TreatiseTreatise

Commercial Ground Leases (3rd Edition)

 by Jerome D Whalen
 
 Copyright: 2013-2017
 Last Updated: July 2017

 Product Details >> 

Product Details

  • ISBN Number: 9781402421020
  • Page Count: 872
  • Number of Volumes: 1
  •  

Including adaptable time-saving sample agreement language, Commercial Ground Leases is a definitive guide to drafting, negotiating, and finalizing equitable, error-free leasing documents that address the needs of both landlord and tenant. It covers the full range of relevant commercial ground leasing issues, including:

  • Basic and percentage rent and other payments
  • Rental rates of return and ground rent reappraisals
  • Tenant and landlord financing, subordinated fee and leasehold mortgages
  • Tenant project development and lien issues
  • Ground lease term, title, use and occupancy (herein of “haz mats”)
  • Subletting, assignment, sale and continuing liability issues
  • Tenant liability, guaranties and exculpatory clauses
  • Insurance, damage, reconstruction and condemnation
  • Default and redemption
  • Mediation, arbitration and appraisal
  • Rights to purchase
  • Termination, development rights leases and multiparcel development
Commercial Ground Leases covers the use of arbitration, mediation and appraisal to resolve disputes; the effect of major bankruptcy laws on ground lease practice; how the “modern” concept of a lease as a contract impacts ground leases; how joint ventures operate as alternatives to ground leases; and how “partial subordination” may benefit both landlord and tenant. Appendices include forms of letter of intent, leasehold mortgagee protection clauses, intercreditor agreements, fee and leasehold deed of trust provisions, estoppel certificate and guaranty, and a complete ground lease with many alternative clauses.
  Table of Contents
  Preface to the Second Edition
  Preface to the Third Edition
Chapter 1: The Truth About Ground Leases
  • § 1:1 : Ground Lease Is a Landowner’s Device1-2
    • § 1:1.1 : Tenant Financing1-2
    • § 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 : Theory and Practice1-4
  • § 1:3 : Why Ground Leases?1-5
    • § 1:3.1 : Generally1-5
    • § 1:3.2 : Corporate Strategy1-9
    • § 1:3.3 : The Joint Venture Alternative1-12
    • § 1:3.4 : Tax Aspects1-12
    • § 1:3.5 : Risk and Control1-13
    • § 1:3.6 : Ground Lessor As Partner1-17
  • § 1:4 : Major Issues: Rent, Terms, and Use1-18
    • § 1:4.1 : Rent1-18
    • § 1:4.2 : Term1-18
    • § 1:4.3 : Use1-18
    • § 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 : Landlord-Tenant Relations1-25
    • § 1:7.1 : Pre-Development Expenses1-25
    • § 1:7.2 : Unanticipated Conditions1-26
    • § 1:7.3 : Good Faith and Fair Dealing1-27
  • § 1:8 : Letters of Intent1-28
    • § 1:8.1 : Legal Context1-29
    • § 1:8.2 : Preliminary Agreement for a Ground Lease1-33
  • § 1:9 : Role of Counsel1-35
  • § 1:10 : Sources and Terminology1-37
  • § 1:11 : Conveyance or Contract?1-37
  • § 1:12 : The Developer’s Form Ground Lease1-39
  • § 1:13 : Hawaii Ground Leases1-43
    • § 1:13.1 : Residential Ground Leases1-44
    • § 1:13.2 : Commercial Ground Leases1-46
Chapter 2: Base Rent and Other Payments
  • § 2:1 : Ground Lease Rental Rates2-2
    • § 2:1.1 : General Considerations; Rates of Return2-2
    • § 2:1.2 : Structural Objectives2-4
    • § 2:1.3 : Market Factors in Ground Rent2-6
    • § 2:1.4 : Lease Terms Affecting Ground Rent2-7
  • § 2:2 : Preconstruction Period2-8
    • § 2:2.1 : The “Option Period”2-9
    • § 2:2.2 : Rental Considerations2-9
      • [A] : Tenant Costs2-9
      • [B] : Landlord Costs2-10
      • [C] : Work Product; Minimum Expenditures2-11
      • [D] : Length of Option Period2-11
  • § 2:3 : Construction Period Rent2-12
  • § 2:4 : Minimum Rent2-14
    • § 2:4.1 : Landlord’s Commitment2-16
    • § 2:4.2 : Inflation Indexes2-16
    • § 2:4.3 : Other Inflation Adjustments2-19
    • § 2:4.4 : Step Rents2-20
  • § 2:5 : Appraisal Methods2-21
    • § 2:5.1 : Relation to Length of Term2-23
    • § 2:5.2 : Change in Use2-24
    • § 2:5.3 : Value Based on Existing Improvements2-25
    • § 2:5.4 : Residual Land Value and Use Value Assessment2-26
  • § 2:6 : Reappraisal of Ground Rents2-28
    • § 2:6.1 : Legal Context2-29
    • § 2:6.2 : Determination of Renewal Rent2-31
    • § 2:6.3 : Terminology2-34
    • § 2:6.4 : Drafting2-37
    • § 2:6.5 : Other Matters2-38
      • [A] : Effective Date2-38
      • [B] : Assemblage Value2-39
      • [C] : Unused Development Rights2-39
    • § 2:6.6 : Historic Buildings2-40
  • § 2:7 : Minimum Rent Adjustments2-42
    • § 2:7.1 : Lender Priority2-43
    • § 2:7.2 : Occupancy Tenant Pass-Throughs2-43
  • § 2:8 : Taxes and Other Payments2-44
    • § 2:8.1 : Deferred Taxes2-45
    • § 2:8.2 : Assessments2-45
    • § 2:8.3 : Apportionment2-46
    • § 2:8.4 : Tax Appeals2-46
    • § 2:8.5 : Governmental Landlords: Lease Excise Taxes2-47
Chapter 3: Percentage Rent
  • § 3:1 : General3-1
    • § 3:1.1 : The Landlord As Partner3-3
  • § 3:2 : Percentage Rent: Objectives and Assumptions3-3
    • § 3:2.1 : Pro Forma Statements3-4
    • § 3:2.2 : Appraisal Requirements3-4
    • § 3:2.3 : Projected Expenses3-5
    • § 3:2.4 : Mechanics of Percentage Rent3-6
      • [A] : Examples of Percentage Rent3-6
      • [B] : Financing Issues3-7
      • [C] : Landlord’s Concerns3-7
      • [D] : Developer’s Concerns3-8
      • [E] : Percentage Rates3-8
      • [F] : Conclusion3-8
    • § 3:2.5 : Rent As a Subordinated Cost3-9
    • § 3:2.6 : Definitions3-9
      • [A] : Gross Receipts3-9
      • [B] : Cash Flow Before Debt Service3-11
      • [C] : Capital Cost Recovery3-13
    • § 3:2.7 : Competitive Limitations3-14
    • § 3:2.8 : Tax-Exempt Landlords: Gross Receipts3-14
    • § 3:2.9 : Payment of Percentage Rent3-15
    • § 3:2.10 : Implied Covenant of Continuous Use3-15
    • § 3:2.11 : Adjustments to Minimum Rent3-15
  • § 3:3 : Partnership Versus Percentage Rent3-16
  • § 3:4 : Percentage Rent: Summary3-16
Chapter 4: Tenant Financing: General
  • § 4:1 : Project Financing4-1
  • § 4:2 : Sale and Refinancing4-3
  • § 4:3 : Landlord’s Concerns4-3
  • § 4:4 : “Subordination of the Fee”4-4
  • § 4:5 : Leasehold Mortgages4-5
    • § 4:5.1 : Lender’s Concerns4-6
    • § 4:5.2 : Landlord’s Perspective4-7
    • § 4:5.3 : Landlord’s Risks4-8
  • § 4:6 : Balancing Objectives4-9
  • § 4:7 : The Landlord’s Mortgage4-11
    • § 4:7.1 : Existing Mortgages4-12
    • § 4:7.2 : Subsequent Mortgages4-14
      • [A] : Subordinated Fee Financing4-14
      • [B] : New Lease and Sublease Priority4-15
    • § 4:7.3 : Subordination or Non-Disturbance4-16
    • § 4:7.4 : Landlord’s Liens: Rent4-17
  • § 4:8 : Lease with Option to Purchase4-18
    • § 4:8.1 : Bankruptcy Issue4-18
    • § 4:8.2 : Fee Mortgages4-19
    • § 4:8.3 : Equity Investors4-19
    • § 4:8.4 : Lease Option: Conclusion4-19
  • § 4:9 : Intercreditor Agreements4-20
  • § 4:10 : Estoppel Certificates4-22
Chapter 5: Subordinated Fee Financing
  • § 5:1 : Business Risks5-2
  • § 5:2 : Construction Risks5-3
  • § 5:3 : Market Risks5-5
  • § 5:4 : Enforceability5-5
  • § 5:5 : Conditions to Subordination5-9
    • § 5:5.1 : Budget Approval5-10
    • § 5:5.2 : Construction Contracting5-11
    • § 5:5.3 : Use of Proceeds5-11
    • § 5:5.4 : Lease-Up Risks5-12
    • § 5:5.5 : Loan Amount; Value and Cost5-12
    • § 5:5.6 : Equity Commitment5-13
    • § 5:5.7 : Developer’s Fees5-14
    • § 5:5.8 : Project Cost Savings5-15
    • § 5:5.9 : Take-Out Commitment5-17
    • § 5:5.10 : Initial Term Loan5-19
    • § 5:5.11 : Tri-Party Agreements5-19
    • § 5:5.12 : Construction Loan Extensions5-20
  • § 5:6 : Refinancing5-21
  • § 5:7 : Other Financing5-22
  • § 5:8 : Subordination Agreements5-23
    • § 5:8.1 : Holdbacks; Financing Variations5-23
    • § 5:8.2 : Form of Subordination5-24
    • § 5:8.3 : Covenant of Title5-25
    • § 5:8.4 : Suretyship Defenses5-26
    • § 5:8.5 : Foreclosure Issues5-28
    • § 5:8.6 : Assignment of Subleases5-31
    • § 5:8.7 : Application of Loan Proceeds5-31
  • § 5:9 : Loan Documents5-34
  • § 5:10 : Satisfaction of Conditions5-35
  • § 5:11 : Identity of Lender5-36
  • § 5:12 : Landlord’s Right to Cure5-37
    • § 5:12.1 : Reinstatement of Loan5-37
    • § 5:12.2 : Effect of Cure5-37
    • § 5:12.3 : Option to Purchase Loan5-38
    • § 5:12.4 : Deed-in-Lieu of Foreclosure5-39
    • § 5:12.5 : Penalties5-39
    • § 5:12.6 : Continuing Liability of Tenant5-40
  • § 5:13 : Checklist for Subordinated Fee Financing5-40
Chapter 6: Leasehold Financing
  • § 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 : Refinancing6-6
  • § 6:3 : Partial Subordination6-7
    • § 6:3.1 : General6-7
    • § 6:3.2 : A Partial Subordination Agreement6-7
    • § 6:3.3 : Alternative Provisions6-8
    • § 6:3.4 : Variables6-9
  • § 6:4 : Protection of Leasehold Mortgagees6-11
    • § 6:4.1 : Termination of Lease6-11
    • § 6:4.2 : Priority of Landlord6-12
  • § 6:5 : Default and Cure6-13
    • § 6:5.1 : Default Clauses6-13
    • § 6:5.2 : Pendency of Foreclosure6-14
    • § 6:5.3 : Adequacy of Notices6-14
    • § 6:5.4 : “Reasonably Susceptible of Cure”6-15
    • § 6:5.5 : Assignment Restrictions6-16
    • § 6:5.6 : Continuing Liability6-17
    • § 6:5.7 : Continuing Construction6-18
    • § 6:5.8 : Liens on Fee6-19
    • § 6:5.9 : Change in Use6-20
  • § 6:6 : Landlord’s Concerns6-21
    • § 6:6.1 : Fee and Leasehold Mortgages6-22
    • § 6:6.2 : Cross-Defaults6-24
    • § 6:6.3 : Non-Terminable Ground Lease; Escrows6-24
  • § 6:7 : Leasehold Mortgagee Encumbrance Provisions6-25
    • § 6:7.1 : New Lease Provisions6-27
      • [A] : Limitations6-27
      • [B] : Perpetuities6-28
      • [C] : Financeability6-29
      • [D] : Back-Up Leases6-30
      • [E] : Title Effects6-30
      • [F] : New Lease Priority6-31
    • § 6:7.2 : Other Changes to the Model Provisions6-34
  • § 6:8 : Foreclosure of a Leasehold Mortgage6-38
  • § 6:9 : Leasehold Mortgagee’s Checklist: Review of the Ground Lease6-41
  • § 6:10 : Lender’s Checklist: The Leasehold Mortgage6-46
  • § 6:11 : Spreader to Fee6-48
  • § 6:12 : Assignment of Sublease Rentals; “Lock Boxes”6-50
  • § 6:13 : Rating Agency Criteria for Leasehold Mortgage Loans6-52
    • § 6:13.1 : Commercial Mortgage-Backed Securities (CMBS)6-52
    • § 6:13.2 : Specific Ground Lease Provisions6-54
Chapter 7: Bankruptcy
  • § 7:1 : Introduction7-2
    • § 7:1.1 : Bankruptcy Sources7-2
    • § 7:1.2 : Appointment of Chapter 11 Trustee7-3
  • § 7:2 : Basic Rules7-3
    • § 7:2.1 : Tenant Bankruptcy7-3
    • § 7:2.2 : Landlord Bankruptcy7-5
    • § 7:2.3 : Bankruptcy Clauses7-5
    • § 7:2.4 : Capital Leases7-7
    • § 7:2.5 : Assignment of Rents7-8
  • § 7:3 : Effects of Filing a Bankruptcy Case7-8
    • § 7:3.1 : Automatic Stay7-8
    • § 7:3.2 : Unpaid Rent7-9
      • [A] : Pre-Petition Rent7-9
      • [B] : Post-Termination Rent7-9
      • [C] : Administrative Rent7-13
    • § 7:3.3 : Pre-Petition Lease Termination7-14
    • § 7:3.4 : Cross-Defaults7-16
    • § 7:3.5 : Lifting the Automatic Stay7-17
  • § 7:4 : Assumption of Leases7-18
    • § 7:4.1 : Assumption by Tenant7-18
      • [A] : Extension of Period7-18
      • [B] : Requirements for Assumption7-20
      • [C] : Assumption and Assignment7-21
      • [D] : Effect of Assumption7-23
    • § 7:4.2 : Assumption by Landlord7-23
  • § 7:5 : Rejection by Tenant7-23
    • § 7:5.1 : Repossession by Landlord7-24
    • § 7:5.2 : Effect on Leasehold Mortgagees: The New Lease Provision7-24
    • § 7:5.3 : Standards for Rejection7-27
    • § 7:5.4 : Rejection: Termination or Breach?7-28
    • § 7:5.5 : Effect on Subtenants7-29
  • § 7:6 : Rejection by Landlord7-31
    • § 7:6.1 : Tenant Election to Stay7-32
    • § 7:6.2 : Future Landlord Performance7-32
    • § 7:6.3 : Effect on Leasehold Mortgages7-33
    • § 7:6.4 : Sales “Free and Clear” of the Lease7-36
  • § 7:7 : Rejection by Landlord and Tenant7-42
Chapter 8: Ground Lease Term
  • § 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 Feasibility8-9
  • § 8:5 : Other Conditions to Commencement8-10
  • § 8:6 : Definition of Lease Commencement8-10
    • § 8:6.1 : Commencement Date8-10
    • § 8:6.2 : Commencement of Construction8-10
    • § 8:6.3 : Certificates of Commencement and Termination8-11
  • § 8:7 : Duration of Term8-11
    • § 8:7.1 : Economic Life8-12
    • § 8:7.2 : Financing Term8-14
  • § 8:8 : Rights to Extend8-16
    • § 8:8.1 : Procedure; Rights of Leasehold Mortgagees8-17
    • § 8:8.2 : Lease During Extended Term8-19
  • § 8:9 : Holdover Tenancies8-20
Chapter 9: Premises and Title
  • § 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 Enjoyment9-10
  • § 9:3 : Leasehold Title Insurance9-12
    • § 9:3.1 : Leasehold Title Policy Forms9-12
    • § 9:3.2 : Terms of Coverage9-14
    • § 9:3.3 : Landlord’s Mortgages9-16
    • § 9:3.4 : Existing Tenancies9-16
    • § 9:3.5 : Appurtenant Easements and Rights9-16
    • § 9:3.6 : Landlord’s Title Policy9-18
    • § 9:3.7 : Insuring Rights to Purchase9-19
  • § 9:4 : Short-Form Lease9-20
    • § 9:4.1 : General9-20
    • § 9:4.2 : Contents9-20
    • § 9:4.3 : Amendments9-22
Chapter 10: Development of Improvements
  • § 10:1 : Introduction10-2
  • § 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 Property10-6
  • § 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
    • § 10:4.1 : Lien Rights10-10
    • § 10:4.2 : Lien Contests10-11
    • § 10:4.3 : Leasehold Mortgagees10-12
    • § 10:4.4 : Disclaimers and Waivers10-12
    • § 10:4.5 : Bonding10-13
    • § 10:4.6 : Other Lien Claimants10-14
  • § 10:5 : Approval of Plans10-14
    • § 10:5.1 : Lease Exhibits10-14
    • § 10:5.2 : Enforceable Agreement10-15
    • § 10:5.3 : Subsequent Approvals10-16
    • § 10:5.4 : Approval Standards10-17
    • § 10:5.5 : Resolution of Disputes10-18
  • § 10:6 : Ownership of Improvements10-19
  • § 10:7 : Standards of Construction10-20
  • § 10:8 : Redevelopment10-21
    • § 10:8.1 : Tenant Rights10-21
    • § 10:8.2 : Landlord’s Rights10-22
    • § 10:8.3 : Rental Considerations10-23
    • § 10:8.4 : Governmental Requirements10-24
Chapter 11: Use and Occupancy
  • § 11:1 : General11-1
    • § 11:1.1 : Permitted Uses11-2
    • § 11:1.2 : Compliance with Laws; Hazardous Materials11-3
  • § 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
  • § 11:4 : Percentage Rent and Continuous Operation11-9
  • § 11:5 : Maintenance and Operating Standards11-11
Chapter 12: Subletting
  • § 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 Surrender12-6
    • § 12:4.3 : Mortgage Foreclosure12-6
  • § 12:5 : Attornment and Nondisturbance12-8
    • § 12:5.1 : Landlord Agreements12-8
    • § 12:5.2 : Sublease Provisions12-9
    • § 12:5.3 : Attornment12-11
  • § 12:6 : Lender’s Concerns12-13
  • § 12:7 : Subordination, Nondisturbance, and Attornment greements12-15
    • § 12:7.1 : Developer Defaults12-15
    • § 12:7.2 : Continuing Lease Provisions12-17
    • § 12:7.3 : Lender Improvement Provisions12-19
    • § 12:7.4 : Lender Subordination Agreements12-19
  • § 12:8 : Bankruptcy Matters12-19
  • § 12:9 : Priorities; Junior Mortgages12-21
  • § 12:10 : Total Subletting12-21
  • § 12:11 : Assignments Pro Tanto12-22
Chapter 13: Assignment and Sale
  • § 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 Requirements13-7
    • § 13:4.2 : Reasonable Consent13-10
  • § 13:5 : Assignor Liability13-12
    • § 13:5.1 : Release13-12
    • § 13:5.2 : No Release13-13
    • § 13:5.3 : Assignor’s Reservation of Rights13-14
    • § 13:5.4 : Mortgage Back to Seller; Intercreditor Agreement13-16
    • § 13:5.5 : Terms of Release13-18
    • § 13:5.6 : Assumption by Assignee13-19
  • § 13:6 : Ownership Changes13-20
    • § 13:6.1 : Initial Assignments13-21
    • § 13:6.2 : Transfers of Remote Interests13-23
  • § 13:7 : Purchase Money Financing13-25
Chapter 14: Exculpatory Clauses and Guaranties
  • § 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 Liability14-8
  • § 14:7 : Ground Lease Guaranties14-10
    • § 14:7.1 : What to Guaranty14-13
    • § 14:7.2 : Form of Guaranty14-13
    • § 14:7.3 : Enforceability14-14
    • § 14:7.4 : Individual Guarantors14-15
Chapter 15: Insurance, Damage, and Reconstruction
  • § 15:1 : In General15-2
  • § 15:2 : Insurance15-2
    • § 15:2.1 : Some Terminology15-3
  • § 15:3 : Builder’s Risk15-5
  • § 15:4 : Property Coverage15-6
    • § 15:4.1 : Replacement Cost15-6
    • § 15:4.2 : Co-Insurance15-8
    • § 15:4.3 : Indemnity and Subrogation15-8
    • § 15:4.4 : Earthquake15-9
    • § 15:4.5 : Other Perils15-11
    • § 15:4.6 : Terrorism15-12
    • § 15:4.7 : Demolition and Clearing15-13
    • § 15:4.8 : Rental and Business Interruption15-13
  • § 15:5 : Liability Insurance15-15
    • § 15:5.1 : Umbrella Coverage15-16
    • § 15:5.2 : Pollution15-16
  • § 15:6 : Deductibles15-17
  • § 15:7 : Self-Insurance15-17
  • § 15:8 : General Considerations15-18
    • § 15:8.1 : Rating Requirements15-18
    • § 15:8.2 : Cancellation Provisions15-18
    • § 15:8.3 : Certificates of Insurance15-18
    • § 15:8.4 : Failure to Maintain Insurance15-18
    • § 15:8.5 : Multiple Locations15-19
  • § 15:9 : Damage and Reconstruction: General15-20
    • § 15:9.1 : Option to Rebuild15-21
    • § 15:9.2 : Rental Abatement15-22
    • § 15:9.3 : Availability of Proceeds15-23
    • § 15:9.4 : Lender’s Conditions: Reconstruction and Re-Leasing15-24
    • § 15:9.5 : Subtenants15-26
    • § 15:9.6 : Lender Requirements15-26
    • § 15:9.7 : Trustee of Insurance15-26
  • § 15:10 : End of Term15-27
    • § 15:10.1 : Proceeds upon Termination15-27
Chapter 16: Condemnation
  • § 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 Concerns16-5
  • § 16:3 : Subordinated Fee16-6
  • § 16:4 : Leasehold Mortgage16-6
  • § 16:5 : Partial Condemnation16-6
  • § 16:6 : Division of Proceeds16-8
    • § 16:6.1 : General16-8
    • § 16:6.2 : Basic Provisions16-9
      • [A] : Total Taking16-9
      • [B] : Partial Taking16-9
      • [C] : “Immaterial” Taking16-10
  • § 16:7 : Payment of Award16-10
  • § 16:8 : Multiparcel16-11
  • § 16:9 : Temporary Taking16-11
  • § 16:10 : Effect on Subtenants16-12
Chapter 17: Default and Redemption
  • § 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 Damages17-6
  • § 17:2 : The Non-Terminable Ground Lease17-7
    • § 17:2.1 : Self-Help17-8
    • § 17:2.2 : Equitable Remedies17-8
    • § 17:2.3 : Landlord’s Lien17-8
  • § 17:3 : Dispute Resolution17-9
  • § 17:4 : Unlawful Detainer and Forcible Entry17-11
  • § 17:5 : Rights of Redemption17-12
    • § 17:5.1 : Equitable Relief17-12
    • § 17:5.2 : Statutory Provisions17-13
    • § 17:5.3 : Redemption After Rejection in Bankruptcy17-16
Chapter 18: Surrender upon Termination
  • § 18:1 : Overview18-1
  • § 18:2 : Covenants Regarding Surrender18-3
  • § 18:3 : Landlord’s Concerns18-4
  • § 18:4 : Removal by Tenant18-6
  • § 18:5 : Demolition18-7
  • § 18:6 : Damages18-8
  • § 18:7 : Termination upon Damage or Destruction18-8
  • § 18:8 : Cabling18-8
  • § 18:9 : Reversion Issues18-9
Chapter 19: Rights to Purchase
  • § 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 Landlord19-6
    • § 19:2.1 : Bulk Sales and Other Transactions19-7
    • § 19:2.2 : Bankruptcy19-9
    • § 19:2.3 : Rule Against Perpetuities19-11
    • § 19:2.4 : Condemnation19-12
  • § 19:3 : Sale by Tenant19-12
  • § 19:4 : Terms of Rights to Purchase19-13
    • § 19:4.1 : Statute of Frauds19-13
    • § 19:4.2 : No Defaults; Credit Terms19-15
    • § 19:4.3 : Option Purchase Price19-16
    • § 19:4.4 : Term19-19
    • § 19:4.5 : Notice19-19
    • § 19:4.6 : Brokerage and Other Issues19-20
    • § 19:4.7 : Priority19-20
  • § 19:5 : Lender Concerns; Nonmerger19-21
  • § 19:6 : Exclusions from Purchase Rights19-22
    • § 19:6.1 : Sale by Tenant19-22
    • § 19:6.2 : Sale by Landlord19-23
    • § 19:6.3 : Leasehold Mortgages19-24
Chapter 20: Development Rights Leases
  • § 20:1 : Transferable Development Rights20-1
    • § 20:1.1 : Air Rights and Other Things20-3
    • § 20:1.2 : Leases20-4
  • § 20:2 : The Legal Context20-5
    • § 20:2.1 : Code Requirements20-5
    • § 20:2.2 : Transfer Restrictions20-6
  • § 20:3 : Lease Versus Sale20-6
    • § 20:3.1 : Value of Development Rights20-7
    • § 20:3.2 : Development Rights Rental20-9
  • § 20:4 : Transferor’s Title20-10
    • § 20:4.1 : Transfer of Unused Development Rights20-11
  • § 20:5 : Form of Conveyance20-12
  • § 20:6 : Taxes; Assessments and Other Liens20-13
  • § 20:7 : Transferor’s Remedies20-14
    • § 20:7.1 : Default20-14
    • § 20:7.2 : Code Requirements20-15
    • § 20:7.3 : Lien Rights20-15
  • § 20:8 : Priorities and Subordination20-15
    • § 20:8.1 : Non-Disturbance20-16
    • § 20:8.2 : Ground Lease Priority20-17
  • § 20:9 : Purchased Development Rights20-17
  • § 20:10 : Changes in Code20-18
Chapter 21: Multiparcel Development
  • § 21:1 : General21-1
  • § 21:2 : Deal Structure21-2
    • § 21:2.1 : Phasing21-3
  • § 21:3 : Statute of Frauds21-3
    • § 21:3.1 : Form of Lease21-4
    • § 21:3.2 : Rent21-4
    • § 21:3.3 : Premises21-4
  • § 21:4 : Permitting21-5
  • § 21:5 : Easements and Restrictions21-6
    • § 21:5.1 : Priority21-6
    • § 21:5.2 : Easements21-6
    • § 21:5.3 : Restrictions21-6
    • § 21:5.4 : Covenants21-6
Chapter 22: Arbitration and Mediation
  • § 22:1 : ADR Agreements22-1
    • § 22:1.1 : Generally22-1
    • § 22:1.2 : Scope22-2
    • § 22:1.3 : Arbitration in Bankruptcy22-4
    • § 22:1.4 : Federal Arbitration Act22-5
  • § 22:2 : What to Arbitrate22-6
  • § 22:3 : Who Should Arbitrate22-7
  • § 22:4 : Mediation, Arbitration, and Appraisal22-8
  • § 22:5 : Judicial Review22-10
  Appendices
Appendix A: Ground Lease
Appendix B: Leasehold Owner’s Endorsement
Appendix C: Leasehold Loan Endorsement
Appendix D: Percentage Rent Analysis
Appendix E: Letter of Intent
Appendix F: Memorandum of Lease
Appendix G: Subordination, Nondisturbance, and Attornment Agreement
Appendix H: Partial Subordination Agreement
Appendix I: Short-Form Leasehold Mortgagee Protection Provisions
Appendix J: Fee Subordination Deed of Trust
Appendix K: Leasehold Deed of Trust Sample Provisions
Appendix L: Rating Agency Criteria for Ground Leases in CMBS Transactions
Appendix M: Landlord Estoppel Certificate
Appendix N: Leasehold Purchase and Sale Agreement
Appendix O: Assignor’s Leasehold Deed of Trust, Security Agreement, and Financing Agreement
Appendix P: Intercreditor Agreement
Appendix Q: Assignment and Assumption of Ground Lease (with Form of Landlord’s Consent)
Appendix R: Subdivision of Lease
Appendix S: Intercreditor Agreement
Appendix T: Ground Lease Guaranty
Appendix U: Intercreditor Agreement
Appendix V: Environment Compliance Requirements
  Table of Authorities
  Index

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