The Company is the lessee under one ground lease. The ground lease, which commenced on April 1, 1999, was assumed as part of the Renaissance O’Hare acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020 and extends through March 31, 2098. The lease is classified as a finance lease. Under the ground lease, the Company is prohibited from mortgaging the land but is not prohibited from making a leasehold mortgage for property constructed on the land. The Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081, provided that twelve months’ notice is provided to the lessor prior to those respective dates.

Upon assumption of the lease, the Company recorded a lease liability of $16,827 and a right-of-use asset of $5,549 on its consolidated balance sheet. The lease liability was based on the present value of the ground lease’s future payments using an interest rate of 11.37%, which the Company considers reasonable and within the range of the Company’s incremental borrowing rate. For the three and nine months ended September 30, 2022 and 2021, total finance lease cost recorded to real estate owned operating expenses on the Company’s consolidated statements of operations was comprised as follows:


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Amortization of right-of-use assets	$	18	$	18	$	54	$	53
Interest on lease liabilities		492		482		1,468		1,440
Total finance lease cost	$	510	$	500	$	1,522	$	1,493

The table below shows the Company’s finance lease right of use asset, net of amortization as of September 30, 2022 and December 31, 2021:


	September 30,			December 31,
	2022			2021
Finance lease right of use asset, gross	$	5,549		$	5,549
Accumulated amortization		(149	)		(95	)
Finance lease right of use asset, net of amortization	$	5,400		$	5,454

Remaining lease payments for the ground lease as of September 30, 2022 for each of the five succeeding years and thereafter is as follows:


	Lease Payments
2022 (remaining)	$	403
2023		1,611
2024		1,745
2025		1,772
2026		1,772
Thereafter		269,685
Total undiscounted lease payments	$	276,988
Less: Amount representing interest		(259,623	)
Present value of lease liability	$	17,365