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.
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.
A Mesa Arizona Lease Subordination Agreement is a legal contract commonly used in real estate transactions that allows a lender to acquire priority status for their mortgage or loan over an existing lease agreement. This agreement establishes the order in which claims against a property will be prioritized in the event of default or foreclosure. In Mesa, Arizona, there are various types of Lease Subordination Agreements, including: 1. Commercial Lease Subordination Agreement: This type of agreement is commonly used in commercial real estate transactions, where the lender holds a higher priority lien on the property than the tenant's lease. 2. Residential Lease Subordination Agreement: This agreement applies to residential properties, allowing the lender to prioritize their claim over the tenant's lease in case of default. 3. Ground Lease Subordination Agreement: It is a specific type of subordination agreement where a ground lease exists. The ground tenant agrees to subordinate their lease to a mortgage lien on the property to provide the lender with primary rights. 4. Non-Disturbance Agreement: While not specifically a subordination agreement, this type of agreement is often combined with a subordination agreement. It protects the tenant's rights in the event of a foreclosure or default, ensuring their lease will not be terminated. When drafting a Mesa Arizona Lease Subordination Agreement, it is crucial to include specific details such as the names and addresses of all involved parties, the property's legal description, the lease term and terms, the loan or mortgage details, and the agreed-upon priority of claims. In summary, a Mesa Arizona Lease Subordination Agreement is a legal document used in real estate transactions to prioritize a lender's claim over an existing lease agreement. There are different types of agreements, including commercial, residential, ground lease subordination, and non-disturbance agreements, each serving specific purposes in different contexts.A Mesa Arizona Lease Subordination Agreement is a legal contract commonly used in real estate transactions that allows a lender to acquire priority status for their mortgage or loan over an existing lease agreement. This agreement establishes the order in which claims against a property will be prioritized in the event of default or foreclosure. In Mesa, Arizona, there are various types of Lease Subordination Agreements, including: 1. Commercial Lease Subordination Agreement: This type of agreement is commonly used in commercial real estate transactions, where the lender holds a higher priority lien on the property than the tenant's lease. 2. Residential Lease Subordination Agreement: This agreement applies to residential properties, allowing the lender to prioritize their claim over the tenant's lease in case of default. 3. Ground Lease Subordination Agreement: It is a specific type of subordination agreement where a ground lease exists. The ground tenant agrees to subordinate their lease to a mortgage lien on the property to provide the lender with primary rights. 4. Non-Disturbance Agreement: While not specifically a subordination agreement, this type of agreement is often combined with a subordination agreement. It protects the tenant's rights in the event of a foreclosure or default, ensuring their lease will not be terminated. When drafting a Mesa Arizona Lease Subordination Agreement, it is crucial to include specific details such as the names and addresses of all involved parties, the property's legal description, the lease term and terms, the loan or mortgage details, and the agreed-upon priority of claims. In summary, a Mesa Arizona Lease Subordination Agreement is a legal document used in real estate transactions to prioritize a lender's claim over an existing lease agreement. There are different types of agreements, including commercial, residential, ground lease subordination, and non-disturbance agreements, each serving specific purposes in different contexts.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
