Virgin Islands Subordination by Lessee of Right to Use All or Part of Surface Estate
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FAQ
An agreement by which one encumbrance (for example, a mortgage) is made subject (junior) to another encumbrance. To "subordinate" is to "make subject to," or to make of lower priority. A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset.
A subordinate clause is defined as a clause that cannot stand on its own. They are not considered a complete sentence because they do not convey a complete thought. They are also referred to as dependent clauses, meaning they need a complete sentence or independent clause to be used correctly.
A subordinate clause is a clause that cannot stand alone as a complete sentence; it merely complements a sentence's main clause, thereby adding to the whole unit of meaning. Because a subordinate clause is dependent upon a main clause to be meaningful, it is also referred to as a dependent clause.
The Subordination Clause A subordination is a contractual agreement by the tenant that its leasehold interest in the collateral property, or portion thereof (the subject property of the lease), is subordinate either to the mortgage or to the lien of the mortgage.
Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.
Subordinate clauses (or dependent clauses) add extra information to the main clause and cannot exist on their own. For example, "unlike my brother, I don't eat meat." Here the bolded text - the subordinate clause - gives us additional information about the main clause.
A Subject clause is a Subject of a Predicate in the form of a clause. For example, To leave now would be rude. The Subject of would be rude is the clause to leave now. This is a type of subordinate clause. See also.
Subordination of lease refers to the tenant's consent to subordinate his or her rights over a property to the rights of the bank holding the mortgage on the property. A subordination of lease agreement is created for this purpose.
