This office lease form is a more detailed, more complicated subordination provision stating that subordination is conditioned on the landlord providing the tenant with a satisfactory non-disturbance agreement.
North Carolina Detailed Subordination Provision
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Multi-State
Control #:
US-OL20022B
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Word;
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How to fill out Detailed Subordination Provision?
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FAQ
A Subordination Agreement focuses on creditor priorities and security claims, providing legal certainty to creditors when assessing repayment risk. If a credit event (or default) occurs, a subordination agreement provides a senior lender superior repayment rights than the subordinated lender.
Subordination Agreement: An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.
A subordination agreement adjusts the priority of mortgages. It moves a refinance loan up to the front of the line. A "subordination agreement" is a contract to prioritize one debt over another for repayment. The agreement establishes that one party's claim is superior to another party's interest.
Subordination is the process whereby one party is allowed to have a higher priority in potentially competing claims. Thus, the title insurance company and/or bank want to be ahead of any other potential claimant who has provided labor and/or materials.
A (In a typical subordination agreement, the senior lien holder agrees to subordinate or lower its lien position in favor of the junior lien. This agreement must be signed by both lien holders and recorded.)
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. Subordination is the act of yielding priority.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
So, if a seller sells the property, the lender would call that seller's loan due and payable and the buyer would have to obtain their own, brand new loan. A subordination clause is where a first and second mortgage will switch places. In other words, the first becomes a second, a second becomes a first.
