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.
West Virginia Subordination Provision is a legal clause that addresses the priority of liens or claims against a property in the state of West Virginia. It establishes the order in which different parties can satisfy their claims if the property is sold or foreclosed upon. This provision is important in determining the rights and priorities of various parties involved in real estate transactions. In West Virginia, there are different types of subordination provisions that can be present in various agreements. Here are a few key types: 1. Mortgage Subordination Provision: This type of subordination provision is most commonly found in mortgage agreements. It specifies the priority of a mortgage lien against other liens, such as mechanics' liens or homeowners' association liens. Mortgage lenders often require subordination to maintain their position as the first lien holder on the property. 2. Subordination Agreement: This type of provision can be voluntary or involuntary. A voluntary subordination agreement occurs when a party agrees to lower their priority position to fulfill the requirements of another agreement. An involuntary subordination occurs when a court order or legal requirement forces a party to subordinate their claim against a property. 3. Intercreditor Subordination Provision: This provision is relevant in situations involving multiple lenders or creditors who have granted loans or extended credit to a borrower. It determines the order in which these lenders can claim payment from the borrower's assets in the event of default or bankruptcy. The intercreditor subordination provision ensures a clear hierarchy of rights among the creditors. 4. Lender Subordination Provision: This type of provision can be included in agreements between lenders, where one lender agrees to subordinate its lien position to another in order to facilitate a new loan. It allows the new lender to have a higher priority in the event of default or foreclosure. In summary, West Virginia Subordination Provision is a crucial component of real estate transactions in the state. It determines the priority of liens or claims against a property and outlines the rights and priorities of different parties involved. The specific type of West Virginia Subordination Provision depends on the nature of the agreement and the parties involved.
