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Catawba Valley Medical Center completes purchase of Sherrills Ford medical office building; county approves termination of ground lease
Summary
The Board approved termination of a ground lease and related memorandum after Catawba Valley Medical Center exercised its option to purchase the medical office building at 3900 Terrell Park Drive in Sherrills Ford and will record satisfaction of related security instruments.
The Catawba County Board of Commissioners on April 7 approved termination of a ground lease and related memorandum for a medical office building at 3900 Terrell Park Drive in Sherrills Ford after Catawba Valley Medical Center (CVMC) exercised its option to purchase the property.
County Attorney Jodi Stewart presented the request on behalf of CVMC staff. The board’s meeting materials trace the transaction: CVMC and SMP Sherrills Ford, LLC previously executed a ground lease and construction financing arrangements; CVMC had rights of first offer and first refusal and held an option to purchase. CVMC exercised the purchase option and now owns the building and land unencumbered.
The termination documents direct the county to execute a Satisfaction of Security Instrument for the construction leasehold deed of trust and authorize recording of a Termination of Memorandum of Ground Lease in the Catawba County Registry. Commissioner Beatty moved approval; the motion carried unanimously.
Board materials include the Termination of Ground Lease Agreement and the Termination of Memorandum of Ground Lease. The documents state that the Lessee is released from further liability under the ground lease and describe non-recourse language limiting recourse against individual managers or officers of the Lessee entity.
