6424 CORP. v. Commercial Exchange Property, Ltd.

Opinion

ROTH, P. J.

The real property involved herein was subject to a ground lease having a 99-year term which began in 1912. Holland Park Investors, Ltd. (Holland) became the owner of the lessee interest on December 17, *12231980. The leasehold was at that time subject to purchase money encumbrances consisting of a $400,000 first trust deed in favor of respondent Commercial Exchange, Ltd. (CEL), an $840,000 all-inclusive1 second trust deed in favor of respondent La Mesa Enterprises (La Mesa) and a $2.2 million all-inclusive third trust deed in favor of respondent Commercial Exchange Property,…