I am considering purchasing a commercial property that is going up for auction.
There was a 99 year lease agreement signed in 1946 between Lessor "Bow" and Lessees "Crea". The property is now owned by "Dow" who is unrelated to Bow. I do not know how many times the property changed hands between Bow and Dow. The leased sections of the property is now being used by "Par" I assume Par is an heir of Crea.
The lease only has 2 parts. Part 1 is "Demised Premises" which describes the portion of the property being leased, basically the 2nd floor and the back 20 Ft of the main floor.
Part 2 is the Habbendum. It says the lessees are to Have and to Hold Said premises with all and singular, the right privileges, appurtenances and hereditaments thereunto belonging, unto the said parties second part and unto their heirs, and asssigns for a full term of 99 years..
I have several questions.
1. Would a new buyer (ie. me) actually own the entire building?
2. Would the new buyer be obligated to the 99 year lease?
3. Who would be responsible for necessary repairs to the roof and/or 2nd floor of the building?
4. What happens when the lease term ends?
5. There is no money exchange mentioned in the lease document... Shouldn't the lesee being paying the lessor a monthly or yearly amount or would they have paid a lump sum in 1946 to cover the entire lease?
Thankyou for sharing your expertise on this matter.
There was a 99 year lease agreement signed in 1946 between Lessor "Bow" and Lessees "Crea". The property is now owned by "Dow" who is unrelated to Bow. I do not know how many times the property changed hands between Bow and Dow. The leased sections of the property is now being used by "Par" I assume Par is an heir of Crea.
The lease only has 2 parts. Part 1 is "Demised Premises" which describes the portion of the property being leased, basically the 2nd floor and the back 20 Ft of the main floor.
Part 2 is the Habbendum. It says the lessees are to Have and to Hold Said premises with all and singular, the right privileges, appurtenances and hereditaments thereunto belonging, unto the said parties second part and unto their heirs, and asssigns for a full term of 99 years..
I have several questions.
1. Would a new buyer (ie. me) actually own the entire building?
2. Would the new buyer be obligated to the 99 year lease?
3. Who would be responsible for necessary repairs to the roof and/or 2nd floor of the building?
4. What happens when the lease term ends?
5. There is no money exchange mentioned in the lease document... Shouldn't the lesee being paying the lessor a monthly or yearly amount or would they have paid a lump sum in 1946 to cover the entire lease?
Thankyou for sharing your expertise on this matter.
