If it’s not spelled out in the Ground Lease
agreement you made with the original owner,
regarding property ownership changes, you chould
check with an attorney familiar with Ground leases
in the area the billboard is located.
You can contact (maybe even look up online) the
county recorder office where the billboard is
located to find out the current owner of the
Parcel on which the billboard is located. Do you
have the Parcel Number in your documents?
In my ground lease, I have specific language that the agreement shall be binding upon and inure to the benefit of parties hereto and their respective heirs, executors, administrators, successors, and assigns.
The property owner that signed the ground lease went into foreclosure, and HUD is saying that they have the right to end the lease since they didn’t agree to it.
If this is the case, basically any ground lease with a landowner that doesn’t own their property outright is at risk of being void from foreclosure. This seems a little fishy to me.
Anyone else dealt with something like this?