Leasehold Estate Only. If any Mortgage Loan is secured by the interest of a Borrower as a lessee under a ground lease of all or a material portion of a Mortgaged Property (together with any and all written amendments and modifications thereof and any and all estoppels from or other agreements with the ground lessor, a "Ground Lease"), but not by the related fee interest in such Mortgaged Property or such material portion thereof (the "Fee Interest"), then:
Leasehold Estate Only. If any Mortgage Loan is secured by the interest of a Borrower as a lessee under a ground lease of all or a material portion of a Mortgaged Property (together with any and all written amendments and modifications thereof and any and all estoppels from or other agreements with the ground lessor, a "Ground Lease"), but not by the related fee interest in such Mortgaged Property or such material portion thereof (the "Fee Interest"), then, except as otherwise set forth on SCHEDULE C-18:
Leasehold Estate Only. If any Mortgage Loan is secured by the interest of a Borrower as a lessee under a ground lease of all or a material portion of a Mortgaged Property (together with any and all written amendments and modifications thereof and any and all estoppels from or other agreements with the ground lessor, a "Ground Lease"), but not by the related fee interest in such Mortgaged Property or such material portion thereof (the "Fee Interest"), then: (a) Such Ground Lease or a memorandum thereof has been or will be duly recorded; such Ground Lease permits the interest of the lessee thereunder to be encumbered by the related Mortgage; and there has been no material change in the terms of such Ground Lease since its recordation, with the exception of material changes reflected in written instruments which are a part of the related Mortgage File; (b) Based on the related Title Policy (or, if not yet issued, a pro forma title policy or a "marked up" commitment), the related lessee's leasehold interest in the portion of the related Mortgaged Property covered by such Ground Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the related Mortgage, other than the related Fee Interest and Permitted Encumbrances; (c) The Borrower's interest in such Ground Lease is assignable to, and is thereafter further assignable by, the Purchaser upon notice to, but without the consent of, the lessor thereunder (or, if such consent is required, it either has been obtained or cannot be unreasonably withheld); provided that such Ground Lease has not been terminated and all amounts owed thereunder have been paid; (d) The Seller has not received, as of the Closing Date, actual notice that such Ground Lease is not in full force and effect or that any material default has occurred under such Ground Lease; (e) Such Ground Lease requires the lessor thereunder to give notice of any default by the lessee to the mortgagee under such Mortgage Loan. Furthermore, such Ground Lease further provides that no notice of termination given under such Ground Lease is effective against the mortgagee under such Mortgage Loan unless a copy has been delivered to such mortgagee in the manner described in such Ground Lease; (f) The mortgagee under such Mortgage Loan is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under such Ground Lease) to cure any default under such Ground Lease, which is curable after...
Leasehold Estate Only o Creekwood Commons (310906247) ($19,200,000): Part Fee/ Part Leasehold; Fee Not Subordinated; Area comprising ground lease (City of Kansas City is ground lessor) is currently used for shopping center signage, but alternative sites exist along frontage of two major thoroughfares if signage required to be relocated; Ground lease expires 07.07.
Leasehold Estate Only. Extra Space - Whittier The related lessor consented to an assignment to a trustee in a Extra Space - Northborough securitization in the estoppel. The related lessor's consent to an Extra Space - Stockton assignment is not required if the assignee has a net worth and Extra Space - Weymouth creditworthiness equal to at least that of the related borrower. All other Extra Space - Lynn (58208) related assixxxxnxx xxxxxxx xxxxxxx which the lessor agrees not to unreasonably withhold.
Leasehold Estate Only. With respect to the Corrado Medical Building Mortgage Loan, the Borrower's interest in the Ground Lease, after being acquired pursuant to a foreclosure, deed in lieu of foreclosure or other proceeding, may be assigned without the consent of the lessor provided that the proposed assignee (a) is not a competitor of the lessor and, (b) if it intends to finance its acquisition of the Borrower's interest in the Ground Lease, demonstrates to the lessor that such financing will satisfy a specified debt service coverage ratio. Exception 21 - No Equity Interest, Equity Participation or Contingent Interest: ------------------------------------------------------------------------------- The Best Western Seattle Mortgage Loan provides that during the period commencing on or about the related Anticipated Repayment Date and continuing until such Mortgage Loan is paid in full, unless otherwise determined by the lender, all payments shall be applied, in the following order of priority,
Leasehold Estate Only. Xxxx Xx. Exception -------- --------- Valu Plus Market Place Valu Plus Market Place is secured by (i) Loan Number 4220 a mortgage encumbering Borrower's fee interest in a retail center, which includes some parking lot space and (ii) an assignment of Borrower's interest as a lessee under a Ground Lease with respect to an additional surface parking lot. The following disclosures relate to the correspondingly numbered subparagraphs of Section 18 of Schedule II: 18(c)--Although there is no express restriction on the right or ability of the holder of the Mortgage to assign or transfer its interests in the Ground Lease, there is not an express authorization for the Mortgage holder to assign or transfer its interests without the consent of the lessor under the Ground Lease. Seller does not have a lien on the Ground Lease, but the lessor has notice of the assignment of the Ground Lease to Seller. 18(e)--Although the Ground Lease states that the lessor will not terminate the Ground Lease unless and until it first gives notice to the mortgagee, it does not expressly state that any effort to terminate without notice will not be effective.
Leasehold Estate Only. If "Leasehold" is set forth opposite the name of the related Mortgaged Property on the Mortgage Loan Schedule (other than with respect to the Mortgaged Properties identified on the Mortgage Loan Schedule as Fairfield Inn-Tuscaloosa and Marriott by Courtyard Tuscaloosa), such Mortgage Loan is secured by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease") (with respect to Representations 18, 19 and 20, the term "Ground Lease" shall mean the applicable ground lease, all written amendments and modifications and any related estoppels or agreements from the ground lessor), but not by the related fee interest in such Mortgaged Property (the "Fee Interest") and:
Leasehold Estate Only. If "Leasehold" is set forth opposite the name of the related Mortgaged Property on the Mortgage Loan Schedule, such Mortgage Loan is secured by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease") (with respect to Representations 18 and 19, the term "Ground Lease" shall mean such ground lease, all written amendments and modifications, and any related estoppels or agreements from the ground lessor), but not by the related fee interest in such Mortgaged Property (the "Fee Interest") and:
Leasehold Estate Only o Comfort Inn Oceanfront South (310904933) ($10,125,000): Part Fee/Part Leasehold; Fee Not Subordinated; Hotel building is located on fee parcel, and interim septic system serving the hotel is located on the ground lease parcel; Ground lease parcel not assigned any underwriting value; Ground lease expires 09.01.2009; All necessary approvals have been obtained for construction of on-site septic system, which would render interim system unnecessary; Borrower has loan covenants to complete septic system by 12.31.2008, and escrow obtained at closing ($218,750) to cover related construction costs; Variations: Ground lease itself is short form, and (i) does not provide for express lender right to cure ground lessee default; (ii) does not provide for lender's right to enter into new lease with ground lessor upon termination, including rejection of ground lease in bankruptcy; (iii) ground lease term does not extend beyond loan maturity; and (iv) ground lease does not contain express covenant of quiet enjoyment
