Minnesota Tenant's Subordination (General - to a Lease/Easement)
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FAQ
Signing this document means a landlord agrees to give a lender access to the property, and priority to taking collateral in the event of default. This means that if you stop paying your lender, they have the right to collateral in your rented or leased premises?ahead of the landlord.
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 Waiver (or Subordination) and Consent Agreement will likely provide the tenant's lender with the right to enter the leased premises and remove the tenant's personal property or trade fixtures to which the lender has rights.
The primary effect of an SNDA is that the tenant agrees to subordinate its lease to the mortgage in exchange for the lender agreeing not to disturb the tenant if the lender forecloses its superior security interest in the real property.
A new creditor may wish to be the senior lender, but the existing lender must consent to give up (or subordinate) their superior claim over a security interest. The Agreement thus defines the new senior and subordinated creditors and the priority of the two claims against specific collateral.
Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.
Different from a ?subordination,? a ?waiver? is a complete relinquishment and abandonment of a claim or right. On the contrary, subordination consists of the acknowledgement by one party that its interest or claim is inferior to that of another party. Black's Law Dictionary.
