Ground Lease Template - Free Download | Page 3
4.5, 4288 votes
Please vote for this template if it helps you.
Ground Lease Template Page 3
Ground Lease Template
Initials______ ______
Lessor Lessee
(2) Without limitation on any of the foregoing, any license fee or business tax
measured by the rent or other charges or sums payable hereunder, and any tax, assessment, levy, fee or
other charge imposed upon Lessee or Lessor, which is levied, assessed or imposed on or measured by
or based, in whole or in part, upon (a) the rents received from or with the use of the Property or any part
thereof, (b) the Premises, or (c) the rent payable by Lessee under this Lease, if the methods of taxation
prevailing at the commencement of the Term shall be altered so that such license fee, business tax or
any other such tax, assessment, levy, fee or other charge shall be in lieu of or in addition to or as a
substitute for the whole or any part of the taxes, assessments, levies, fees or charges now levied,
assessed or imposed on real estate or the improvements thereon or on personal property.
The term "Taxes" does not include Federal, state or, subject to the provisions of subparagraph (2)
above, local income or franchise taxes assessed against Lessor.
F. "Sublease" means any lease, sublease, license or concession agreement involving the
use or occupancy of the Property or any part thereof (other than this Lease). "Sublessee" means the
Person (other than Lessee) that has acquired rights to use or occupancy under a Sublease.
G. "Rent" includes the "Base Rent" and any adjustment thereto, "Additional Rent" (as
hereinafter set forth) and any other charges or payments of money due from Lessee in connection with
this lease whether or not payable to Lessor.
H. "Index" means the national Consumer Price Index (U.S. Department of Labor Consumer
Price Index for All Urban Consumers-All Items (1982-84=100). If the Index is changed or discontinued,
Lessor and Lessee shall mutually designate, as a substitute index, any official index published by the
Bureau of Labor Statistics or successor or similar governmental agency as may then be in existence and
shall be most nearly equivalent thereto.
I. "Leasehold Mortgage" means a mortgage, secured by a first lien on the Lessee's interest
under this Lease provided that the holder thereof is an Institutional Mortgagee; the collateral therefore is
solely the Lessee's interest under this Lease and such Personal Property as is used or useable at the
Property; there are no defaults thereunder which could occur by virtue of a default under a monetary
obligation relating to property other than the permitted collateral or under the note secured by the
Leasehold Mortgage (the "L.M. Note"); and it provides for regular monthly payments of principal and
interest, or of interest only, but in any event, the principal balance of such loan shall never increase over
the amount of the original principal balance (the loan is a non-accrual loan).
K. "Leasehold Mortgagee" means the holder of any Leasehold Mortgage at any time.
L. "Affiliates" mean a person controlled by, under common control with or controlling the
person in question.
M. "Control" or words of similar import mean the ability of one person to direct the affairs and
business of another person.
N. "Person" or "person" shall mean and include an individual, corporation, partnership,
unincorporated organization, or government or any agency or political subdivision thereof.
O. "Institutional Mortgagee" means any bank, savings bank or affiliate thereof, investment
bank, mortgage conduit, savings and loan association, trust company, credit union of which the borrower
is a member, insurance company or governmental entity which is duly authorized to issue a loan secured
by an interest in real estate or affiliate thereof, or pension fund, which is then currently extending similarly
secured loan commitments.
Ground Lease Template Previous Page Ground Lease Template Next Page
Ground Lease Template