This office lease form is an agreement entered into in connection with a certain loan which the lender has made to the landlord and secured, in part, by a mortgage, assignment of the leases and rents and security agreement on the premises. This form describes the issues of mortgage subordination and a tenants agreement to hold the land as the tenant of a new landlord.
A Nevada Subordination of Mortgage and Attornment Agreement is a legal document that outlines the relationship between multiple lenders and a borrower in a real estate transaction. This agreement specifies the order of priority between mortgages and provides a framework for how the borrower's obligations to one lender may be subordinated or ranked below another lender's interests. Keywords: Nevada, Subordination of Mortgage and Attornment Agreement, lender, borrower, real estate transaction, priority, mortgages, obligations, subordinated, ranked, interests. There are various types of Nevada Subordination of Mortgage and Attornment Agreements, some of which include: 1. First Mortgage Subordination Agreement: This type of agreement is used when a borrower obtains a second mortgage while the first mortgage is still in effect. By signing this agreement, the borrower acknowledges that the second mortgage will be subordinate to the first mortgage, meaning that in the event of foreclosure, the first mortgage holder will be repaid before the second mortgage holder. 2. Junior Mortgage Subordination Agreement: A junior mortgage is a type of loan that is subordinate to a senior mortgage or a different lien. In this agreement, the borrower agrees to have the junior mortgage ranked below the senior mortgage in terms of priority. This subordination allows the senior mortgage to have priority in case of foreclosure or other legal proceedings. 3. Subordination and Intercreditor Agreement: This agreement is commonly used in commercial real estate transactions where multiple lenders are involved. It establishes the priority of various mortgages and defines the rights and obligations of each lender. It may also include provisions related to foreclosure, default, repayment terms, and shared collateral. 4. Partial Subordination Agreement: This type of Nevada Subordination of Mortgage and Attornment Agreement is used when a borrower wants to refinance a portion of their existing mortgage loan. By agreeing to a partial subordination, the lender allows a certain portion of the loan to be placed in a secondary position, enabling the borrower to secure a new loan for the remaining balance. It is important for all parties involved in a Nevada Subordination of Mortgage and Attornment Agreement to seek legal advice to ensure their rights and obligations are adequately protected. These agreements are typically complex and require a thorough understanding of Nevada state laws regarding mortgages and real estate transactions.
