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.
Illinois Subordination Provision
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Multi-State
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US-OL20022A
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FAQ
Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.
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.
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.
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.
To adjust their priority, subordinate lienholders must sign subordination agreements, making their loans lower in priority than the new lender. A subordination agreement puts the new lender into first position and reassigns an existing mortgage to second position or third position, and so on.
