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.
The New Mexico Detailed Subordination Provision is an essential legal concept that ensures the proper order of priority of liens or claims against a property. It outlines the hierarchy in which different parties or institutions will be paid in case of foreclosure or sale of the property. The provision acts as a safeguard for lenders and other lien holders to establish their rights and claim repayment in an orderly manner. In New Mexico, there are primarily two types of Detailed Subordination Provisions: General Subordination Provision and Specific Subordination Provision. 1. General Subordination Provision: This type of subordination provision establishes the priority of lien or claim holders on a property in general terms. It sets forth a framework in which all liens or claims are arranged according to their order of creation or recording. This provision is applicable in situations where no specific subordination agreement has been executed. 2. Specific Subordination Provision: Unlike the general provision, the specific subordination provision pertains to an individual lien or claim and identifies its position relative to other claims. It outlines the order in which a particular lien or claim would be paid, often by subordinating it to another primary lien or claim. Specific subordination provisions are commonly used when multiple loans exist on a property or when parties agree to change the original priority order. Both types of New Mexico detailed subordination provisions are crucial for maintaining clarity and security in real estate transactions. Lenders, borrowers, and other parties involved can rely on these provisions to understand their rights, responsibilities, and obligations in case of default or sale of the property. Keywords: New Mexico, Detailed Subordination Provision, liens, claims, priority, foreclosure, sale, lenders, safeguard, hierarchy, property, General Subordination Provision, Specific Subordination Provision, order, recording, framework, subordination agreement, individual lien, multiple loans, real estate transactions.
