This office lease is subject and subordinate to all ground or underlying leases and to all mortgages which may affect the lease or the real property of which demised premises are a part and to all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. This clause shall be self-operative.
Arizona Subordination Provision
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Multi-State
Control #:
US-OL20022A
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How to fill out Subordination Provision?
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FAQ
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future. Subordination is the act of yielding priority.
Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
What Is A Subordinate Mortgage? Subordination in itself is the act of placing something in a lower-ranking position. Mortgage subordination boils down to a ranking system on the liens secured by your home. A lien is a legal agreement that grants the lender a right to repossess the property if you default on the loan.
Security subordination means that the subordinated lender agrees that its security interest in the shared collateral is fully subordinated to the security interest of the senior lender.
The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.
Subordinate Security Instruments means the ?Mortgage?, ?Pledge Agreement? and each other ?Loan Documents? as defined in the Subordinate Agreement (other than the Subordinate Agreement and the Subordinate Guarantee) and any documents that are designated under the Subordinate Agreement as ?Subordinate Security ...
This is a standard subordination deed to change or regulate an arrangement between two creditors that are owed debts by a common debtor, under which one creditor agrees to defer payment of its debt in favour of the debt of another creditor.
