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.
Puerto Rico Subordination Provision
Category:
State:
Multi-State
Control #:
US-OL20022A
Format:
Word;
PDF
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How to fill out Subordination Provision?
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FAQ
The United States acquired the islands of Puerto Rico in 1898 after the Spanish?American War, and the archipelago has been under U.S. sovereignty since.
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
PROMESA's Title III follows roughly the U.S. bankruptcy law. Puerto Rico's creditors are separated into groups based on the different legal rights of their claims, such as the kind of bonds they own or other claims, such as pensions.
A failing power grid and affordability strains are dividing the island into haves and have-nots. If you walk in certain circles, it's easy enough to believe that Puerto Rico has moved past devastating hurricanes and the largest municipal bankruptcy in US history.
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
Why did the U.S. take control of Puerto Rico? ?The U.S. for a long time had wanted to assert its sort of predominance in the Americas and remove European powers formally,? Christina Ponsa-Kraus, a professor of legal history at Columbia University, told McClatchy News.
The Plan of Adjustment filed with the U.S. District Court for the District of Puerto Rico, which has jurisdiction over PROMESA, provides a framework to restructure some $35 billion of liabilities (bonds and other claims) and $50 billion of unfunded pension liabilities, and reduces Puerto Rico's debt to sustainable ...
Around $30 billion, or about 42% of Puerto Rico's outstanding debt, is owned by residents of Puerto Rico. They and local businesses are the parties that are most affected by the government cuts and the increased taxes that have been imposed to stabilize the island's finances.
