Leasehold Estate Only. If any Mortgage Loan is secured by the interest of a Borrower as a lessee under a ground lease of all or a material portion of a Mortgaged Property (together with any and all written amendments and modifications thereof and any and all estoppels from or other agreements with the ground lessor, a “Ground Lease”), but not by the related fee interest in such Mortgaged Property or such material portion thereof (the “Fee Interest”), then:
(a) Such Ground Lease or a memorandum thereof has been submitted for recording; such Ground Lease permits the interest of the lessee thereunder to be encumbered by the related Mortgage; and there has been no material change in the terms of such Ground Lease since its recordation, with the exception of material changes reflected in written instruments which are a part of the related Mortgage File;
(b) The related lessee’s leasehold interest in the portion of the related Mortgaged Property covered by such Ground Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the related Mortgage, other than the related Fee Interest and Permitted Encumbrances;
(c) The Borrower’s interest in such Ground Lease is assignable to, and is thereafter further assignable by, the Purchaser upon notice to, but without the consent of, the lessor thereunder (or, if such consent is required, it either has been obtained or cannot be unreasonably withheld; provided that such Ground Lease has not been terminated and all amounts owed thereunder have been paid). If required by such Ground Lease, the lessor has received notice of the lien of the related Mortgage in accordance with the provisions of such Ground Lease;
(d) The related ground lessor has agreed to provide the holder of the Mortgage Loan notice and the holder of such Mortgage Loan is permitted a reasonable time to cure any default or breach by the lessee thereunder, including such time as is necessary to gain possession of the Mortgaged Property, by foreclosure or otherwise, if possession is necessary to effect such cure, before the lessor thereunder may terminate such Ground Lease;
(e) In connection with the origination of such Mortgage Loan, the related ground lessor provided an estoppel to the originator confirming that the related Borrower was not then in default under such Ground Lease; such Ground Lease provides that no notice of termination given under such Ground Lease is effective against the mortgagee under such Mortgage Loan unless a copy has been del...
Leasehold Estate Only. If any Mortgage Loan is secured by the interest of a Borrower as a lessee under a ground lease of all or a material portion of a Mortgaged Property (together with any and all written amendments and modifications thereof and any and all estoppels from or other agreements with the ground lessor, a "Ground Lease"), but not by the related fee interest in such Mortgaged Property or such material portion thereof (the "Fee Interest"), then:
Leasehold Estate Only. If "Leasehold" is set forth opposite the name of the related Mortgaged Property on the Mortgage Loan Schedule (other than with respect to the Mortgaged Properties identified on the Mortgage Loan Schedule as Fairfield Inn-Tuscaloosa and Marriott by Courtyard Tuscaloosa), such Mortgage Loan is secured by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease") (with respect to Representations 18, 19 and 20, the term "Ground Lease" shall mean the applicable ground lease, all written amendments and modifications and any related estoppels or agreements from the ground lessor), but not by the related fee interest in such Mortgaged Property (the "Fee Interest") and:
Leasehold Estate Only. If "Leasehold" is set forth opposite the name of the related Mortgaged Property on the Mortgage Loan Schedule, such Mortgage Loan is secured by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease") (with respect to Representations 18 and 19, the term "Ground Lease" shall mean such ground lease, all written amendments and modifications, and any related estoppels or agreements from the ground lessor), but not by the related fee interest in such Mortgaged Property (the "Fee Interest") and:
Leasehold Estate Only o Creekwood Commons (310906247) ($19,200,000): Part Fee/ Part Leasehold; Fee Not Subordinated; Area comprising ground lease (City of Kansas City is ground lessor) is currently used for shopping center signage, but alternative sites exist along frontage of two major thoroughfares if signage required to be relocated; Ground lease expires 07.07.
Leasehold Estate Only. With respect to Loan No. 2, Jersey Gardens, as party of a Payment in Lieu of Taxes Program (PILOT), there are two borrowers with respect to the related Mortgage Loan. One of the borrowers has a granted a first priority mortgage on its leasehold interest and the other has granted a first priority mortgage on its fee interest. With respect to Loan No. 2, Jersey Gardens, the term of the ground lease expires on the earlier of (i) the date the bonds are repaid in their entirety or (ii) June 4, 2048, provided that such expiration date will be extended to the later of (x) the date on which any mortgage on borrower's interest is outstanding (unless the holder of such mortgage agrees to an earlier termination) and (y) the date on which the fee borrower has conveyed the mall site free and clear of all liens to the leasehold borrower. With respect to Loan No. 42, Number 00 Xxxx Xxxxxx, the borrower has ground leased the property from Memphis Center City Revenue Finance Corporation ("MCCRFC") as part of Memphis' Payment in Lieu of Taxes program (PILOT). The ground rent is $100 per year and the Borrower has the option to purchase the fee at any time for $1,000. Purchase of the fee presumably would terminate the PILOT benefits. MCCRFC has granted the Lender a lien on its fee simple interest in the property.
Leasehold Estate Only. With respect to Loan No. 11, Tharaldson Portfolio IIB, the underlying fee simple interexxx xx xxxxx xx xxx Xxxxxxxxx Properties are encumbered by the Tharaldson Portfolio IIA Mortgage Loan; however, neither the liens xx xxx Xxrtgage Loan nor the Tharaldson Portfolio IIA Mortgage Loan, are subordinate to the liexx xx xxx other loan.
Leasehold Estate Only. Xxx Xxxx xx Xxx xxxx xx xxx xxxxxxx Xxxxxx Xxxxe shall expire on the Stonecrest (58376) earliest of: (i) December 14, 2032, (ii) the date of payment in full of the Improvement Bonds (as defined in the related Mortgage Loan documents) is made by the related Borrower or (iii) the exercise of such Borrower of its option to terminate the term of the Lease (which option may be exercised at any time provided that such Borrower pays to the trustee under the Indenture of Trust the full outstanding balance of all Improvement Bonds). There are no renewal options available to the related Borrower. The maturity date of the related Mortgage Loan is October 1, 2014. Upon termination of the related Ground Lease, the related Borrower has the right to purchase the fee interest for a nominal amount and the related Mortgage would then spread to cover the lien on the fee. Such purchase option has been assigned to the mortgagee.
Leasehold Estate Only. With respect to Loan 13, Holiday Inn Express--Mission Bay Sea World, a non- material portion of the overall property is subject to a ground lease in which borrower is the sub sub-lessee and also owns an undivided 1/2 fee interest. The ground lease extends 10 years beyond loan maturity (2010) but does not extend 10 years beyond the amortization period of the loan (30 years-2045); the ground leases expire in 2035. The term of a portion (not a material portion) extends 10 years beyond loan maturity (5-year loan) but not beyond the amortization period. There is no provision for a new lease if the ground lease is terminated, only for the right to transfer of the leasehold estate if the lender forecloses.
Leasehold Estate Only. Xxxx Xx. Exception -------- --------- Valu Plus Market Place Valu Plus Market Place is secured by (i) Loan Number 4220 a mortgage encumbering Borrower's fee interest in a retail center, which includes some parking lot space and (ii) an assignment of Borrower's interest as a lessee under a Ground Lease with respect to an additional surface parking lot. The following disclosures relate to the correspondingly numbered subparagraphs of Section 18 of Schedule II: 18(c)--Although there is no express restriction on the right or ability of the holder of the Mortgage to assign or transfer its interests in the Ground Lease, there is not an express authorization for the Mortgage holder to assign or transfer its interests without the consent of the lessor under the Ground Lease. Seller does not have a lien on the Ground Lease, but the lessor has notice of the assignment of the Ground Lease to Seller. 18(e)--Although the Ground Lease states that the lessor will not terminate the Ground Lease unless and until it first gives notice to the mortgagee, it does not expressly state that any effort to terminate without notice will not be effective.
