property law case study
Ajax Stores, as a tenant, is negotiating a lease with Farris Realty Company. Ajax intends for the leased premises to be its main store location and is negotiating a 20-year lease. In addition, Ajax is anticipating that it will spend approximately $250,000 on trade fixtures and other improvements to the leased premises. Ajax conducts a title examination of the leased premises and discovers that Farris Realty Company has encumbered the leased premises with a mortgage to First Bank and Trust to secure a debt of $1.5 million. As a paralegal working for a law firm that represents Ajax, you have been made aware of the mortgage to First Bank and Trust. Should Ajax be concerned about the mortgage to First Bank and Trust? If so, what safeguards can you think of to protect Ajax?
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