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.
Oregon Fee Mortgage Provisions from a Ground Lease provide specific provisions for mortgages and loans tied to properties that are subject to ground leases in the state of Oregon. These provisions aim to protect the rights and interests of both the lender and the ground leaseholder. Ground leases are long-term leases in which a lessee is granted the right to build and own improvements on a property owned by a lessor. Oregon Fee Mortgage Provisions offer clarity on the rights and responsibilities of both parties in cases where the owner of the land (lessor) allows the lessee to obtain a mortgage or loan on the property. The provisions outline the lender's rights in relation to the ground lease and ensure that the lender's interest is protected in the event of default or foreclosure. These provisions typically address various important aspects, including priority of liens, notice requirements, lender access to information, and default remedies. One of the key concerns is ensuring that the lender's lien on the leased property has priority over the lessor's interest in the event of default or foreclosure. Under Oregon law, there are two types of Fee Mortgage Provisions that can be included in a ground lease: 1. Non-Disturbance Provision: This provision ensures that if the ground lease is terminated due to default or foreclosure, the lender's interest in the leased property will not be disturbed or extinguished. This allows the lender to continue its rights under the ground lease or gain possession of the property, despite any action taken against the lessee. 2. Subordination Provision: This provision places the lender's rights and interest in the leased property in a subordinate position to the interest of the lessor. In other words, if the ground lease is terminated, the lender's rights may be affected, and the lender may have to yield to the rights of the lessor. This provision is less favorable to the lender but may still be utilized depending on the specific terms and negotiations between the parties involved. It is essential for lenders and lessees to carefully review and negotiate Oregon Fee Mortgage Provisions from a Ground Lease to ensure that their respective interests are adequately protected. These provisions help establish a clear framework for the parties to operate within, reducing potential conflicts and uncertainties in case of default or termination of the ground lease.Oregon Fee Mortgage Provisions from a Ground Lease provide specific provisions for mortgages and loans tied to properties that are subject to ground leases in the state of Oregon. These provisions aim to protect the rights and interests of both the lender and the ground leaseholder. Ground leases are long-term leases in which a lessee is granted the right to build and own improvements on a property owned by a lessor. Oregon Fee Mortgage Provisions offer clarity on the rights and responsibilities of both parties in cases where the owner of the land (lessor) allows the lessee to obtain a mortgage or loan on the property. The provisions outline the lender's rights in relation to the ground lease and ensure that the lender's interest is protected in the event of default or foreclosure. These provisions typically address various important aspects, including priority of liens, notice requirements, lender access to information, and default remedies. One of the key concerns is ensuring that the lender's lien on the leased property has priority over the lessor's interest in the event of default or foreclosure. Under Oregon law, there are two types of Fee Mortgage Provisions that can be included in a ground lease: 1. Non-Disturbance Provision: This provision ensures that if the ground lease is terminated due to default or foreclosure, the lender's interest in the leased property will not be disturbed or extinguished. This allows the lender to continue its rights under the ground lease or gain possession of the property, despite any action taken against the lessee. 2. Subordination Provision: This provision places the lender's rights and interest in the leased property in a subordinate position to the interest of the lessor. In other words, if the ground lease is terminated, the lender's rights may be affected, and the lender may have to yield to the rights of the lessor. This provision is less favorable to the lender but may still be utilized depending on the specific terms and negotiations between the parties involved. It is essential for lenders and lessees to carefully review and negotiate Oregon Fee Mortgage Provisions from a Ground Lease to ensure that their respective interests are adequately protected. These provisions help establish a clear framework for the parties to operate within, reducing potential conflicts and uncertainties in case of default or termination of the ground lease.
