Subordination Agreement For Landlord
Description
How to fill out Texas Lease Subordination Agreement?
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FAQ
Subordination agreement is a contract which guarantees senior debt will be paid before other subordinated debt if the debtor becomes bankrupt.
Subordination agreement is a contract which guarantees senior debt will be paid before other subordinated debt if the debtor becomes bankrupt.
A subordination clause is a lease provision whereby the tenant subordinates its possessory interest in the leased premises to a third-party lender, usually a bank (the rights of the tenant are thus subject to the rights of the lender).
Example of a Subordination AgreementThe business files for bankruptcy and its assets are liquidated at market value$900,000. The senior debtholders will be paid in full, and the remaining $230,000 will be distributed among the subordinated debtholders, typically for 50 cents on the dollar.
Subordination agreements are prepared by your lender. The process occurs internally if you only have one lender. When your mortgage and home equity line or loan have different lenders, both financial institutions work together to draft the necessary paperwork.
