Rhode Island Lease Subordination Agreement
What is this form?
A Lease Subordination Agreement is a legal document that establishes the priority of a lienholderâs interest over an existing mineral, oil, or gas lease. This agreement subordinates the lien created by a mortgage or deed of trust to the lease, allowing the new lease to take priority. It differs from other agreements by specifically addressing the relationship between the lease and the lienholder's claims against the property, ensuring clarity in any potential conflicts of interest.
Main sections of this form
- State and county details to specify the jurisdiction.
- Identifying information for the lessor, lienholder, and lessee.
- A description of the property covered by the mortgage or deed of trust.
- Effective date for the agreement.
- Terms under which the lienholder subordinates rights to the lease.
- Signature line for the lienholder's acknowledgment of the agreement.
Common use cases
This Lease Subordination Agreement is typically used when a property owner wants to secure a new oil, gas, or mineral lease but needs to ensure that this lease has priority over existing loans secured by the property. It's an essential document when refinancing or taking out additional loans that might conflict with existing interests in the property.
Who needs this form
- Property owners who are leasing oil, gas, or mineral rights.
- Lienholders looking to establish priority in relation to existing loans.
- Lessees who want to ensure their lease is prioritized over other claims.
- Attorneys or legal representatives managing lease agreements.
How to prepare this document
- Identify the state and county where the property is located.
- Fill in the names of the lessor, lienholder, and lessee.
- Describe the property covered by the mortgage or deed of trust in detail.
- Enter the effective date for when the agreement takes effect.
- Ensure all parties acknowledge and sign where indicated.
Is notarization required?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include complete property descriptions.
- Not entering the effective date correctly.
- Omitting signatures from the lienholder or other involved parties.
- Neglecting to check local law requirements for subordination agreements.
Why use this form online
- Convenience of downloading and using a template tailored for legal use.
- Editability allows you to customize the form to meet specific needs.
- Access to professionally drafted language by licensed attorneys.
- Quick turnaround for obtaining necessary documentation.
Legal use & context
- A Lease Subordination Agreement is typically enforceable in a court of law, provided that it has been properly completed and executed.
- The terms of the agreement must comply with state laws governing property and lien issues.
- Ensure all parties understand the implications of subordination, as it may affect future claims against the property.
Summary of main points
- A Lease Subordination Agreement defines the priority of liens between a mortgage and a mineral lease.
- It's essential for property owners involved in leasing oil or gas rights, particularly when existing loans are in place.
- Completing this form requires careful attention to detail, including property descriptions and dates.
- Consult local laws to ensure compliance and validity.
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FAQ
: placement in a lower class, rank, or position : the act or process of subordinating someone or something or the state of being subordinated As a prescriptive text, moreover, the Bible has been interpreted as justifying the subordination of women to men.
A lease is automatically void when it is against the law, such as a lease for an illegal purpose. In other circumstances, like fraud or duress, a lease can be declared void at the request of one party but not the other.
A lease is automatically void when it is against the law, such as a lease for an illegal purpose. In other circumstances, like fraud or duress, a lease can be declared void at the request of one party but not the other.
Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit.
Subordination clauses in mortgages refer to the portion of your agreement with the mortgage company that says their lien takes precedence over any other liens you may have on your property.The primary lien on a house is usually a mortgage. However, it's also possible to have other liens.
Subordination is the tenant's agreement that its interest under the lease will be subordinate to that of the lender.Attornment is the tenant's agreement to become the tenant of someone other than the original landlord and who has now taken title to the property.
A rental agreement will be void and unenforceable if it allows the landlord to terminate the tenancy of a tenant for a crime committed in relation to the rental property if it does not also include the new domestic abuse protection language set forth in sec. 704.
If a tenant fails to pay rent, breaks a rule, or significantly damages the property, then it is considered breach of contract and you have grounds for eviction. If there are people living in the unit that are not on the lease, then that is also breach of contract and you have grounds to evict them.
