Tim Packingham ACREL Ground Leasing (00012925.DOC;1)

A leased fee was originally a fee simple that was subsequently encumbered by a lease. The tenant in such a lease is also known as the owner of a leasehold estate. A “sandwich” lessee was originally a primary leaseholder who subsequently leased his interest to a new party who then became the holder of the “operating” lease. ................
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