By Tzvi Rokeach (March 6, 2018, 12:21 PM EST) -- This article briefly looks at an issue that continually arises in connection with the financing of ground leases (as well as long-term triple net leases generally), of which any real estate fund looking to invest in such instruments or in property subject to such instruments should be mindful. Unfortunately, as Moody's guidance on the subject[1] points out, while "neither new nor cutting edge," this issue "arises again and again" — namely, the priority of the landlord/fee lender's position vis-a-vis the tenant's leasehold financing. Most real estate lawyers, whether operating in the "dirt" real estate or real estate finance field, know this issue to be pervasive. But somehow, the solution often seems not quite "within the grasp" when fashioning definitive lease documentation....