MEMORANDUM OF GROUND LEASE
This Memorandum Of Ground Lease (the “Memorandum”) is made and entered into this day of , by and between , whose address is (the “Homeowner”) and , with offices at (the “CLT”).
is the owner of certain real property located in County, in the state of , known as , (the “Leased Land”), more particularly described as follows:
is the owner of the house and other improvements (the “Home”) located on the Leased Land and purchased the Home subject to the terms of an unrecorded Ground Lease (the “Lease”) between as the lessor and as the lessee, which Ground Lease is dated
The provisions of the Lease include the following.
• The Lease commences on and terminates on
. The Lease is subject to a renewal for an additional period of 99 years.
• The Lease prohibits Homeowner from mortgaging the Home and Homeowner’s interest in the Leased Land without the consent of the .
• The Lease requires that, in the event the Homeowner intends to sell the Home,
Homeowner shall notify the of such intent; and that, thereupon, the shall have the option to purchase the Home on the terms and conditions contained in the Lease. The Home may not be conveyed to a third party without compliance with the terms of the Lease.
• The Lease stipulates that the Homeowner’s interest in the Leased Land shall not be assigned or subleased without the prior written consent of the .
• The Lease requires that the Leased Land be used only for residential purposes. Any additions or alterations to the Home must comply with the terms of the Lease.
• No liens for services, labor, or materials shall attach to the title to the Leased Land.
• The Lease requires the Homeowner to make certain monthly payments.
• The Lease requires that this Memorandum of Ground Lease be recorded in the records of County, .
This Memorandum is executed pursuant to the provisions contained in the Lease and is not intended to vary the terms and conditions of the Lease, but is intended only to give notice of such Lease and the provisions thereof.
IN WITNESS WHEREOF, the undersigned have executed this Memorandum of Ground Lease.
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