Kentucky Subordination by Lessee of Right to Use All or Part of Surface Estate
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How to fill out Subordination By Lessee Of Right To Use All Or Part Of Surface Estate?
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FAQ
A subordination clause serves to protect the lender if a homeowner defaults. If this happens, the lender then has the legal standing to repossess the home and cover their loan's outstanding balance first. If other subordinate mortgages are involved, the secondary liens will take a backseat in this process.
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.
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 Subordination Clause A subordination is a contractual agreement by the tenant that its leasehold interest in the collateral property, or portion thereof (the subject property of the lease), is subordinate either to the mortgage or to the lien of the mortgage.
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.
A subordinate clause is a clause that cannot stand alone as a complete sentence; it merely complements a sentence's main clause, thereby adding to the whole unit of meaning. Because a subordinate clause is dependent upon a main clause to be meaningful, it is also referred to as a dependent clause.
Subordination agreements may be included in existing deeds of trust or may be outlined in an independent contract. In situations where two deeds of trust are being recorded concurrently, the lien priority is typically handled by instructing the title company as to which security instrument will be recorded first.
The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then, the parties typically sign the agreement. But in some cases, just the subordinating lender will need to sign the paperwork.
