Leased Fee. Macy’s (anchor tenant) is a leased fee, where the tenant or other non-borrower party constructed improvements and either maintains its own insurance or self-insures. Subject to applicable restoration obligations, casualty proceeds are payable to the ground lessee or other non-borrower party and/or its leasehold mortgagee.
Appears in 4 contracts
Samples: Mortgage Loan Purchase Agreement (Bank5 2024-5yr7), Mortgage Loan Purchase Agreement (Bank5 2024-5yr7), Pooling and Servicing Agreement (BMO 2024-5c4 Mortgage Trust)