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 West Virginia Subordination Agreement with Release of Lien as to Leasehold Estate is a legal document that is used to establish the priority of different liens on a leasehold estate in the state of West Virginia. This agreement allows parties to modify the order in which their claims will be satisfied if there is a default or foreclosure. This agreement is essential for situations where multiple parties have a financial interest in a leasehold estate, such as a commercial property lease. It helps clarify the order of priority in case of a dispute over the property or if the property is sold. In West Virginia, there are two main types of Subordination Agreements with Release of Lien as to Leasehold Estate: 1. Voluntary Subordination Agreement: This type of agreement is entered into willingly by the parties involved. It allows a junior lien holder to voluntarily relinquish their priority position to a senior lien holder. This is often done to help facilitate financing or to ensure the leasehold estate's smooth transfer in the event of a sale. 2. Involuntary Subordination Agreement: This type of agreement is typically enforced by a court order or law. In this case, a junior lien holder's claim is subordinated to a senior lien holder's claim due to legal circumstances or priority rules. It is often necessary to protect the rights of the senior lien holder or to ensure the proper functioning of the leasehold estate. Keywords: West Virginia, Subordination Agreement, Release of Lien, Leasehold Estate, Voluntary, Involuntary, Priority, Commercial Property, Financing, Transfer, Foreclosure, Senior Lien holder, Junior Lien holder, Dispute, Order of Priority, Legal Document.
