Friday, October 25, 2019 9:00 AM – 10:15 AM Workshop 21 You’re Grounded: Modifying Bad Behavior (Practices) When Drafting and Negotiating Functional and Financeable Ground Leases Kathleen Dempsey Boyle Meltzer, Purtill & Stelle LLC Chicago, IL Joseph Doren Frost Brown Todd, LLC Louisville, KY
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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
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
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