This office lease guaranty states that until all obligations of the tenant are fully performed and the lease has expired or terminated, all claims that the guarantor may have against the tenant are subordinated to the landlord's claims against the tenant.
South Carolina Subordination and Deferral of the Guarantors Claims Against the Tenant
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FAQ
Briefly, a mortgagor defendant in a foreclosure action upon which deficiency judgment is rendered may within thirty days after the sale of the mortgaged property apply by verified petition to the Clerk of Court for an appraisal. S.C. Code Section 29-3-680.
If you owe more on your mortgage than your home sells for at a foreclosure sale, the lender may ask for deficiency judgment against you, unless it specifically waived that right in writing prior to the sale. A deficiency judgment is also known as a personal judgment.
You may be able to sell your home for less than you owe, this is called a ?short sale.? The lender must agree to accept this and write off the rest of what you owe. OR you can sign a ?deed-in-lieu? of foreclosure. This means that you are deeding the house back to the lender.
The Subordination Clause. A subordination clause is a lease provision whereby the tenant subordinates its possessory interest in the leased premises to a third-party lender, usually a bank (the rights of the tenant are thus subject to the rights of the lender).
SECTION 27-35-130. Notice required for tenants at will and domestic servants. All tenants at will and domestic servants shall vacate the premises occupied upon twenty days' written notice.
Ways to Stop Foreclosure in South Carolina Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
The primary effect of an SNDA is that the tenant agrees to subordinate its lease to the mortgage in exchange for the lender agreeing not to disturb the tenant if the lender forecloses its superior security interest in the real property.
SECTION 29-3-330. Methods of satisfaction or release of security interest; affidavit. (A) In this section these words shall have the following meaning: (1) "Mortgage" means a lien against real property that is granted to secure the payment of money; a deed of trust must be given the same meaning as a "mortgage".
