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ground or underlying leases

Russian translation: договора аренды земельных участков или основные договора аренды (зданий)

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:ground or underlying leases
Russian translation:договора аренды земельных участков или основные договора аренды (зданий)
Entered by: Vladimir Pochinov

13:50 Jun 28, 2021
English to Russian translations [PRO]
Law/Patents - Law: Contract(s)
English term or phrase: ground or underlying leases
The licenses granted under this Section are subject and subordinate to all mortgages, ground or underlying leases which may now or hereafter affect such leases, subleases and mortgages. For the avoidance of doubt, if any license granted under this Section 4.02 would constitute a breach under the relevant lease or sublease, underlying lease or mortgage, the Provider shall not be required to provide such license to the Recipient and, pursuant to the foregoing, at any time after the date of this Agreement, at the request of the applicable landlord or sublandlord, or as required by any mortgagee, the license with respect to the applicable Facility shall be immediately terminated.
Николай
Russian Federation
Local time: 15:15
договора аренды земельных участков или основные договора аренды (зданий)
Explanation:
What it provides is that the lease will be subject and subordinate to all underlying leases and mortgages affecting the property. What this means is that if, for example, the owner of a shopping center is also the lessee of the entire shopping center under a ground lease and then defaults so that the ground lease is terminated, then all leases covering the individual stores will be terminated as well. That is quite a perilous position for a business owner to be in. Similarly, if the landlord is the owner of the property, but has a mortgage on the property and subsequently defaults on the mortgage, then the tenant’s lease will be subject to foreclosure by the bank. In many cases, the lessor cannot remove this clause because there is a ground lease or mortgage in place which requires that the clause be included in all leases, however the clause can be modified to afford some protection to the tenant without any substantial adverse effect on the lessor.
Selected response from:

Vladimir Pochinov
Russian Federation
Local time: 14:15
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4договора аренды земельных участков или основные договора аренды (зданий)
Vladimir Pochinov


  

Answers


10 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
договора аренды земельных участков или основные договора аренды (зданий)


Explanation:
What it provides is that the lease will be subject and subordinate to all underlying leases and mortgages affecting the property. What this means is that if, for example, the owner of a shopping center is also the lessee of the entire shopping center under a ground lease and then defaults so that the ground lease is terminated, then all leases covering the individual stores will be terminated as well. That is quite a perilous position for a business owner to be in. Similarly, if the landlord is the owner of the property, but has a mortgage on the property and subsequently defaults on the mortgage, then the tenant’s lease will be subject to foreclosure by the bank. In many cases, the lessor cannot remove this clause because there is a ground lease or mortgage in place which requires that the clause be included in all leases, however the clause can be modified to afford some protection to the tenant without any substantial adverse effect on the lessor.


    Reference: http://jmmpc.com/articles/understanding-the-subordination-cl...
Vladimir Pochinov
Russian Federation
Local time: 14:15
Specializes in field
Native speaker of: Russian
PRO pts in category: 249
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