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 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, except as otherwise set forth on SCHEDULE C-18:
Leasehold Estate Only. With respect to Mortgage Loan No. GA 19942, Military Circle: (b) the Ground Lease does not provide that it shall remain superior to any mortgage or other lien upon the related fee interest, although the title policy did not reflect any such existing mortgage or other lien on the fee estate at the closing of the Mortgage Loan, (e) although the Ground Lease does require copies of notices of default be sent to Mortgagee, the Ground Lease does not require that notice of termination be delivered to Mortgagee, unless it is in connection with Mortgagor's exercise of its termination option in 2010, (j, k) the Ground Lease does not contain a quiet enjoyment covenant by ground lessor and (l) the Ground Lease does not provide that it may not be amended or modified without Mortgagee's consent. With respect to Mortgage Loan No. DBM 20300, Executive Airport Business Center: (b) the Ground Lease does not specifically provide that it shall be superior to any mortgage or other lien upon the related Fee Interest, but contains language to the effect that nothing in the lease shall be deemed to impose upon the leasehold interest the superiority of the lien of any fee mortgage, (i) any insurance proceeds payable due to the destruction or damage to any of the Premises will be payable to and deposited in a commercial national bank as trustee located in Fort Lauderdale, FL that is selected by the Landlord, not by the Mortgagee; the Ground Lease also states that any condemnation proceeds shall be used by the Tenant for restoration purposes, but does not require any condemnation proceeds to be applied first to the payment of outstanding principal interest on the Mortgage Loan; (l) the Ground Lease is silent with respect to amendments and modifications without the Leasehold Mortgagee's prior consent, but the Mortgage Loan is supported by a non-recourse guarantee that holds the loan's sponsor personally liable for losses resulting from any amendment and/or modification of the Ground Lease without lender's consent and for application of insurance proceeds or condemnation awards not in accordance with the loan documents.
Leasehold Estate Only. If any Schedule A-1 Loan is secured by the interest of a Borrower as a lessee under a ground lease (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 property (the "Fee Interest"), then:
Leasehold Estate Only. (ii) 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. Prince Kuhio (57995) The related Ground Lease does not require the lessor to enter into a new lease with a mortgagee upon termination of such Ground Lease for any reason, including as a result of a rejection of such Ground Lease in a bankruptcy proceeding involving the related Borrower, however the Consent Agreement provides that neither the bankruptcy nor the insolvency of Tenant shall operate nor permit Landlord to terminate the Ground Lease as long as all rent and other charges payable to Landlord continue to be paid. ------------------------------------------------------------ ---------------------------------------------------------
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.
Leasehold Estate Only. Loan No. Exception -------- --------- 56108 - Deluxe Video Warehouse The Ground Lease expires upon the expiration of certain bonds on which the Ground Lease is based. Based on conversations with closing counsel, the bonds expire in the ninth (9th) year of the loan term, or the bonds may be prepaid prior to that date, in which case the Ground Lease will expire on the date of such prepayment. At the time of expiration, the Borrower is required to purchase the fee interest in the property for one hundred dollars pursuant to a purchase option contained in the Ground Lease.
Leasehold Estate Only. Extra Space - Whittier The related lessor consented to an assignment to a trustee in a Extra Space - Northborough securitization in the estoppel. The related lessor's consent to an Extra Space - Stockton assignment is not required if the assignee has a net worth and Extra Space - Weymouth creditworthiness equal to at least that of the related borrower. All other Extra Space - Lynn (58208) related assixxxxnxx xxxxxxx xxxxxxx which the lessor agrees not to unreasonably withhold.
Leasehold Estate Only. With respect to the Corrado Medical Building Mortgage Loan, the Borrower's interest in the Ground Lease, after being acquired pursuant to a foreclosure, deed in lieu of foreclosure or other proceeding, may be assigned without the consent of the lessor provided that the proposed assignee (a) is not a competitor of the lessor and, (b) if it intends to finance its acquisition of the Borrower's interest in the Ground Lease, demonstrates to the lessor that such financing will satisfy a specified debt service coverage ratio. Exception 21 - No Equity Interest, Equity Participation or Contingent Interest: ------------------------------------------------------------------------------- The Best Western Seattle Mortgage Loan provides that during the period commencing on or about the related Anticipated Repayment Date and continuing until such Mortgage Loan is paid in full, unless otherwise determined by the lender, all payments shall be applied, in the following order of priority,
