset? and lease obligation.
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.
Typically, landlords classify leases of real estate as operating leases, because the underlying asset ? the real estate ? generally has a long useful life and significant residual value. However, a lease of real estate may be classified as a finance lease.
Examples of valid operating costs include property taxes, property insurance, maintenance, utilities, landscaping (which includes snow removal) and garbage collection. Valid operating costs will benefit all of the tenants in a commercial property?not just one or two.
On the other hand, ground lease payments reduce the cash flow to the property owner and thus should be taken into consideration when estimating a cap rate-based valuation for disposition. This would mean that ground lease payments might have to be considered a part of operating expenses.