Friday, October 25, 2019 9:00 AM – 10:15 AM …9.00-10.15AM).pdfFriday, October 25, 2019 9:00 AM...
Transcript of Friday, October 25, 2019 9:00 AM – 10:15 AM …9.00-10.15AM).pdfFriday, October 25, 2019 9:00 AM...
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Friday, October 25, 20199:00 AM – 10:15 AM
Workshop 21
You’re Grounded:Modifying Bad Behavior (Practices) When Drafting and Negotiating
Functional and Financeable Ground Leases
Kathleen Dempsey BoyleMeltzer, Purtill & Stelle LLC
Chicago, IL
Joseph DorenFrost Brown Todd, LLC
Louisville, KY
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Common Characteristics of Ground Leases
• Term• Ownership of Improvements• Tax Liability is Ground Lessee Responsibility• Financeable Leasehold Interest
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Use Issues
• Permitted v. Excluded• REAs Dictating Use• Exclusives (Shopping Center Out-Parcels)• Existing Fee Deed Restrictions
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Permitted Transfers / Assignments / Subleases
• Transfers• Assignment / Subleases• SNDAs• Qualified Transferees
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Casualty / Condemnation• Application of Proceeds• Termination Rights• End of Term Casualties / Condemnations• Entitlement to Awards• Leasehold Mortgages
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Leasehold Financing• Baseline Requirements• New Lease Provisions• Exercise of Remedies / Assignment in lieu
of Foreclosure• Superior Fee Mortgages
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Into The Weeds• Leasehold Condominiums • Air Rights Parcels• Sandwich Ground Leases (Fee Owner
Also Owns Subleasehold Estate)• Updating Antiquated Ground Leases
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