Ground Leasehold Estate definition
Examples of Ground Leasehold Estate in a sentence
A commitment for the Title Policy covering the Land and Improvements issued by the Title Company in favor of Buyer, or its nominee, in the full amount of the Acquisition Price, showing Ground Lessor as fee simple title holder of the Land and showing Seller as the holder of the Ground Leasehold Estate.
Seller shall cooperate fully with Buyer as necessary to enable Buyer, at Buyer's cost, unless otherwise specified herein, to procure and to maintain all licenses, permits, or authorizations (including, without limitation, any liquor licenses which are required to be held in the name of the fee owner or ground lessee of the Real Property) necessary for the ownership of the Ground Leasehold Estate and/or other interests in the Real Property or the Improvements contemplated to be conveyed to Buyer hereunder.
Seller holds the entire Ground Leasehold Estate, free and clear of any claims, liens, encumbrances and restrictions of any kind, other than the Permitted Title Exceptions.
All loan agreements, notes, mortgages, deeds of trust, assignments, guarantees, indemnitees and other instruments evidencing, securing, guarantying or otherwise relating to any mortgage or secured financing encumbering the Ground Leasehold Estate and/or Seller's right, title and interest in and to the Real Property.
On the Closing Date, Seller shall cause the Title Company to issue the Title Policy (or a "marked-up" title commitment unconditionally committing the Title Company to issue such Title Policy) to Buyer, pursuant to and in accordance with the Title Commitment, insuring the Ground Leasehold Estate in Buyer as of the Closing Date, subject only to the Permitted Title Exceptions and such other exceptions as Buyer may approve pursuant to clause (ii) above.
Collectively, the Ground Leasehold Estate, the Personal Property, the Licenses and Permits, the Trade Names and Trademarks, the Warranties and Seller's interest in and to the balance of the Real Property and all tangible and intangible assets arising out of or relating to the foregoing (excluding, however, the Lessee Property described herein).
To the extent required under the applicable Ground Leases, each Ground Lessor shall consent to either the transfer of the Ground Leasehold Estate or the transfer of the Equity Interests in the tenant under the applicable Ground Lease, and to the sublease of the relevant Property to the Operating Lessee (the “Ground Lessor Consent”).
This Mortgage upon its due execution and proper recordation is and will remain a valid and enforceable (and, with respect to all personalty (as to which security interests are governed by the UCC), upon proper recordation and the filing of a financing statement) perfected first Lien on and security interest on the Land, Improvements, the Ground Leasehold Estate and such personalty subject to the Permitted Encumbrances.
Grantor owns good, indefeasible and) insurable fee simple title to the Land and the Improvements and good, indefeasible and insurable leasehold title to the Ground Leasehold Estate, subject only to the Permitted Encumbrances.
Beneficiary shall be liable for the obligations of the tenant arising under either Ground Lease for only that period of time during which Beneficiary is in possession of the Ground Leasehold Estate under such Ground Lease or has acquired, by foreclosure or otherwise, and is holding, all of the right, title and interest of Mortgagor therein.