§ 162.458. What are the consent requirements for a leasehold mortgage of a business lease?
229 words·~1 min read·
/us/cfr/t25/s§ 162.458·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Unless the lease provides otherwise, the lessee must notify all Indian landowners of the proposed leasehold mortgage.
(b)The Indian landowners, or their representatives under § 162.013, must consent to a leasehold mortgage of a business lease in the same percentages and manner as a new business lease under § 162.012, unless the lease:
(1)States that landowner consent is not required for a leasehold mortgage and identifies what law would apply in case of foreclosure;
(2)Provides that individual Indian landowners are deemed to have consented where they do not object in writing to the leasehold mortgage within a specified period of time following the landowners' receipt of the leasehold mortgage and the lease meets the requirements of paragraph
(c)of this section;
(3)Authorizes one or more representatives to consent to a leasehold mortgage on behalf of all Indian landowners; or
(4)Designates us as the Indian landowners' representative for the purposes of consenting to a leasehold mortgage.
(c)If the lease provides for deemed consent under paragraph (b)(2) of this section, it must require the parties to submit to us:
(1)A copy of the executed leasehold mortgage or other documentation of any Indian landowners' actual consent;
(2)Proof of mailing of the leasehold mortgage to any Indian landowners who are deemed to have consented; and
(3)Any other pertinent information for us to review.