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.
Clark Nevada Fee Mortgage Provisions from a Ground Lease: In Clark County, Nevada, the fee mortgage provisions from a ground lease are essential for understanding the legal rights and obligations associated with a leasehold interest in a property as well as the mortgage on that leasehold interest. These provisions outline the terms under which a mortgage lender can secure its interests in the event of a default by the tenant or leaseholder. There are several types of fee mortgage provisions that can be included in a ground lease in Clark County, Nevada. Some of the most common ones include: 1. Mortgagee's Right to Access: This provision permits the mortgage lender to enter and inspect the leased premises to protect its interests and ensure compliance with the lease terms, particularly in the event of a default by the tenant or leaseholder. 2. Subordination Clause: This clause establishes the priority of the mortgage lender's lien over the leasehold interest, ensuring that the lender's security interest takes precedence over any subsequent liens or encumbrances on the property. 3. Notice of Default: This provision requires the tenant or leaseholder to notify the mortgage lender promptly if they default on any lease terms or fail to make timely payments. It obligates the tenant/leaseholder to provide information about any potential default that may impact the mortgage lender's rights. 4. Assignment and Subletting: This clause addresses the tenant's ability to assign or sublet their leasehold interest. It typically requires the tenant to obtain the consent of the mortgage lender before transferring their rights, ensuring that the lender can evaluate the creditworthiness of the new tenant or sublessee. 5. Conditional Transfer: This provision gives the mortgage lender the right to approve or disapprove any proposed transfer of the leasehold interest, ensuring that the lender maintains control over who assumes the lease obligations and protects the lender's interests. 6. Remedies upon Default: This section outlines the remedies available to the mortgage lender if the tenant or leaseholder defaults on their lease obligations. It typically includes the right to foreclose on the leasehold interest, terminate the lease, or take any other lawful actions to protect the lender's security interest. By including these fee mortgage provisions in a ground lease, both the mortgage lender and the tenant or leaseholder can ensure clarity and protection of their respective rights. It is essential for all parties involved to carefully review and negotiate these provisions to meet their specific needs and mitigate potential risks throughout the lease term.Clark Nevada Fee Mortgage Provisions from a Ground Lease: In Clark County, Nevada, the fee mortgage provisions from a ground lease are essential for understanding the legal rights and obligations associated with a leasehold interest in a property as well as the mortgage on that leasehold interest. These provisions outline the terms under which a mortgage lender can secure its interests in the event of a default by the tenant or leaseholder. There are several types of fee mortgage provisions that can be included in a ground lease in Clark County, Nevada. Some of the most common ones include: 1. Mortgagee's Right to Access: This provision permits the mortgage lender to enter and inspect the leased premises to protect its interests and ensure compliance with the lease terms, particularly in the event of a default by the tenant or leaseholder. 2. Subordination Clause: This clause establishes the priority of the mortgage lender's lien over the leasehold interest, ensuring that the lender's security interest takes precedence over any subsequent liens or encumbrances on the property. 3. Notice of Default: This provision requires the tenant or leaseholder to notify the mortgage lender promptly if they default on any lease terms or fail to make timely payments. It obligates the tenant/leaseholder to provide information about any potential default that may impact the mortgage lender's rights. 4. Assignment and Subletting: This clause addresses the tenant's ability to assign or sublet their leasehold interest. It typically requires the tenant to obtain the consent of the mortgage lender before transferring their rights, ensuring that the lender can evaluate the creditworthiness of the new tenant or sublessee. 5. Conditional Transfer: This provision gives the mortgage lender the right to approve or disapprove any proposed transfer of the leasehold interest, ensuring that the lender maintains control over who assumes the lease obligations and protects the lender's interests. 6. Remedies upon Default: This section outlines the remedies available to the mortgage lender if the tenant or leaseholder defaults on their lease obligations. It typically includes the right to foreclose on the leasehold interest, terminate the lease, or take any other lawful actions to protect the lender's security interest. By including these fee mortgage provisions in a ground lease, both the mortgage lender and the tenant or leaseholder can ensure clarity and protection of their respective rights. It is essential for all parties involved to carefully review and negotiate these provisions to meet their specific needs and mitigate potential risks throughout the lease term.
