Michigan Lease Subordination Agreement

Michigan Lease Subordination Agreement
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State:
Michigan
Control #:
MI-844LT
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Available formats: Word | Rich Text

Description

This Lease Subordination Agreement is a lienholder's lien that was created by a (Mortgage/Deed of Trust) and is subordinated to a mineral/oil/gas lease and lienholder releases, said Leasehold from all liens created by said (Mortgage/Deed of Trust), and all extensions and renewals of such liens. Lienholder retains all rights under the (Mortgage/Deed of Trust) against any royalty interest reserved by the lessor in and payable under the terms of the lease, or any of lessor's reversionary interests on the termination or expiration of the lease.

Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. A declaration of homestead must always be subordinated to a loan.

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FAQ

What can void a lease agreement?

What is a subordination non disturbance agreement?

What does a subordination agreement do?

What makes a lease unenforceable?

What is a lease subordination agreement?

What is a subordination and non disturbance agreement?

What makes a rental lease invalid?

What is a subordination clause in real estate?

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