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Preface to the Second Edition |
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Chapter 1: |
The Truth About Ground Leases |
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- § 1:1 : Ground Lease Is a Landowner’s Device1-2
- § 1:1.1 : Tenant Financing1-3
- § 1:1.2 : Control1-3
- § 1:1.3 : Tenant’s Toxic Lease Terms1-3
- § 1:1.4 : Landowner’s Toxic Lease Terms1-4
- § 1:2 : Term, Rent, and Use: An Introduction1-5
- § 1:2.1 : Generally1-5
- § 1:2.2 : Term1-5
- § 1:2.3 : Rent1-6
- § 1:2.4 : Use1-6
- § 1:3 : Why Ground Leases?1-7
- § 1:3.1 : Generally1-7
- § 1:3.2 : Corporate Strategy1-10
- § 1:3.3 : The Joint Venture Alternative1-12
- § 1:3.4 : Tax Aspects1-13
- § 1:3.5 : Risk and Control1-14
- § 1:3.6 : Ground Lessor As Partner1-17
- § 1:4 : Major Issues: Rent, Terms, and Use (Redux)1-18
- § 1:4.1 : Rent1-18
- § 1:4.2 : Term1-18
- § 1:4.3 : Use1-19
- § 1:4.4 : Adjustments to Basic Rent1-19
- § 1:4.5 : Percentage Rent1-20
- § 1:4.6 : Renewal Rent1-21
- § 1:5 : Major Issues: Financing1-21
- § 1:5.1 : Subordination Agreements1-22
- § 1:5.2 : Partial Subordination1-22
- § 1:6 : Other Issues1-23
- § 1:7 : Start-Up Problems: Agreements to Agree1-25
- § 1:7.1 : Pre-Development Expenses1-25
- § 1:7.2 : Unanticipated Conditions1-26
- § 1:8 : Letters of Intent1-26
- § 1:8.1 : Generally1-26
- § 1:8.2 : Legal Context1-27
- § 1:8.3 : Preliminary Agreement for a Ground Lease1-30
- § 1:9 : Role of Counsel1-33
- § 1:10 : Sources and Terminology1-34
- § 1:11 : Conveyance or Contract?1-35
- § 1:12 : A Case Study: The Developer’s Form Ground Lease1-36
- § 1:13 : Hawaii Ground Leases1-40
- § 1:13.1 : Residential Ground Leases1-41
- § 1:13.2 : Commercial Ground Leases1-43
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Chapter 2: |
Base Rent and Other Payments |
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- § 2:1 : Introduction2-2
- § 2:2 : Preconstruction Period2-4
- § 2:2.1 : The “Option Period”2-4
- § 2:2.2 : Rental Considerations2-5
- [A] : Tenant Costs2-5
- [B] : Landlord Costs2-5
- [C] : Work Product; Minimum Expenditures2-6
- [D] : Length of Option Period2-6
- § 2:3 : Construction Period2-8
- § 2:3.1 : Deferred Taxes2-8
- § 2:3.2 : Assessments2-8
- § 2:3.3 : Apportionment2-9
- § 2:3.4 : Construction Period Rent2-9
- § 2:4 : Minimum Rent2-11
- § 2:4.1 : Landlord’s Commitment2-13
- § 2:4.2 : Inflation Indexes2-13
- § 2:4.3 : Other Inflation Adjustments2-16
- § 2:4.4 : Step Rents2-17
- § 2:5 : Appraisal Methods2-17
- § 2:5.1 : Relation to Length of Term2-20
- § 2:5.2 : No Change in Use2-21
- § 2:5.3 : Value Based on Existing Improvements2-22
- § 2:5.4 : Residual Land Value and Use Value Assessment2-23
- § 2:6 : Renewal Rent2-25
- § 2:6.1 : Legal Issues2-25
- § 2:6.2 : Basis of Renewal Rent2-26
- § 2:7 : Minimum Rent Adjustments2-30
- § 2:7.1 : Lender Priority2-30
- § 2:7.2 : Occupancy Tenant Pass-Throughs2-31
- § 2:8 : Taxes and Other Payments2-32
- § 2:8.1 : Tax Appeals2-32
- § 2:8.2 : Governmental Landlords: Lease Excise Taxes2-33
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Chapter 3: |
Percentage Rent |
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- § 3:1 : General3-2
- § 3:1.1 : The Landlord As Partner3-3
- § 3:2 : Percentage Rent: Objectives and Assumptions3-4
- § 3:2.1 : Pro Forma Statements3-4
- § 3:2.2 : Appraisal Requirements3-5
- § 3:2.3 : Projected Expenses3-5
- § 3:2.4 : Mechanics of Percentage Rent3-6
- [A] : Breakpoints3-7
- [B] : Examples of Percentage Rent3-8
- [C] : Financing Issues3-8
- [D] : Landlord’s Concerns3-9
- [E] : Developer’s Concerns3-9
- [F] : Percentage Rates3-10
- § 3:2.5 : Rent As a Subordinated Cost3-10
- § 3:2.6 : Definitions3-11
- [A] : Gross Receipts3-11
- [B] : Cash Flow Before Debt Service3-13
- [C] : Capital Cost Recovery3-14
- § 3:2.7 : Competitive Limitations3-15
- § 3:2.8 : Tax-Exempt Landlords: Gross Receipts3-16
- § 3:2.9 : Payment of Percentage Rent3-16
- § 3:2.10 : Implied Covenant of Continuous Use3-17
- § 3:2.11 : Adjustments to Minimum Rent3-17
- § 3:3 : Partnership vs. Percentage Rent3-17
- § 3:4 : Percentage Rent: Drilling Deeper3-18
- § 3:4.1 : Pro Forma Cash Flows3-19
- § 3:4.2 : Structure of Percentage Rent3-21
- § 3:4.3 : Factors in Percentage Rent3-22
- § 3:4.4 : Non-Subordinated Percentage Rent3-22
- § 3:4.5 : Subordinated Ground Lease3-23
- § 3:4.6 : Refinancing3-26
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Chapter 4: |
Tenant Financing: General |
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- § 4:1 : Project Financing4-1
- § 4:2 : Sale and Refinancing4-3
- § 4:3 : Landlord’s Concerns4-3
- § 4:4 : “Subordination of the Fee”4-5
- § 4:5 : Leasehold Mortgages4-6
- § 4:5.1 : Lender’s Concerns4-7
- § 4:5.2 : Landlord’s Perspective4-9
- § 4:6 : Balancing Objectives4-9
- § 4:7 : The Landlord’s Mortgage4-11
- § 4:7.1 : Subsequent Mortgages4-13
- [A] : Subordinated Fee Financing4-14
- [B] : New Lease and Sublease Priority4-14
- § 4:7.2 : Subordination or Non-disturbance4-15
- § 4:7.3 : Landlord’s Liens4-16
- § 4:8 : Lease with Option to Purchase4-17
- § 4:8.1 : Bankruptcy Issue4-17
- § 4:8.2 : Fee Mortgage4-18
- § 4:8.3 : Leasehold Mortgage4-18
- § 4:8.4 : Equity Investors4-18
- § 4:8.5 : Lease Option: Conclusion4-18
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Chapter 5: |
Subordinated Fee Financing |
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- § 5:1 : Business Risks5-2
- § 5:2 : Construction Risks5-3
- § 5:3 : Market Risks5-5
- § 5:4 : Enforceability5-6
- § 5:5 : Conditions to Subordination5-9
- § 5:5.1 : Budget Approval5-10
- § 5:5.2 : Construction Contracting5-11
- § 5:5.3 : Application of Loan Proceeds5-12
- § 5:5.4 : Lease-Up Risks5-13
- § 5:5.5 : Loan Amount; Value and Cost5-13
- § 5:5.6 : Equity Commitment5-14
- § 5:5.7 : Developer’s Fees5-15
- § 5:5.8 : Project Cost Savings5-16
- § 5:5.9 : Take-Out Commitment5-18
- § 5:5.10 : Initial Term Loan5-19
- § 5:5.11 : Tri-Party Agreements5-20
- § 5:5.12 : Construction Loan Extensions5-20
- § 5:6 : Refinancing5-21
- § 5:7 : Other Financing5-22
- § 5:7.1 : Excess Costs5-23
- § 5:7.2 : Purchase Money Financing5-23
- § 5:7.3 : Additional Refinancing5-23
- § 5:8 : Subordination Agreements5-24
- § 5:8.1 : Holdbacks; Financing Variations5-24
- § 5:8.2 : Form of Subordination5-25
- § 5:8.3 : Covenant of Title5-27
- § 5:8.4 : Suretyship Defenses5-27
- § 5:8.5 : Foreclosure Issues5-29
- § 5:8.6 : Assignment of Subleases5-32
- § 5:8.7 : Application of Loan Proceeds5-32
- § 5:9 : Loan Documents5-34
- § 5:10 : Satisfaction of Conditions5-36
- § 5:11 : Identity of Lender5-36
- § 5:12 : Landlord’s Right to Cure5-37
- § 5:12.1 : Reinstatement of Loan5-38
- § 5:12.2 : Effect of Cure5-38
- § 5:12.3 : Option to Purchase Loan5-39
- § 5:12.4 : Deed-in-Lieu of Foreclosure5-39
- § 5:12.5 : Penalties5-40
- § 5:12.6 : Continuing Liability of Tenant5-40
- § 5:13 : Checklist for Subordinated Fee Financing5-41
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Chapter 6: |
Leasehold Financing |
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- § 6:1 : General Considerations6-2
- § 6:2 : Leasehold Mortgage Loans6-3
- § 6:2.1 : Construction Loans6-3
- § 6:2.2 : Initial Term Financing6-5
- § 6:2.3 : Refinancing6-5
- § 6:3 : Partial Subordination6-6
- § 6:3.1 : General6-6
- § 6:3.2 : Terms of Appendix H6-7
- § 6:3.3 : Alternative Provisions6-8
- § 6:4 : Protection of Leasehold Mortgagees6-8
- § 6:4.1 : Termination of Lease6-9
- § 6:4.2 : Priority of Landlord6-10
- § 6:5 : Default and Cure6-10
- § 6:5.1 : Default Clauses6-10
- § 6:5.2 : Pendency of Foreclosure6-11
- § 6:5.3 : Adequacy of Notices6-11
- § 6:5.4 : “Reasonably Susceptible of Cure”6-12
- § 6:5.5 : Assignment Restrictions6-13
- § 6:5.6 : Continuing Liability6-14
- § 6:5.7 : Continuing Construction6-14
- § 6:5.8 : Liens on Fee6-15
- § 6:5.9 : Change in Use6-16
- § 6:6 : Landlord’s Concerns6-17
- § 6:6.1 : Fee and Leasehold Mortgages6-18
- § 6:6.2 : Cross-Defaults6-21
- § 6:6.3 : Non-Terminable Ground Lease; Escrows6-21
- § 6:7 : Leasehold Mortgagee Encumbrance Provisions6-22
- § 6:7.1 : New Lease Provisions6-23
- [A] : Limitations6-24
- [B] : Perpetuities6-24
- [C] : Financeability6-25
- [D] : Back-Up Leases6-26
- [E] : Title Effects6-26
- [F] : New Lease Priority6-27
- § 6:7.2 : Other Changes to the Model Provisions6-28
- § 6:8 : Foreclosure of a Leasehold Mortgage6-32
- § 6:9 : Leasehold Mortgagee’s Checklist: Review of the Ground Lease6-35
- § 6:10 : Lender’s Checklist: The Leasehold Mortgage6-40
- § 6:11 : Spreader to Fee6-42
- § 6:12 : Assignment of Sublease Rentals; “Lock Boxes”6-43
- § 6:13 : Rating Agency Criteria for Leasehold Mortgage Loans6-45
- § 6:13.1 : General6-45
- § 6:13.2 : Specific Ground Lease Provisions6-47
- § 6:13.3 : CMBS Loan Documentation6-51
- § 6:14 : Landlord Estoppel Certificates6-51
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Chapter 7: |
Bankruptcy |
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- § 7:1 : Introduction7-2
- § 7:1.1 : Bankruptcy Sources7-3
- § 7:2 : Basic Rules7-4
- § 7:2.1 : Tenant Bankruptcy7-4
- § 7:2.2 : Landlord Bankruptcy7-4
- § 7:2.3 : Bankruptcy Clauses7-5
- [A] : Landlord’s Security7-5
- [B] : Coverage of Clauses7-6
- [C] : Leasehold Lenders7-7
- § 7:2.4 : Capital Leases7-7
- § 7:2.5 : Assignment of Rents7-8
- § 7:3 : Effects of Filing a Bankruptcy Case7-9
- § 7:3.1 : Automatic Stay7-9
- § 7:3.2 : Unpaid Rent7-10
- [A] : Pre-Petition Rent7-10
- [B] : Post-Termination Rent7-10
- [C] : Administrative Rent7-14
- § 7:3.3 : Pre-Petition Lease Termination7-16
- § 7:3.4 : Cross-Defaults7-18
- § 7:3.5 : Lifting the Automatic Stay7-19
- § 7:4 : Assumption of Leases7-20
- § 7:4.1 : Assumption by Tenant7-20
- [A] : Extension of Period7-20
- [B] : Requirements for Assumption7-21
- [C] : Assumption and Assignment7-23
- [D] : Effect of Assumption7-24
- § 7:4.2 : Assumption by Landlord7-24
- § 7:5 : Rejection by Tenant7-25
- § 7:5.1 : Repossession by Landlord7-25
- § 7:5.2 : Effect on Leasehold Mortgagees: The New Lease Provision7-26
- § 7:5.3 : Standards for Rejection7-28
- § 7:5.4 : Rejection: Termination or Breach?7-29
- § 7:5.5 : Effect on Subtenants7-31
- § 7:6 : Rejection by Landlord7-34
- § 7:6.1 : Tenant Election to Stay7-34
- § 7:6.2 : Future Landlord Performance7-35
- § 7:6.3 : Effect on Leasehold Mortgages7-35
- § 7:6.4 : Sales “Free and Clear” of the Lease7-38
- § 7:7 : Rejection by Landlord and Tenant7-43
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Chapter 8: |
Ground Lease Term |
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- § 8:1 : Overview8-1
- § 8:2 : Preconstruction Period8-2
- § 8:2.1 : General Considerations8-2
- § 8:2.2 : Conditions to Commencement8-3
- § 8:2.3 : Failure to Proceed8-4
- § 8:2.4 : Interim Period8-5
- [A] : Access and Indemnity8-5
- [B] : Delivery of Possession8-5
- [C] : Existing Tenancies8-6
- § 8:2.5 : Outside Date8-7
- § 8:2.6 : Liability of the Parties8-8
- § 8:3 : Financing Conditions: Landlord’s Approval8-9
- § 8:4 : Economic Feasibility8-10
- § 8:5 : Other Conditions to Commencement8-10
- § 8:6 : Definition of Lease Commencement8-11
- § 8:6.1 : Commencement Date8-11
- § 8:6.2 : Commencement of Construction8-11
- § 8:6.3 : Certificates of Commencement and Termination8-12
- § 8:7 : Duration of Term8-12
- § 8:7.1 : Economic Life8-13
- § 8:7.2 : Financing Term8-15
- § 8:8 : Rights to Renew8-17
- § 8:8.1 : Procedure8-18
- § 8:8.2 : Lease During Extended Term8-20
- § 8:9 : Holdover Tenancies8-21
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Chapter 9: |
Premises and Title |
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- § 9:1 : Introduction9-1
- § 9:1.1 : Additional Property9-2
- § 9:2 : Landlord’s Warranties9-2
- § 9:2.1 : Survey9-3
- § 9:2.2 : Landlord’s Liability9-4
- § 9:2.3 : Existing Improvements9-4
- § 9:2.4 : Zoning Warranties9-5
- § 9:2.5 : Soils and Hazardous Wastes9-5
- § 9:2.6 : Warranty of Title; Quiet Enjoyment9-8
- § 9:3 : Leasehold Title Insurance9-9
- § 9:3.1 : Leasehold Title Policy Forms9-10
- § 9:3.2 : Terms of Coverage9-12
- § 9:3.3 : Landlord’s Mortgages9-13
- § 9:3.4 : Existing Tenancies9-14
- § 9:3.5 : Appurtenant Easements and Rights9-14
- § 9:3.6 : Landlord’s Title Policy9-15
- § 9:4 : Short-Form Lease9-16
- § 9:4.1 : General9-16
- § 9:4.2 : Contents9-17
- § 9:4.3 : Amendments9-18
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Chapter 10: |
Development of Improvements |
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- § 10:1 : Introduction10-1
- § 10:2 : Permits and Approvals10-2
- § 10:2.1 : Dedication of Property10-4
- § 10:2.2 : Future Special Assessments10-4
- § 10:2.3 : Drafting: Cooperation10-5
- § 10:2.4 : Landlord’s Concessions10-6
- § 10:2.5 : Landlord’s Adjoining Property10-7
- § 10:3 : Construction of Improvements10-8
- § 10:3.1 : Timely Completion10-8
- § 10:3.2 : Tenant’s Contractor10-9
- § 10:3.3 : Demolition10-9
- § 10:3.4 : Completion Guaranties10-10
- § 10:4 : Lien Issues10-10
- § 10:5 : Approval of Plans10-13
- § 10:5.1 : Lease Exhibits10-13
- § 10:5.2 : Enforceable Agreement10-14
- § 10:5.3 : Subsequent Approvals10-15
- § 10:5.4 : Approval Standards10-16
- § 10:5.5 : Resolution of Disputes10-17
- § 10:6 : Ownership of Improvements10-18
- § 10:7 : Standards of Construction10-18
- § 10:8 : Redevelopment10-20
- § 10:8.1 : Tenant Rights10-20
- § 10:8.2 : Landlord’s Rights10-21
- § 10:8.3 : Governmental Requirements10-22
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Chapter 11: |
Use and Occupancy |
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- § 11:1 : General11-1
- § 11:1.1 : Permitted Uses11-2
- § 11:1.2 : Compliance with Laws; Hazardous Materials11-4
- § 11:2 : Alterations and Changes of Use11-5
- § 11:2.1 : Construction Period11-6
- § 11:2.2 : General Uses11-6
- § 11:2.3 : Single-User Restrictions11-7
- § 11:3 : Changes in Use11-7
- § 11:3.1 : Percentage Rent and Continuous Operation11-8
- § 11:3.2 : Change of Use and Percentage Rent11-10
- § 11:4 : Maintenance and Operating Standards11-11
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Chapter 12: |
Subletting |
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- § 12:1 : Introduction12-1
- § 12:2 : General Considerations12-2
- § 12:3 : Subleasing Issues12-3
- § 12:4 : Subtenant Concerns12-5
- § 12:4.1 : Master Tenant Default12-5
- § 12:4.2 : Voluntary Surrender12-5
- § 12:4.3 : Mortgage Foreclosure12-6
- § 12:5 : Attornment and Nondisturbance12-7
- § 12:5.1 : Landlord Agreements12-8
- § 12:5.2 : Sublease Provisions12-9
- § 12:5.3 : Attornment12-10
- § 12:6 : Lender’s Concerns12-12
- § 12:7 : Subordination, Attornment, and Nondisturbance Agreements12-14
- § 12:7.1 : Developer Defaults12-14
- § 12:7.2 : Continuing Lease Provisions12-16
- § 12:7.3 : Lender Improvement Provisions12-17
- § 12:7.4 : Lender Subordination Agreements12-18
- § 12:8 : Bankruptcy Matters12-18
- § 12:9 : Priorities; Junior Mortgages12-20
- § 12:10 : Total Subletting12-20
- § 12:11 : Assignments Pro Tanto12-21
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Chapter 13: |
Assignment and Sale |
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- § 13:1 : Introduction13-1
- § 13:2 : Sale Considerations13-2
- § 13:2.1 : Compliance with Ground Lease13-3
- § 13:2.2 : Representations and Warranties13-3
- § 13:2.3 : Landlord’s Consent13-4
- § 13:2.4 : Prorations; Percentage Rent13-4
- § 13:3 : Financing Considerations13-5
- § 13:4 : Landlord’s Consent13-7
- § 13:4.1 : Legal Requirements13-8
- § 13:4.2 : Reasonable Consent13-11
- § 13:5 : Assignor Liability13-13
- § 13:5.1 : Release13-13
- § 13:5.2 : No Release13-14
- § 13:5.3 : Mortgage Back to Seller; Intercreditor Agreement13-16
- § 13:5.4 : Terms of Release13-18
- § 13:5.5 : Assumption by Assignee13-19
- § 13:6 : Ownership Changes13-20
- § 13:6.1 : Initial Assignments13-22
- § 13:6.2 : Transfers of Remote Interests13-23
- § 13:7 : Purchase Money Financing13-25
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Chapter 14: |
Exculpatory Clauses and Guaranties |
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- § 14:1 : General14-1
- § 14:2 : Landlord Exculpation14-3
- § 14:3 : Investors and Purchasers14-4
- § 14:4 : Developer Liability14-5
- § 14:5 : Other Landlord Protections14-7
- § 14:6 : Exceptions to Nonrecourse Liability14-7
- § 14:7 : Ground Lease Guaranties14-10
- § 14:7.1 : What to Guaranty14-12
- § 14:7.2 : Form of Guaranty14-12
- § 14:7.3 : Enforceability14-13
- § 14:7.4 : Individual Guarantors14-14
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Chapter 15: |
Insurance, Damage, and Reconstruction |
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- § 15:1 : In General15-2
- § 15:2 : Insurance15-2
- § 15:2.1 : Some Terminology15-3
- § 15:3 : Builder’s Risk15-4
- § 15:4 : Property Coverage15-6
- § 15:4.1 : Replacement Cost15-6
- § 15:4.2 : Co-Insurance15-7
- § 15:4.3 : Indemnity and Subrogation15-8
- § 15:4.4 : Earthquake15-9
- § 15:4.5 : Other Perils15-11
- § 15:4.6 : Terrorism15-11
- § 15:4.7 : Demolition and Clearing15-12
- § 15:4.8 : Rental and Business Interruption15-12
- § 15:5 : Liability Insurance15-14
- § 15:5.1 : Umbrella Coverage15-16
- § 15:5.2 : Pollution15-16
- § 15:6 : Deductibles15-16
- § 15:7 : Self-Insurance15-16
- § 15:8 : General Considerations15-17
- § 15:8.1 : Rating Requirements15-17
- § 15:8.2 : Cancellation Provisions15-17
- § 15:8.3 : Certificates of Insurance15-17
- § 15:8.4 : Failure to Maintain Insurance15-18
- § 15:8.5 : Multiple Locations15-18
- § 15:9 : Damage and Reconstruction: General15-19
- § 15:9.1 : Option to Rebuild15-20
- § 15:9.2 : Rental Abatement15-21
- § 15:9.3 : Availability of Proceeds15-22
- § 15:9.4 : Lender’s Conditions: Reconstruction and Re-Leasing15-23
- § 15:9.5 : Subtenants15-25
- § 15:9.6 : Lender Requirements15-26
- § 15:9.7 : Trustee of Insurance15-26
- § 15:10 : End of Term15-26
- § 15:10.1 : Proceeds upon Termination15-27
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Chapter 16: |
Condemnation |
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- § 16:1 : General16-1
- § 16:1.1 : Tenant’s Rights16-2
- § 16:1.2 : Unit Rule16-3
- § 16:1.3 : Drafting Considerations16-4
- § 16:2 : Lender’s Concerns16-4
- § 16:3 : Subordinated Fee16-5
- § 16:4 : Leasehold Mortgage16-5
- § 16:5 : Condemnation Provisions16-6
- § 16:6 : Partial Condemnation16-6
- § 16:7 : Division of Proceeds16-7
- § 16:7.1 : General16-7
- § 16:7.2 : Basic Provisions16-9
- [A] : Total Taking16-9
- [B] : Partial Taking16-9
- [C] : “Immaterial” Taking16-10
- § 16:8 : Payment of Award16-10
- § 16:9 : Multiparcel16-10
- § 16:10 : Temporary Taking16-11
- § 16:11 : Effect on Subtenants16-12
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Chapter 17: |
Default and Redemption |
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- § 17:1 : General17-1
- § 17:1.1 : Default Clauses17-2
- § 17:1.2 : Leasehold Financing17-2
- § 17:1.3 : Landlord Waivers17-4
- § 17:1.4 : Duty to Mitigate: Contracts and Conveyances17-4
- § 17:1.5 : Liquidated Damages17-5
- § 17:2 : The Non-Terminable Ground Lease17-6
- § 17:2.1 : Self-Help17-7
- § 17:2.2 : Equitable Remedies17-7
- § 17:2.3 : Landlord’s Lien17-7
- § 17:3 : Dispute Resolution17-8
- § 17:4 : Unlawful Detainer and Forcible Entry17-10
- § 17:5 : Rights of Redemption17-12
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Chapter 18: |
Surrender upon Termination |
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- § 18:1 : Overview18-1
- § 18:2 : Covenants Regarding Surrender18-3
- § 18:3 : Landlord’s Concerns18-4
- § 18:4 : Removal by Tenant18-6
- § 18:5 : Demolition18-6
- § 18:6 : Damages18-7
- § 18:7 : Termination upon Damage or Destruction18-7
- § 18:8 : Cabling18-8
- § 18:9 : Reversion Issues18-8
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Chapter 19: |
Rights to Purchase |
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- § 19:1 : General19-1
- § 19:1.1 : Options to Purchase19-2
- § 19:1.2 : Right of First Refusal; Exchanges19-3
- § 19:1.3 : Right of First Offer19-4
- § 19:1.4 : Rights in Bankruptcy19-5
- § 19:2 : Sale by Fee Owner19-6
- § 19:2.1 : Bulk Sales and Other Transactions19-6
- § 19:2.2 : Bankruptcy19-8
- § 19:2.3 : Rule Against Perpetuities19-9
- § 19:2.4 : Condemnation19-10
- § 19:3 : Sale by Tenant19-11
- § 19:4 : Terms of Rights to Purchase19-12
- § 19:4.1 : Statute of Frauds19-12
- § 19:4.2 : No Defaults; Credit Terms19-13
- § 19:4.3 : Option Purchase Price19-14
- § 19:4.4 : Term19-16
- § 19:4.5 : Notice19-17
- § 19:4.6 : Brokerage and Other Issues19-17
- § 19:4.7 : Priority19-17
- § 19:5 : Lender Concerns; Nonmerger19-18
- § 19:6 : Ground Lease and Leasehold Mortgage Provisions19-19
- § 19:7 : Exclusions from Purchase Rights19-19
- § 19:7.1 : Sale by Tenant19-19
- § 19:7.2 : Sale by Landlord19-20
- § 19:7.3 : Leasehold Mortgages19-21
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Chapter 20: |
Development Rights Leases |
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- § 20:1 : Transferable Development Rights20-1
- § 20:1.1 : Air Rights and Other Things20-2
- § 20:1.2 : Leases20-3
- § 20:2 : The Legal Context20-4
- § 20:2.1 : Code Requirements20-4
- § 20:2.2 : Transfer Restrictions20-5
- § 20:3 : Lease Versus Sale20-5
- § 20:3.1 : Value of Development Rights20-6
- § 20:3.2 : Development Rights Rental20-8
- § 20:4 : Transferor’s Title20-8
- § 20:5 : Form of Conveyance20-10
- § 20:6 : Taxes; Assessments and Other Liens20-11
- § 20:7 : Transferor’s Remedies20-12
- § 20:7.1 : Default20-12
- § 20:7.2 : Code Requirements20-12
- § 20:7.3 : Lien Rights20-13
- § 20:8 : Priorities and Subordination20-13
- § 20:8.1 : Non-disturbance20-14
- § 20:8.2 : Ground Lease Priority20-15
- § 20:9 : Purchased Development Rights20-15
- § 20:10 : Changes in Code20-16
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Chapter 21: |
Multiparcel Development |
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- § 21:1 : General21-1
- § 21:2 : Deal Structure21-2
- § 21:3 : Statute of Frauds21-3
- § 21:3.1 : Form of Lease21-3
- § 21:3.2 : Rent21-4
- § 21:3.3 : Premises21-4
- § 21:4 : Permitting21-5
- § 21:5 : Easements and Restrictions21-5
- § 21:5.1 : Priority21-5
- § 21:5.2 : Easements21-6
- § 21:5.3 : Restrictions21-6
- § 21:5.4 : Covenants21-6
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Chapter 22: |
Arbitration and Mediation |
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- § 22:1 : General: Scope of ADR Agreements22-1
- § 22:2 : What to Arbitrate22-3
- § 22:3 : Who Should Arbitrate22-4
- § 22:4 : Mediation, Arbitration, and Appraisal22-5
- § 22:5 : Judicial Review22-7
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Chapter 23: |
Appendix A: Ground Lease |
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Chapter 24: |
Appendix B: Leasehold Owner's Endorsement |
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Chapter 25: |
Appendix C: Leasehold Loan Endorsement |
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Chapter 26: |
Appendix D: Subleases and Leasehold Mortgages in Bankruptcy |
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Chapter 27: |
Appendix E: Letter of Intent |
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Chapter 28: |
Appendix F: Memorandum of Lease |
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Chapter 29: |
Appendix G: Subordination, Attornment, and Nondisturbance Agreement |
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Chapter 30: |
Appendix H: Partial Subordination Agreement |
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Chapter 31: |
Appendix I: Short-Form Leasehold Mortgagee Protection Provisions |
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Chapter 32: |
Appendix J: Fee Subordination Deed of Trust |
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Chapter 33: |
Appendix K: Leasehold Deed of Trust Sample Provisions |
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Chapter 34: |
Appendix L: Rating Agency Criteria for Ground Leases in CMBS Transactions |
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Chapter 35: |
Appendix M: Landlord Estoppel Certificate |
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Chapter 36: |
Appendix N: Leasehold Purchase and Sale Agreement |
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Chapter 37: |
Appendix O: Assignor's Leasehold Deed of Trust, Security Agreement, and Financing Agreement |
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Chapter 38: |
Appendix P: Intercreditor Agreement |
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Chapter 39: |
Appendix Q: Assignment and Assumption of Ground Lease (With Form of Landlord's Consent) |
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Chapter 40: |
Appendix R: Subdivision of Lease |
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Chapter 41: |
Appendix S: Intercreditor Agreement |
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Chapter 42: |
Appendix T: Ground Lease Guaranty |
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Chapter 43: |
Table of Authorities |
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Chapter 44: |
Index to Commercial Ground Leases |
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