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.
Connecticut Subordination Provision
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Multi-State
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US-OL20022A
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FAQ
So, if a seller sells the property, the lender would call that seller's loan due and payable and the buyer would have to obtain their own, brand new loan. A subordination clause is where a first and second mortgage will switch places. In other words, the first becomes a second, a second becomes a first.
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 is the act or process by which one person or creditor's rights or claims are ranked below those of others, dealing with the distribution priority of debts between creditors.
A Subordination Agreement focuses on creditor priorities and security claims, providing legal certainty to creditors when assessing repayment risk. If a credit event (or default) occurs, a subordination agreement provides a senior lender superior repayment rights than the subordinated lender.
A (In a typical subordination agreement, the senior lien holder agrees to subordinate or lower its lien position in favor of the junior lien. This agreement must be signed by both lien holders and recorded.)
A subordination agreement adjusts the priority of mortgages. It moves a refinance loan up to the front of the line. A "subordination agreement" is a contract to prioritize one debt over another for repayment. The agreement establishes that one party's claim is superior to another party's interest.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
Subordination Agreement: An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.
