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.
District of Columbia Subordination Provision
Category:
State:
Multi-State
Control #:
US-OL20022A
Format:
Word;
PDF
Instant download
Description
How to fill out Subordination Provision?
Are you presently within a place the place you need to have files for sometimes business or personal purposes nearly every working day? There are a variety of legitimate papers layouts available online, but finding versions you can trust isn`t simple. US Legal Forms delivers a huge number of type layouts, just like the District of Columbia Subordination Provision, that are published in order to meet state and federal requirements.
If you are presently acquainted with US Legal Forms site and get your account, basically log in. Following that, it is possible to acquire the District of Columbia Subordination Provision format.
If you do not come with an profile and wish to start using US Legal Forms, abide by these steps:
- Discover the type you require and ensure it is to the right metropolis/county.
- Take advantage of the Preview key to check the shape.
- See the description to actually have chosen the proper type.
- In the event the type isn`t what you`re seeking, use the Search industry to obtain the type that meets your needs and requirements.
- If you discover the right type, click on Buy now.
- Opt for the rates strategy you need, complete the specified info to create your account, and purchase your order making use of your PayPal or Visa or Mastercard.
- Select a practical data file format and acquire your copy.
Get every one of the papers layouts you may have bought in the My Forms menu. You can get a additional copy of District of Columbia Subordination Provision anytime, if necessary. Just click on the needed type to acquire or produce the papers format.
Use US Legal Forms, one of the most considerable selection of legitimate kinds, to conserve time and avoid blunders. The assistance delivers skillfully created legitimate papers layouts that you can use for a range of purposes. Create your account on US Legal Forms and start making your way of life a little easier.
Form popularity
FAQ
A subordination agreement prioritizes debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.
Sub·?or·?di·?na·?tion s?-?b?r-d?-?n?-sh?n. Synonyms of subordination. : placement in a lower class, rank, or position : the act or process of subordinating someone or something or the state of being subordinated.
Unsurprisingly, mortgage lenders don't like the risk associated with a second lien. A subordination agreement allows them to reassign your mortgage to first lien and your HELOC to second lien position.
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.
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.
A subordination agreement is used to pledge property for a loan without giving up possession. assign rents to the lender in case of borrower default. change the priority of mortgages.
An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated.
The party that primarily benefits from a subordination clause in real estate is the lender. However, if you decide to pursue a second mortgage, then the subordination clause prioritizes the first lender's repayment and contract rights. The most common application of subordination clauses is when refinancing a property.
The Subordinated Lender hereby agrees that all Subordinated Obligations (as defined below) and all of his right, title and interest in and to the Subordinated Obligations shall be subordinate and junior in right of payment to the Senior Lender Loan and all rights of Senior Lender in respect of the Senior Lender Loan, ...
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.
