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.
Fulton County, Georgia is a vibrant and populous area located in the state of Georgia. It encompasses diverse cities and neighborhoods, one of which is Fulton, Georgia. When it comes to real estate, specifically ground leases, Fulton, Georgia has some distinct fee mortgage provisions that are essential to understand. Fee mortgage provisions refer to clauses and conditions within a ground lease agreement that govern the rights and obligations of the lender (the mortgagee) and the borrower (the mortgagor) concerning the fee interest in the property subject to the ground lease. These provisions typically outline the lender's rights in case of default by the borrower. In Fulton, Georgia, there are a few noteworthy fee mortgage provisions from a ground lease: 1. Non-disturbance clause: This provision ensures that if the tenant (borrower) defaults on the ground lease, the lender (mortgagee) can step in as the new tenant without any interruption or disturbance to their rights and interests in the property. This clause prevents the lender from losing its rights in case the property is foreclosed or taken over by another party. 2. Subordination clause: A subordination clause outlines the priority of the ground lease compared to any future mortgages or liens placed on the property. This provision ensures that the lender's mortgage takes precedence over any subsequent liens or mortgages, protecting their financial interest in case of foreclosure or other legal actions. 3. Attornment provision: An attornment provision states that if the ground lessor (property owner) decides to sell or transfer the property, the borrower (tenant) must acknowledge and accept the new owner as their landlord. This provision ensures the lender's mortgage interest remains intact, and the new property owner assumes all obligations under the ground lease. Apart from these Fulton, Georgia fee mortgage provisions, there may be other specific requirements or clauses that vary depending on the terms negotiated between the lender and the borrower. It is crucial for both parties to understand these provisions thoroughly and seek legal advice to ensure compliance and protect their respective interests. Understanding the intricacies of fee mortgage provisions from a ground lease is imperative for anyone involved in real estate transactions in Fulton, Georgia. These provisions safeguard the parties involved, allowing for a smooth and secure financing process while ensuring the lender's rights are adequately protected.
