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

Common Characteristics of Ground Leases

• Term• Ownership of Improvements• Tax Liability is Ground Lessee Responsibility• Financeable Leasehold Interest

Use Issues

• Permitted v. Excluded• REAs Dictating Use• Exclusives (Shopping Center Out-Parcels)• Existing Fee Deed Restrictions

Permitted Transfers / Assignments / Subleases

• Transfers• Assignment / Subleases• SNDAs• Qualified Transferees

Casualty / Condemnation• Application of Proceeds• Termination Rights• End of Term Casualties / Condemnations• Entitlement to Awards• Leasehold Mortgages

Leasehold Financing• Baseline Requirements• New Lease Provisions• Exercise of Remedies / Assignment in lieu

of Foreclosure• Superior Fee Mortgages

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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