This form is used when Lienholder subordinates all liens created by the (Mortgage/Deed of Trust) to the Lease and releases the leasehold estate created by the Lease from all liens created by the (Mortgage/Deed of Trust) and all extensions and renewals of the liens. Lienholder does not waive or release any of its rights under the (Mortgage/Deed of Trust) on or against any royalty interest reserved by the Lessor.
A Tennessee Subordination Agreement With Release of Lien As to Leasehold Estate is a legal document that outlines the conditions under which a lien on a leasehold estate will be subordinated to another lien. This agreement is commonly used in real estate transactions involving leases, where multiple parties may have an interest in the property. Keywords: Tennessee, Subordination Agreement, Release of Lien, Leasehold Estate, real estate transactions, parties, interest, property. There are three main types of Tennessee Subordination Agreements With Release of Lien As to Leasehold Estate: 1. General Subordination Agreement: This type of agreement establishes the priority of multiple liens on a property. It determines which lien will have precedence over others in the event of a foreclosure or sale. By signing this agreement, the party with the subordinate lien agrees to release their rights to the property in favor of the party with the superior lien. 2. Intercreditor Subordination Agreement: This agreement specifically applies to situations where there are multiple lenders involved in a leasehold estate. It outlines the rights and priorities of each lender's lien. Each lender agrees to subordinate their lien to the superior lien, typically a first mortgagee. 3. Release of Lien Agreement: This type of agreement is used when a party wishes to release their lien on a leasehold estate. The document outlines the terms and conditions for releasing the lien and confirms the mutual agreement between the parties involved. In summary, a Tennessee Subordination Agreement With Release of Lien As to Leasehold Estate is a legally binding document used to determine the priority of multiple liens on a leasehold estate. It is crucial in real estate transactions involving leases, ensuring clarity and fairness among parties with an interest in the property.
