Common use of Leased Fee Clause in Contracts

Leased Fee. Mortgaged property is a leased fee, where tenant or other non-borrower party maintains its own insurance or self-insures. Subject to applicable restoration obligations, casualty proceeds are payable to tenant or other non-borrower party and/or Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception

Leased Fee. Mortgaged property is a leased fee, where tenant or other non-borrower party maintains its own insurance or self-insures. Subject to applicable restoration obligations, casualty proceeds are payable to tenant or other non-borrower party and/or Representation Number on Exhibit C Mortgage Loan Name its leasehold mortgagee, and Number as Identified on Exhibit A Description lease provisions govern disbursement of Exceptioninsurance proceeds. No rent abatement or termination provisions in the event of casualty during the loan term. Tenant is required to raze or restore improvements following casualty during the loan term. (ii)