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Ground Lease Agreement

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Ground Lease Agreement Powered By Docstoc
					This is an agreement between a landlord and a tenant for the lease of undeveloped
land. Under a typical ground lease agreement, the tenant agrees to develop the piece
of property, after which the land and all of the improvements are turned over to the
landlord. Usually, ground leases are long term leases that run for ten years or more.
This agreement should be used by landlords that want to enter into a ground lease with
their tenants.
                                  GROUND LEASE AGREEMENT
      This Ground Lease Agreement (this “Lease Agreement”) is hereby made and entered into
on this ______ day of _____________, 20__ (the “Lease Date”) by and between
____________________ [LANDLORD’S NAME], a _______________________ [TYPE OF
BUSINESS      ENTITY]       with     its     principal   place      of     business     at
________________________________ [LANDLORD’S MAILING ADDRESS] (“Landlord”) and
___________________ [TENANT’S NAME], a _______________________ [TYPE OF
BUSINESS      ENTITY]       with     its     principal   place      of     business     at
__________________________________ [TENANT’S MAILING ADDRESS] (“Tenant”).

                                                      RECITALS

        WHEREAS, Landlord warrants and represents that it owns the certain parcel of land located
in the City of ________________, County of __________, State of _______ (the “Parcel”); and

      WHEREAS, Landlord wishes to lease to Tenant, and Tenant wishes to lease from Landlord,
under the terms and conditions of this Lease Agreement, approximately ______________
[AMOUNT IN WORDS] (___) [AMOUNT IN NUMERALS] acres of raw land.

       NOW THEREFORE, in exchange for the mutual promises herein contained, Landlord
and Tenant hereby agree to the terms and conditions set forth below:

                                                        TERMS

SECTION 1: THE PREMISES

        Landlord hereby agrees to lease to Tenant, and Tenant hereby agrees to lease from
Landlord, the following described Premises, together with the right in common with other
tenants to use any other portions of the Parcel that are designated by Landlord for the common
use of tenants and others (the “Common Areas”): ______________ [AMOUNT IN WORDS]
(___) [AMOUNT IN NUMERALS] acres of raw, undeveloped land, as outlined in Exhibit “A”
attached hereto, more commonly known as ____________ [“SOUTH FORK RANCH” e.g.] (the
“Premises’), in accordance with the plans and specifications attached to this Lease Agreement as
Exhibit “B” (the “Work Letter”).

SECTION 2: TERM

       The term of this lease shall commence on the date of occupancy of the Premises by Tenant
following substantial completion of the Tenant Improvements as defined in and described by the
Work Letter set forth in Exhibit “B,” and shall continue for a period of ______________
[AMOUNT IN WORDS] (___) [AMOUNT IN NUMERALS] years thereafter, unless sooner
terminated as provided in this Lease Agreement (the “Term”).




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         A.        Upon substantial completion of the Tenant Improvements, Landlord shall provide
                   written notice of such completion to Tenant, who shall then inspect the work and
                   provide an enumerated list of any deficiencies in construction.

         B.        Upon correction of the deficiencies, Landlord shall provide notice of final
                   completion to Tenant, and Tenant shall verify such completion within __ (__) days
                   of such notice.

         C.        Upon verification that the Tenant Improvements have been completed in substantial
                   conformity with the Work Letter, Tenant shall so specify in writing, and Tenant
                   shall take occupancy of the Premises within __ (__) days of such verification.

         D.        Landlord and Tenant shall execute a memorandum in writing specifying the actual
                   date Tenant occupies the Premises (the “Commencement Letter”).

SECTION 3: POSSE
				
DOCUMENT INFO
Description: This is an agreement between a landlord and a tenant for the lease of undeveloped land. Under a typical ground lease agreement, the tenant agrees to develop the piece of property, after which the land and all of the improvements are turned over to the landlord. Usually, ground leases are long term leases that run for ten years or more. This agreement should be used by landlords that want to enter into a ground lease with their tenants.
This document is also part of a package Land Contract Starter Kit 9 Documents Included