What is a ground lease estoppel?

By Practical Law Real Estate. A form of landlord's certification of certain material terms of its ground lease favoring the transferee of the tenant's ground leasehold interests, the tenant's lender, or a subtenant of all or part of the tenant's premises.

In which of the following cases would an estoppel certificate be needed?

An estoppel certificate is typically requested when the owner of a multifamily property is either selling or refinancing the property. It's an important piece of a buyer or lender's due diligence. A property owner may be required to request an estoppel certificate from their tenants when they're selling the property.

What is the purpose of an estoppel certificate?

By definition, an estoppel certificate is ?a signed statement by a party (such as a tenant or mortgagee) certifying for anoth- er's benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date.

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Michigan Discharge of Ground Lease Estoppel Certificate and Consent

Lansing Michigan Discharge of Ground Lease Estoppel Certificate and Consent

Name: Lansing Michigan Discharge of Ground Lease Estoppel Certificate and Consent
Brand: US Legal Forms
Rating: 4.65 (495 reviews)

Category:

Michigan Releases and Waivers

State:

Michigan

City:

Lansing

Control #:

MI-LR050T

Format:

Instant download

Description

This form releases and discharges the all rights, terms, conditions, obligations and liens that may have been established for the benefit of Lenders under the originally executed Ground Lease Estoppel Certificate and Consent. Lansing, Michigan Discharge of Ground Lease Estoppel Certificate and Consent serves as an essential legal document needed when terminating a ground lease agreement in Lansing, Michigan. This certificate enables the lessee to confirm their agreement to release any rights, claims, or obligations associated with the ground lease. The Discharge of Ground Lease Estoppel Certificate and Consent outlines the terms and conditions agreed upon by both the lessor and lessee, ensuring a smooth transition in ending the lease agreement. It is a vital step to legally dissolve any ongoing obligations and liabilities between the two parties. Key Details in a Lansing, Michigan Discharge of Ground Lease Estoppel Certificate and Consent include: 1. Identifying Information: This section includes the names and addresses of both the lessor and lessee, their contact information, and the legal description of the leased property in Lansing, Michigan. 2. Ground Lease Details: This section provides specific information about the ground lease, such as the lease start and end dates, the lease term, any renewal options, and the agreed-upon rental or payment amounts. 3. Obligations and Liabilities: The certificate confirms that the lessee is aware of and acknowledges all obligations and liabilities arising from the ground lease, such as maintenance responsibilities, insurance requirements, and compliance with local zoning regulations. 4. Release of Rights: The lessee affirms their release of any rights, claims, or demands against the lessor, freeing both parties from any future legal disputes or liabilities related to the ground lease. 5. Consent and Waiver: This section includes the lessee's consent to the termination of the ground lease and a waiver of any default claims or defenses they may have against the lessor. Types of Lansing, Michigan Discharge of Ground Lease Estoppel Certificates and Consents: 1. Residential Property Discharge of Ground Lease Estoppel Certificate and Consent: Specifically designed for terminating ground leases involving residential properties in Lansing, Michigan. 2. Commercial Property Discharge of Ground Lease Estoppel Certificate and Consent: Applicable for commercial ground leases, covering retail spaces, office buildings, or industrial properties in Lansing, Michigan. 3. Agricultural Property Discharge of Ground Lease Estoppel Certificate and Consent: Pertains to the termination of ground leases involving agricultural properties, including farmlands or rural estates in Lansing, Michigan. It is crucial to consult with a qualified attorney experienced in Lansing, Michigan real estate laws to ensure the accurate preparation and execution of a Lansing Discharge of Ground Lease Estoppel Certificate and Consent, tailored to your specific situation.

Lansing, Michigan Discharge of Ground Lease Estoppel Certificate and Consent serves as an essential legal document needed when terminating a ground lease agreement in Lansing, Michigan. This certificate enables the lessee to confirm their agreement to release any rights, claims, or obligations associated with the ground lease. The Discharge of Ground Lease Estoppel Certificate and Consent outlines the terms and conditions agreed upon by both the lessor and lessee, ensuring a smooth transition in ending the lease agreement. It is a vital step to legally dissolve any ongoing obligations and liabilities between the two parties. Key Details in a Lansing, Michigan Discharge of Ground Lease Estoppel Certificate and Consent include: 1. Identifying Information: This section includes the names and addresses of both the lessor and lessee, their contact information, and the legal description of the leased property in Lansing, Michigan. 2. Ground Lease Details: This section provides specific information about the ground lease, such as the lease start and end dates, the lease term, any renewal options, and the agreed-upon rental or payment amounts. 3. Obligations and Liabilities: The certificate confirms that the lessee is aware of and acknowledges all obligations and liabilities arising from the ground lease, such as maintenance responsibilities, insurance requirements, and compliance with local zoning regulations. 4. Release of Rights: The lessee affirms their release of any rights, claims, or demands against the lessor, freeing both parties from any future legal disputes or liabilities related to the ground lease. 5. Consent and Waiver: This section includes the lessee's consent to the termination of the ground lease and a waiver of any default claims or defenses they may have against the lessor. Types of Lansing, Michigan Discharge of Ground Lease Estoppel Certificates and Consents: 1. Residential Property Discharge of Ground Lease Estoppel Certificate and Consent: Specifically designed for terminating ground leases involving residential properties in Lansing, Michigan. 2. Commercial Property Discharge of Ground Lease Estoppel Certificate and Consent: Applicable for commercial ground leases, covering retail spaces, office buildings, or industrial properties in Lansing, Michigan. 3. Agricultural Property Discharge of Ground Lease Estoppel Certificate and Consent: Pertains to the termination of ground leases involving agricultural properties, including farmlands or rural estates in Lansing, Michigan. It is crucial to consult with a qualified attorney experienced in Lansing, Michigan real estate laws to ensure the accurate preparation and execution of a Lansing Discharge of Ground Lease Estoppel Certificate and Consent, tailored to your specific situation.

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FAQ

The purpose of an estoppel certificate is usually twofold: (1) to give a prospective purchaser or lender accurate information about the lease and the leased premises and (2) to give assurance to the purchaser that the tenant at a later date will not make claims that are inconsistent with the statements contained in the

For instance, if a landlord agrees not to terminate a tenant's lease as long as the tenant spends money on improving the property, an estoppel certificate could prevent the landlord from going back on their word and terminating the lease, even when the promise may not have been written into a contract.

By Practical Law Real Estate. A form of landlord's certification of certain material terms of its ground lease favoring the transferee of the tenant's ground leasehold interests, the tenant's lender, or a subtenant of all or part of the tenant's premises.

During the term of a ground lease, the tenant owns any improvements made to the property, including any buildings it constructs. For example, many Macy's (NYSE:M) department stores are ground-leased.

An estoppel certificate is a statement signed by a tenant that a commercial lease agreement exists, that specific facts of the agreement are valid, that no defaults exist and that they agree to pay rent on a particular date to the landlord.

An estoppel certificate is typically requested when the owner of a multifamily property is either selling or refinancing the property. It's an important piece of a buyer or lender's due diligence. A property owner may be required to request an estoppel certificate from their tenants when they're selling the property.

By definition, an estoppel certificate is ?a signed statement by a party (such as a tenant or mortgagee) certifying for anoth- er's benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date.

Usually, it means that your landlord or the building owner is selling the building or refinancing the mortgage. In order to do this, they want to get an up-to-date picture of each lease in the building. For the most part, the certificate is double-checking the financial status of your lease.

A ground lease is an agreement in which a tenant is permitted to develop a piece of property during the lease period, after which the land and all improvements are turned over to the property owner.

Ground Lease Estoppel means that certain estoppel certificate and agreement given by Fee Owner for the benefit of Lender and containing certain statements and agreements relating to the Ground Lease.

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1 Gather Your References, Then Open The Estoppel Form. In and out without his permission is an anathema to the landlord.14 Back-Up Offer Agreement Exhibit; RF 2. Village of Canton, NY (N. Lansing, Ingham County, MI. Pontiac, Oakland County, MI. Pontiac, Oakland County, MI. Tenant proposes to sublease its leasehold interest in all of the Leased Premises, and to assign the. Leases Agreement Lease, to Sublessee. STATEMENT. This page is an attempt to give you all the information you may need about the Forms and Documents for the City Attorney in the City of Lansing. The attorney's client is the entity, not its members, officers, or directors. Corporation for a solar facility on the capped land fill.

Lansing Michigan Discharge of Ground Lease Estoppel Certificate and Consent

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