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.
Rhode Island Fee Mortgage Provisions from a Ground Lease are legal clauses that pertain to mortgages and ground leases within Rhode Island. These provisions outline the rights, obligations, and restrictions of both parties involved in the agreement. In a fee mortgage provision, the property owner, known as the fee owner, grants the lender a mortgage interest on the property while retaining fee ownership. This allows the lender to foreclose on the property in case of mortgage default, while the fee owner retains ownership rights to the land. Common types of Rhode Island Fee Mortgage Provisions from a Ground Lease include: 1. Leasehold Mortgage: This provision is applicable when the ground leaseholder (lessee) seeks financing. It allows the lessee to mortgage their leasehold interest to secure a loan. In the event of a default, the lender has the right to foreclose on the leasehold interest. 2. Lender's Consent: Some ground leases require the lessee to obtain the fee owner's consent before mortgaging their leasehold interest. This provision ensures that the fee owner is aware of the encumbrance and approves the lender's interest in the property. 3. Right of Light and Air: This provision guarantees that the fee owner's rights to light, air, and views are preserved. The ground leaseholder must ensure that any improvements or structures on the property do not obstruct or significantly diminish these rights. 4. Subordination and Attornment: In this provision, the ground lease agreement and the mortgage are subordinated to one another. It means that if the lender forecloses on the property, the ground lease is considered subordinate to the mortgage, allowing the lender to sublease or terminate the lease. 5. Recognition Agreement: This provision establishes a tripartite agreement between the fee owner, lessee, and lender. It confirms the lender's rights and the lessee's obligation to recognize the lender's interest in the event of foreclosure. Rhode Island Fee Mortgage Provisions from a Ground Lease play a crucial role in protecting the interests of both the fee owner and the lender. These provisions establish a legal framework for securing loans based on leasehold interests and ensure that the rights and obligations of all parties involved are clearly defined.Rhode Island Fee Mortgage Provisions from a Ground Lease are legal clauses that pertain to mortgages and ground leases within Rhode Island. These provisions outline the rights, obligations, and restrictions of both parties involved in the agreement. In a fee mortgage provision, the property owner, known as the fee owner, grants the lender a mortgage interest on the property while retaining fee ownership. This allows the lender to foreclose on the property in case of mortgage default, while the fee owner retains ownership rights to the land. Common types of Rhode Island Fee Mortgage Provisions from a Ground Lease include: 1. Leasehold Mortgage: This provision is applicable when the ground leaseholder (lessee) seeks financing. It allows the lessee to mortgage their leasehold interest to secure a loan. In the event of a default, the lender has the right to foreclose on the leasehold interest. 2. Lender's Consent: Some ground leases require the lessee to obtain the fee owner's consent before mortgaging their leasehold interest. This provision ensures that the fee owner is aware of the encumbrance and approves the lender's interest in the property. 3. Right of Light and Air: This provision guarantees that the fee owner's rights to light, air, and views are preserved. The ground leaseholder must ensure that any improvements or structures on the property do not obstruct or significantly diminish these rights. 4. Subordination and Attornment: In this provision, the ground lease agreement and the mortgage are subordinated to one another. It means that if the lender forecloses on the property, the ground lease is considered subordinate to the mortgage, allowing the lender to sublease or terminate the lease. 5. Recognition Agreement: This provision establishes a tripartite agreement between the fee owner, lessee, and lender. It confirms the lender's rights and the lessee's obligation to recognize the lender's interest in the event of foreclosure. Rhode Island Fee Mortgage Provisions from a Ground Lease play a crucial role in protecting the interests of both the fee owner and the lender. These provisions establish a legal framework for securing loans based on leasehold interests and ensure that the rights and obligations of all parties involved are clearly defined.
