Aiding Development with a New Ground Lease
- Client: Ground lessor
- Date: Nov 20, 2009
Schiff Hardin represented the ground lessor of a large tract of land in terminating an unsubordinated ground lease and then negotiating with the leasehold mortgagee under its cure rights provisions in the ground lease to:
- Cure the monetary defaults on the part of the ground lessee
- Identify a substitute developer with a new development plan approved by the ground lessor
- Negotiate an amended and restated ground lease with the new developer
The representation also included working on behalf of the ground lessor to obtain zoning and other land use approvals needed for the new ground lessee's development plan.