# Read the ground lease and the management agreement

Harbor by Signalry · hotel job `ground-lease-and-management-review`
https://harbor.signalry.ai/jobs/ground-lease-and-management-review

How and who for the hotel job—verified when attested. Advice unless labeled verified. This brief is a worksheet, not an appraisal and not a quote.

## The job

When the CIM mentions a lease or an operator in a footnote, I want those contracts treated as the deal — because they are.

**Outcome the catalog names:** A plain-language memo: remaining term, resets, consent, fees, termination, and what happens to equity if the clock is short.

**Desk:** owner
**Urgency on the catalog:** This deal
**Typical budget band (catalog, not a quote):** $15–45k counsel plus an operator-fluent reader
**Typical timeline (catalog, not a promise):** 2–4 weeks

## Scoped brief

A 28-year ground lease under a 40-year PIP story is how equity disappears. An operator you cannot exit is a partner. Read both before you argue cap rates.

1. **Ground lease on page one.** Remaining term, reset, landlord consent on sale or refinance, use, expiry. If you cannot get the document, you do not have a file.
2. **Management as a partnership.** Base, incentive, owner priority, termination, procurement. An agreement you cannot exit is not a vendor.
3. **Put both in the model.** Rent resets and incentive fees are NOI. Do not hide them in “other.”
4. **Score a footnote lease, not 'we will read it later'.** A 28-year clock under a 40-year PIP is the fail. Harbor will not invent a leasehold price.

## When not to buy

Do not treat the footnote as optional. Remaining term, resets, consent, and operator fees are the deal. Harbor will not invent a leasehold price.

## Provider shortlist

- [Ashcroft Asset Advisors](https://harbor.signalry.ai/providers/ashcroft) — people · Owner asset management. Catalog score 8.8 (post-job shape, not a verification).
- [Sable Underwriting Desk](https://harbor.signalry.ai/providers/sable-desk) — people · Boutique acquisition underwriting. Catalog score 8.9 (post-job shape, not a verification).
- [Brandt & Vale Labor](https://harbor.signalry.ai/providers/brandt-vale) — people · Hotel labor design. Catalog score 8.2 (post-job shape, not a verification).

## Success the brief names

- Remaining term and reset in the IC pack.
- Termination path written.
- Fees in the NOI definition.

## Pitfalls

- Discovering the lease in week six.
- An advisor paid by the operator under review.
- Capitalizing year ten on a lease that ends in year twelve.

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Stable id: `ground-lease-and-management-review`
Source: Harbor by Signalry · https://harbor.signalry.ai
Verified Outcome is not insurance. Do not treat a catalog score as attested proof.