Commercial Ground Leases is a definitive guide to drafting, negotiating, and finalizing equitable, error-free leasing documents that address the needs of both landlord and tenant. It features adaptable, time-saving agreement language and contains numerous appendices, including forms of letter of intent, leasehold mortgagee protection clauses, intercreditor agreements, fee and leasehold deed of trust provisions, estoppel certificate and guaranty, and a complete ground lease with many alternative clauses.

Highlights of the new release include:

• Chapter 1: Updated discussion reviews ground lease terms and situations that necessitate their review (see section 1:4.2).
• Chapter 3: Updated discussion closely examines inflation indexing as provided in Appendix X (see section 3:4.3).
• Chapter 8: New discussion of Freddie Mac’s Multifamily Seller/Servicer Guide, specifically chapter 30, which sets requirements of ground lease mortgages (see section 8:14).
• Chapter 16: Updated discussion of exceptions to nonrecourse liability (see section 16:6).
• Appendix X: Chart 1 attempts to show how several elements of common indexing formulae would have fared over the fifty-year period from 1972 through 2021 using actual CPI data from the U.S. Bureau of Labor Statistics. Chart 2 uses the same historical CPI data, but starts the hypothetical lease term ten years later, in 1982.
• Chapter 2, Chapter 4, Chapter 5, and Chapter 10 have also been updated with the latest developments.

In addition, the Tables of Authorities and the Index have been updated.

Order a print copy today. PLI PLUS subscribers can access this title through their subscription.

For more by this treatise’s author, Jerome D. Whalen, check out the article Ground Lease Reappraisals Reconsidered published in the April 2022 issue of the PLI Chronicle.

Holtzschue on Real Estate Contracts and Closings is an invaluable resource for attorneys and general practitioners who handle real estate deals as well as an important reference for brokers, title insurers, and inspectors.  It distills more than thirty years of transactional experience into one plain-English treatise that clearly explains governing law and customary industry practices.  The book provides useful legal, technical, and strategic guidance and checklists for sellers’ and purchasers’ attorneys preparing them to execute dispute-free residential deals quickly and easily.

This new release offers the latest information crucial to your practice.  Highlights include:

• Chapter 1, Preparing for the Sale or Purchase. The latest guidance about where New York City purchasers should search for filings (see section 1:2.2).
• Chapter 2, Drafting and Negotiating the Contract. New and updated cases and other authority throughout, including in the following areas: finding statute of frauds not satisfied (see section 2:1.1); easements and licenses to improve adjoining property (see section 2:2.7[D][7]); time of the essence (see section 2:2.9[A]); caveat emptor (see section 2:2.11[A]); and allowing seller to recover proceeds of purchaser’s dishonored down payment check (see section 2:2.17[B][1]).

In addition, the Table of Authorities and Index have been updated to reflect the latest revisions.

Order a print copy today.

PLI PLUS subscribers can access this title through their subscription.

Commercial Ground Leases is a definitive guide to drafting, negotiating, and finalizing equitable, error-free leasing documents that address the needs of both landlord and tenant. It features adaptable, time-saving agreement language and contains numerous appendices, including forms of letter of intent, leasehold mortgagee protection clauses, intercreditor agreements, fee and leasehold deed of trust provisions, estoppel certificate and guaranty, and a complete ground lease with many alternative clauses.

Highlights of the new release include:

• Chapter 1: Updated discussion covers the landowner’s and the tenant/lender’s differing views on the basis for a percentage rent formula (see section 1:4.5).
• Chapter 4: Updated discussion reviews the Lever House in the context of unused development rights (see section 4:5.3).
• Chapter 10: Updated discussion reviews setting the duration of term when there is a second or third use of a building (or the underlying land) (see section 10:7.1).
• Chapter 13: Provides a new typical maintenance clause (see section 13:5).
• New Appendix Y: A provision creating a replacement reserve for the replacement of furniture, fixtures, equipment, and operating systems during the last twenty years of the lease term, or upon the exercise of the last tenant option to extend the term, or a number of years to be specified after completion of construction of the project.
• New Appendix Z: A form of completion guaranty that covers completion of shell and core construction, exclusive of tenant improvements, and including ground lease rental that arises under the lease due to delays in completion of construction.
• Chapters 3, 5, 6, 8, 12, 16, 19, and 20 have also been updated with the latest developments.

In addition, the Tables of Authorities and the Index have been updated.

Order a print copy today.

PLI PLUS subscribers can access this title through their subscription.