This office lease form states that the lessor represents to the lessee that the existing fee mortgage is the only mortgage encumbering the land and the demised premises. The lessor agrees to cause the holder of the existing fee mortgage to agree to certain provisions.
Arizona Fee Mortgage Provisions from a Ground Lease
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US-OL20071
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How to fill out Fee Mortgage Provisions From A Ground Lease?
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Arizona Revised Statute 6-814 requires all escrow agents operating within the state to obtain a license from the Department of Insurance and Financial Institutions.
A deed of trust is the most commonly used form of security document by lenders when purchasing a home in Arizona. Most people would assume it's the same as a mortgage. While they serve the same purpose, there are some key differences to understand.
Each state has specific requirements and laws when buying or selling property. While Arizona is one of eight states considered an escrow state, Arizona's escrow process is slightly different from the other seven states.
Escrow Fees in Arizona The escrow fees may vary depending on the company you choose. However, the fees are generally $2 for every $1,000 of the property's sale price. Some escrow companies may provide a flat fee regardless of the price of the property.
On the other hand, ground lease payments reduce the cash flow to the property owner and thus should be taken into consideration when estimating a cap rate-based valuation for disposition. This would mean that ground lease payments might have to be considered a part of operating expenses.
All monies entrusted to the broker must be deposited into a neutral escrow depository in Arizona unless otherwise agreed to in writing by all parties to the transaction (A.R.S. § 32-2151).
Unless otherwise instructed in writing by the parties, the escrow charges and recording/filing fees shall be paid one-half by Buyer and one-half by Seller.
For a real estate transaction, for example, a buyer would deposit their money with the escrow company. Once the selling and contract process is over, the escrow company would then disburse the money to the seller. Escrow serves as a guarantee that the money will be available once the transaction is finished.
