Leasehold Mortgage
Definition of "Leasehold mortgage"
A mortgage collaterized by a tenant's interest, usually structural improvements, in a leased parcel of property. A leasehold mortgage is subordinate to the landlord's land lease since it is a second lien by order of priority on the property. For example, John leases a parcel of commercial property. In order to construct a commercial office building, he obtains a leasehold mortgage to provide the necessary financing. The leasehold mortgage is subordinate to the land lease.
Popular Real Estate Terms
Percentage of rentals estimated not to be made because of actual and anticipated vacancies. ...
property that has been segregated into parts. ...
Person who dies leaving a will specifying the distribution of the estate. ...
Written proposals and acceptances applicable to the aspects of the transaction. The escrow agent must follow the purchase and sale agreement. ...
Individually owned lots and houses with community ownership of common areas. ...
Tenant breaks the lease because the landlord does not keep the premises habitable. ...
The right to demand that title be conveyed upon payment of the purchase price. ...
Same as term junior mortgage: Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous ...
See savings and loan association. ...
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