New Jersey Subordination Provision

State:
Multi-State
Control #:
US-OL20022A
Format:
Word; 
PDF
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Description

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.

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FAQ

Some bonds are issued with "subordinated" status. This means the buyer of the bonds accepts a lower claim on the company's assets, below senior debt holders, but still above shareholders. Because of the additional risk, a higher yield will normally be offered.

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.

For example, if a company issues bonds in the market with a subordination clause, it ensures that if more bonds are issued in the future, the original bondholders will receive payment before the company pays all other debt issued after it.

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.

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 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.

Subordination agreement is a contract which guarantees senior debt will be paid before other ?subordinated? debt if the debtor becomes bankrupt.

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.

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New Jersey Subordination Provision