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The Subordination of Lease clause establishes that the tenants lease is subordinate to the liens of any current or future mortgages on the property, giving the mortgage lenders rights priority over the tenants rights.
What is an example of a subordination agreement?
The lease will include a provision that requires the tenant to subordinate its lease to all existing and future loans. This gives the lender the option, after a foreclosure, to either recognize the lease or terminate it.
What is subordination in a lease agreement?
Usually you as the homeowner need to fill out some paperwork which you then submit to the lender and if they Grant the subordination agreement they send it to that title company or attorney whos handling your refinance to record it. Sometimes they charge a fee to do this so dont be surprised if they say that.
What is the purpose of a subordination clause?
Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.
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subordination real estatecommercial lease agreementsubordination agreementstandard lease agreement
Title 11, 2-1311: Priority subject to subordination
Priority subject to subordination. Nothing in this Article prevents subordination by agreement by any person entitled to priority. [PL 1991, c. 805, 4 (NEW)
agree- ment, this agreement generally provides a legal release from future cleanup liability if the PRP implements the original remedy selected for the site.
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