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.
Georgia 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
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.
Lien subordination refers to the order in which claims on collateral are prioritized. This takes place most often among senior secured lenders and does not imply that one tranche of senior debt has payment preference over another.
There are two ways to subordinate tranches of debt so that one tranche takes priority over the other. The first is called lien subordination, in which two forms of senior, equally ranked debt share the same collateral, but one is given priority over that collateral in case of liquidation.
A subordinated loan is debt that's only paid off after all primary loans are paid off, if there's any money left. It's also known as subordinated debt, junior debt or a junior security, while primary loans are also known as senior or unsubordinated debt.
Subordinate Lien means any pledge, lien, security interest, encumbrance or charge of any kind on or in any Gross Revenues which is subordinate in priority and junior to the lien of the Indenture on or in such Gross Revenues. Sample 1. Subordinate Lien means any Lien securing the Subordinate Obligations.
These subordination agreements state that the contractor ?subordinates?, i.e., relinquishes the priority of, its lien rights to the rights of the mortgage issued by the lender.
Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.
