This office lease form is a more detailed, more complicated subordination provision stating that subordination is conditioned on the landlord providing the tenant with a satisfactory non-disturbance agreement.
This office lease form is a more detailed, more complicated subordination provision stating that subordination is conditioned on the landlord providing the tenant with a satisfactory non-disturbance agreement.
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This Lease shall be subject and subordinate at all times to the lien of any existing mortgage and other financing documents and the lien of any mortgages and other financing documents that hereafter may be made a lien upon the Building and the real property upon which it is situated; provided, however, that the secured ...
When you get a mortgage loan, the lender will likely include a subordination clause essentially stating that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender if a homeowner defaults.
What is subordination? Subordination is the process of ranking home loans (mortgage, HELOC or home equity loan) by order of importance. When you have a home equity line of credit, for example, you actually have two loans ? your mortgage and HELOC. Both are secured by the collateral in your home at the same time.
Real Estate Dictionary A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset. It is commonly used in the context of real estate transactions, but can also be applied to other types of assets.
This Security Instrument secures to Lender (i) the. repayment of the Loan, and all renewals, extensions, and modifications of the Note, and (ii) the performance. of Borrower's covenants and agreements under this Security Instrument and the Note.
: placement in a lower class, rank, or position : the act or process of subordinating someone or something or the state of being subordinated. As a prescriptive text, moreover, the Bible has been interpreted as justifying the subordination of women to men.
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.