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.
Houston Texas Fee Mortgage Provisions from a Ground Lease In Houston, Texas, fee mortgage provisions from a ground lease play a significant role in determining the rights and obligations of various parties involved in a real estate transaction. A ground lease is a legal agreement where a landowner grants a lessee the right to use and develop the land for a specific duration. Fee mortgage provisions within this ground lease establish the conditions for obtaining a mortgage on the leased property. 1. Assignment of Leasehold Mortgage: This provision enables the lessee to assign their leasehold interest as collateral for obtaining a mortgage. It grants the mortgage lender rights to the leasehold interest if the lessee defaults on the mortgage. 2. Subordination Clause: A subordination clause establishes the priority of mortgage liens on the property. It ensures that the mortgage lender's interest supersedes the interests of the ground lessor should the property be foreclosed upon. 3. Attornment Clause: An attornment clause requires the lessee to recognize and attorn to a mortgage lender as the new landlord in case of foreclosure. It provides the lender with certain rights, such as collecting rent directly from the lessee. 4. Estoppel Certificate: This provision requires the lessee to provide a signed document verifying the terms and status of the ground lease. The estoppel certificate confirms that the mortgage lender is provided accurate information regarding the lease, avoiding any potential discrepancies. 5. Non-disturbance Agreement: A non-disturbance agreement protects the lessee's rights in case of foreclosure. It ensures that if the ground lease is terminated due to foreclosure, the new owner will not disturb the lessee's possession of the property. These fee mortgage provisions from a ground lease in Houston, Texas, serve to protect the rights of both the landowner and lessee while facilitating mortgage financing. It is essential for all parties involved, including lenders, landlords, and tenants, to understand these provisions and their implications to ensure a smooth and transparent real estate transaction. Note: The content provided above contains relevant keywords such as Houston, Texas, fee mortgage provisions, ground lease, assignment of leasehold mortgage, subordination clause, attornment clause, estoppel certificate, non-disturbance agreement, real estate transaction, rights, obligations, landowner, lessee, mortgage lender, foreclosure, and property.Houston Texas Fee Mortgage Provisions from a Ground Lease In Houston, Texas, fee mortgage provisions from a ground lease play a significant role in determining the rights and obligations of various parties involved in a real estate transaction. A ground lease is a legal agreement where a landowner grants a lessee the right to use and develop the land for a specific duration. Fee mortgage provisions within this ground lease establish the conditions for obtaining a mortgage on the leased property. 1. Assignment of Leasehold Mortgage: This provision enables the lessee to assign their leasehold interest as collateral for obtaining a mortgage. It grants the mortgage lender rights to the leasehold interest if the lessee defaults on the mortgage. 2. Subordination Clause: A subordination clause establishes the priority of mortgage liens on the property. It ensures that the mortgage lender's interest supersedes the interests of the ground lessor should the property be foreclosed upon. 3. Attornment Clause: An attornment clause requires the lessee to recognize and attorn to a mortgage lender as the new landlord in case of foreclosure. It provides the lender with certain rights, such as collecting rent directly from the lessee. 4. Estoppel Certificate: This provision requires the lessee to provide a signed document verifying the terms and status of the ground lease. The estoppel certificate confirms that the mortgage lender is provided accurate information regarding the lease, avoiding any potential discrepancies. 5. Non-disturbance Agreement: A non-disturbance agreement protects the lessee's rights in case of foreclosure. It ensures that if the ground lease is terminated due to foreclosure, the new owner will not disturb the lessee's possession of the property. These fee mortgage provisions from a ground lease in Houston, Texas, serve to protect the rights of both the landowner and lessee while facilitating mortgage financing. It is essential for all parties involved, including lenders, landlords, and tenants, to understand these provisions and their implications to ensure a smooth and transparent real estate transaction. Note: The content provided above contains relevant keywords such as Houston, Texas, fee mortgage provisions, ground lease, assignment of leasehold mortgage, subordination clause, attornment clause, estoppel certificate, non-disturbance agreement, real estate transaction, rights, obligations, landowner, lessee, mortgage lender, foreclosure, and property.
