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Base Case Versus Bells & Whistles
Base Case: Ground leases have been around for centuries. Smart lawyers have considered every issue that arises in these transactions, including issues that have perhaps arisen only once or twice. Often, a provision that makes sense in a specific transaction stays in the ground lease template when it is used as a starting point for the next transaction, even though the provision is irrelevant or unnecessary for the next transaction.
The author of the New Guide, based on 40 years of experience, has sought to strip out those nonessential accretions and to distill each Model Document Base Case down to a solid, reliable—but relatively minimal—starting point for a routine transaction. No one should be able to say that any Base Case model document is “off market” or “over the top” and no Base Case Model Document should suffer from any major omission or gap.
Bells & Whistles: Of course, there is no such thing as a routine transaction. “There’s always something.” The Bells & Whistles for each Model Document deal with some situations that arise in real life transactions, but not in every real life transaction. Those specific situations could relate to the details of the leased premises, unusual risks, the tenant’s plans, the nature of the tenant’s financing, the ownership structure, unusual agendas of a party, and myriad other issues. To keep the Base Case Model Documents short and easy to use, all Bells & Whistles for each Model Document are collected separately, available for use as needed.
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