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MB DRAFT AS OF MAY 20, 2019GROUND LESSOR ESTOPPEL CERTIFICATE AND AGREEMENTDated as of, 2019amongCITY OF MANASSAS (the Ground Lessor), MANASSAS BORROWER (the Company) Wilmington TRUST, NATIONAL ASSOCIATION,
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How to fill out ground lessor estoppel certificate
How to fill out ground lessor estoppel certificate
01
To fill out a ground lessor estoppel certificate, follow these steps:
02
Start by identifying the parties involved. Include the names and contact information for the ground lessor (the person or entity granting the lease), the lessee (the tenant), and the lender (if applicable).
03
Provide details about the lease. Include the date when the lease was entered into, the term of the lease, any options or renewals, and the amount of rent payable.
04
Outline any lease modifications or amendments that have been made. Include the dates and descriptions of any changes to the original lease agreement.
05
Disclose any defaults or breaches of the lease. If either party has failed to fulfill their obligations under the lease, provide a detailed explanation of the default and any steps taken to remedy the situation.
06
Address any pending legal proceedings. If there are any lawsuits or disputes related to the lease, provide a summary of the issues and the current status of the litigation.
07
Indicate if there are any outstanding options or rights of first refusal. If the ground lessor has granted the lessee any options to purchase the property or rights to match any offers, specify the details of these provisions.
08
Provide information about leasehold improvements. If the lessee has made any improvements to the property, detail the scope and cost of these improvements, as well as any required approvals or permits.
09
Sign the estoppel certificate. Both the ground lessor and the lessee should sign the document to confirm the accuracy of the information provided.
10
Include any additional attachments or supporting documents. If there are any relevant documents, such as lease agreements, court orders, or financial statements, attach copies to the estoppel certificate for reference.
11
It's important to consult legal counsel when filling out a ground lessor estoppel certificate to ensure compliance with applicable laws and regulations.
Who needs ground lessor estoppel certificate?
01
Various parties may need a ground lessor estoppel certificate, including:
02
- Lenders: Lenders often require an estoppel certificate from a ground lessor to verify the terms and conditions of the lease agreement before providing financing.
03
- Buyers or Investors: Potential buyers or investors may request an estoppel certificate to assess the financial and legal aspects of a lease before making a purchase or investment.
04
- Real Estate Developers: Developers seeking to develop or redevelop a property may need an estoppel certificate to understand the existing lease obligations and any potential limitations on the property.
05
- Ground Lessor or Lessee: The ground lessor or lessee may need an estoppel certificate as part of their due diligence or to satisfy the requirements of a lender or potential buyer.
06
- Attorneys and Legal Professionals: Attorneys and legal professionals involved in lease negotiations, financing, or transactions may use an estoppel certificate to ensure all parties have accurate and up-to-date information about the lease.
07
It is important to consult with all relevant parties and legal counsel to determine who specifically requires a ground lessor estoppel certificate in a given situation.
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