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.
Vermont Subordination Provision
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Multi-State
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US-OL20022A
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FAQ
?Current use? indicates that the property tax will last as long as the land is used for forest or farmland. If the land gets developed, then the tax changes to reflect the fact that the land is no longer used for forestry or farming.
Vermont's UVA Program enables eligible private landowners who practice long-term forestry or agriculture to have their land appraised based on the property's value of production of wood or food rather than its residential or commercial development value.
Owners who wish to withdraw all or a portion of land and/or buildings should file Form LV-314, Request For Withdrawal From The Use Value Appraisal Program by mail or online at myVTax. See the guide on how file Form LV-314 using myVTax.
Current use is a phrase used to describe the present condition of land use and the corresponding scheme for property tax incentives for qualifying land owners (typically rural) who wish to preserve open space and avoid having their property assessed at the "best and highest" use that could be made of it (i.e., a ...
When land enrolled in the Current Use Program is developed or withdrawn from the program, it is subject to a penalty, the Land Use Change Tax (LUCT), under Vermont law at 32 V.S.A. § Section 3757(a). The LUCT is a percentage of the full fair market value of the changed land.
A mortgage subordination refers to the order the outstanding liens on your property get repaid if you stop making your mortgage payments. For example, your first home loan (primary mortgage) is repaid first, with any remaining funds paying off additional liens, including second mortgages, HELOCs and home equity loans.
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future.
A subordination clause serves to protect the lender if a homeowner defaults. If this happens, the lender then has the legal standing to repossess the home and cover their loan's outstanding balance first. If other subordinate mortgages are involved, the secondary liens will take a backseat in this process.
