Ground Lease

GROUND LEASE. This is a comprehensive long-term lease form originally prepared by the Committee on Real Property Law of the Association of the Bar of the City of New York for use in leasing land for commercial or mixed-use development. It establishes the terms under which a tenant leases land (“Premises”) from a landlord, typically to construct, own, and operate improvements such as buildings or facilities. The lease provides detailed provisions for rent payment, construction obligations, financing, leasehold mortgages, environmental compliance, casualty and condemnation, and assignment or subletting rights, as well as extension options and landlord protections. It includes multiple exhibits—such as insurance requirements, a construction guaranty, sample letter of credit, and memorandum of lease—ensuring compliance with New York law and institutional lender standards. www.FormsWorkflow.com