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.
Mississippi Detailed Subordination Provision is a legal term that refers to a clause or provision within a contract or agreement. This provision outlines the specific terms and conditions related to the subordinate position of a particular party or creditor within the agreement. Keywords: Mississippi, Detailed Subordination Provision, legal term, clause, contract, agreement, terms and conditions, party, creditor, subordinate position There may be different types of Mississippi Detailed Subordination Provisions based on the specific purpose or context of the agreement. Some common types include: 1. Senior/Subordinated Debt Subordination: This type of provision outlines the hierarchy of debt repayment in a financial or lending agreement. It establishes that certain debts or obligations rank higher or are prioritized over others. This allows creditors to understand the order in which they will be repaid in the event of default or bankruptcy. 2. Subordinated Security Interest: This provision relates to the priority of security interests granted in collateral. It specifies that the security interest of one party is subordinate or secondary to another party's interest in the same collateral. This helps determine the order in which claims will be satisfied in case of default or foreclosure. 3. Subordinated Lien Subordination: This type of provision is commonly used in real estate transactions, where different liens are placed on a property. It establishes the priority of liens, ensuring that one lien holder's claim is subordinate to another's. This provision protects the rights of senior lien holders and clarifies the order in which liens will be paid off in case of sale or foreclosure. 4. Subordination of Lease Agreement: In certain situations, such as when a property is sold or refinanced, the lease agreement between a tenant and landlord may need to be subordinate to other agreements or mortgages on the property. This provision ensures that the rights and obligations of the lease agreement are secondary to those of other parties, protecting the interests of lenders and other stakeholders. Whether it's in the context of debt, security interests, liens, or lease agreements, a Mississippi Detailed Subordination Provision serves as an important legal tool to establish the priority or subordinate position of various parties' rights and claims within a contractual relationship. It provides clarity and protection to the involved parties in case of default, foreclosure, or other events impacting the agreement.
