Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. A declaration of homestead must always be subordinated to a loan.
Raleigh North Carolina Lease Subordination Agreement
Category:
State:
North Carolina
City:
Raleigh
Control #:
NC-844LT
Format:
Word;
Rich Text
Instant download
Description
This Lease Subordination Agreement is a lienholder's lien that was created by a (Mortgage/Deed of Trust) and is subordinated to a mineral/oil/gas lease and lienholder releases, said Leasehold from all liens created by said (Mortgage/Deed of Trust), and all extensions and renewals of such liens. Lienholder retains all rights under the (Mortgage/Deed of Trust) against any royalty interest reserved by the lessor in and payable under the terms of the lease, or any of lessor's reversionary interests on the termination or expiration of the lease.
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FAQ
A note about lease terms According to North Carolina G.S. § 47-18, a tenant who is leasing space for a term of more than three years should ensure that a memorandum of lease be executed and recorded in the office of the register of deeds in the county where the property is located.
(1) Lodging provided by hotels, motels, tourist camps, and other places subject to regulation under Chapter 72 of the General Statutes. (2) Rentals to persons temporarily renting a dwelling unit when traveling away from their primary residence for business or employment purposes.
North Carolina law says that your landlord must keep your housing fit and safe. It also says that you, the tenant, must pay your rent, keep your home clean, and not damage your home. To make the law work, both the tenant and the landlord must do their part.
North Carolina is not a rent-controlled state. WCNC Charlotte went through the six pages of North Carolina's Landlord-Tenant laws, and there are no restrictions on rent increases.
The Residential Rental Agreements Act is set out in G.S. Chapter 42, Sections 38 to 44. This law, which was passed in 1977, re-wrote the common law to provide that landlords must maintain residential rental premises to be fit to live in, and to make clear that a tenant's right to such housing cannot be waived.
Subleasing may be established only if the initial lease contract permits it or does not mention anything about subleasing the property. Nevertheless, generally, the owner of the property shall be made known and taken approval from before going onto sharing the tenancy with another tenant.
There is no longer a CDC nor any state eviction moratorium in effect. After August 26, 2021, your landlord can file a Complaint for Summary Ejectment (often called an eviction) for your failure to pay rent and for any other violation of your lease.
Sublease and Assignment Provisions in North Carolina Unless the lease prohibits subleasing, a landlord may not unreasonably withhold permission to sublet. In North Carolina, subleasing is only allowed if the landlord consents.
A subordination clause is a lease provision whereby the tenant subordinates its possessory interest in the leased premises to a third-party lender, usually a bank (the rights of the tenant are thus subject to the rights of the lender).
Sublease and Assignment Provisions in North Carolina Unless the lease prohibits subleasing, a landlord may not unreasonably withhold permission to sublet. In North Carolina, subleasing is only allowed if the landlord consents.
