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Commercial Ground Leases (Third Edition)

 
Author(s): Jerome D Whalen
Practice Area: Real Estate
Published: Nov 2013
Supplement Date: Aug 2018 i Previous editions(s) can be found in the Related Items tab.
ISBN: 9781402421020
PLI Item #: 52718

Including adaptable time-saving sample agreement language, 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 covers the full range of relevant commercial ground leasing issues, including:

  • Basic and percentage rent and other payments
  • Rental rates of return and ground rent reappraisals
  • Tenant and landlord financing, subordinated fee and leasehold mortgages
  • Tenant project development and lien issues
  • Ground lease term, title, use and occupancy (herein of “haz mats”)
  • Subletting, assignment, sale and continuing liability issues
  • Tenant liability, guaranties and exculpatory clauses
  • Insurance, damage, reconstruction and condemnation
  • Default and redemption
  • Mediation, arbitration and appraisal
  • Rights to purchase
  • Termination, development rights leases and multiparcel development
Commercial Ground Leases covers the use of arbitration, mediation and appraisal to resolve disputes; the effect of major bankruptcy laws on ground lease practice; how the “modern” concept of a lease as a contract impacts ground leases; how joint ventures operate as alternatives to ground leases; and how “partial subordination” may benefit both landlord and tenant. Appendices include 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.
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Jerome D. Whalen is a graduate of the University of Washington and the Harvard Law School. He practices real estate and corporate law in Seattle, Washington and was a member of the board of directors of Wright Runstad & Company, a Seattle-based office building developer, from 1984 until 2004. His major ground lease projects have included the Four Seasons Olympic Hotel and the Wells Fargo Center in Seattle; One Bellevue Center, Two Bellevue Center, and Key Bank Center in Bellevue, Washington; and the Calais Office Center in Anchorage, Alaska. Mr. Whalen has taught and lectured extensively in both real estate and securities law, including courses at the University of Washington and University of Puget Sound (now Seattle University) Law Schools, and at programs sponsored by the Washington State Bar Association, Seattle-King County Bar Association, Northwest Center for Professional Education, and International Law Seminars. He is a member of the Washington State Bar Association, for which he has served as chairman of the Section on Corporation, Business and Banking Law, and the Washington State RICO Task Force. He can be reached at  jeromedwhalen@aol.com