Ground Lessee definition
Examples of Ground Lessee in a sentence
Subject to the provisions of Sections 6.08(c) and (d), Borrower will pay or cause to be paid (i) all Taxes when due and before the addition of any interest, fine, penalty or cost for nonpayment, and (ii) if Borrower’s interest in the Mortgaged Property is as a Ground Lessee, then the monthly or other periodic installments of Ground Rent before the last date upon which each such installment may be made without penalty or interest charges being added.
A representative of Ground Lessee and of each Registered Mortgagee may attend any such meeting.
Upon the occurrence of any taking of all or any portion of the Property by eminent domain, Ground Lessee shall be entitled to receive proceeds attributable to the value of the Improvements and the value of Ground Lessee’s leasehold estate in the Property so taken.
Upon the occurrence of any casualty, Ground Lessee shall be entitled to receive all insurance proceeds.
Ground Lessee and Borrower hereby jointly and severally waive any right, arising at law or in equity, whether presently existing or subsequently accruing, whether to Ground Lessee, Borrower, or anyone holding or claiming under or through them, to have their separate estates sold separately upon foreclosure, whether under principles of marshalling or otherwise.