This office lease form is an agreement entered into in connection with a certain loan which the lender has made to the landlord and secured, in part, by a mortgage, assignment of the leases and rents and security agreement on the premises. This form describes the issues of mortgage subordination and a tenants agreement to hold the land as the tenant of a new landlord.
Alaska Subordination of Mortgage and Attornment Agreement is a legal contract that establishes the priority of two or more mortgages on a property and the agreement by a tenant to attorn to a new landlord in the event of a property transfer. It outlines the rights and obligations of the parties involved and ensures that the new mortgage will be superior to the existing one(s) in case of default or foreclosure. In Alaska, there are different types of Subordination of Mortgage and Attornment Agreements, namely: 1. Commercial Subordination of Mortgage and Attornment Agreement: This type of agreement is commonly used in commercial real estate transactions. It involves a commercial tenant agreeing to recognize and attorn to a new lender or landlord in the event of a foreclosure or transfer of the property. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement is used in residential real estate transactions. It establishes the priority of multiple mortgages on a residential property and ensures that the new lender will have a superior lien position in case of default. 3. Construction Subordination of Mortgage and Attornment Agreement: This type of agreement is specific to construction projects. It allows a construction lender to obtain a superior lien position, even if there is an existing mortgage on the property. This ensures that the construction lender's loan will be repaid first in case of default or foreclosure. The Alaska Subordination of Mortgage and Attornment Agreement typically includes several key provisions. It identifies the parties involved (mortgage lender, property owner, and tenant), outlines the terms of the existing mortgage, and specifies the purpose of the subordination agreement. Additionally, the agreement describes the rights and obligations of the tenant, particularly concerning attornment. Attornment refers to the tenant's agreement to recognize a new landlord or lender and to continue paying rent or mortgage payments as required under the terms of the new agreement. This is crucial for maintaining the stability of the tenant's lease or mortgage agreement, even if there is a change in property ownership or lender. Furthermore, the agreement establishes the priority of the mortgages on the property. It states that the new mortgage will be superior to the existing one(s) and provides details on the rights and remedies available to the new lender in case of default or foreclosure. In summary, the Alaska Subordination of Mortgage and Attornment Agreement is a legally binding document that establishes the priority of mortgages on a property and ensures that the new mortgage will be superior to the existing one(s). It is crucial in commercial and residential real estate transactions as well as construction projects. By attorning to a new landlord or lender, tenants are protected and can maintain the terms of their lease or mortgage agreement, even if there is a change in ownership or lender.
