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.
Plano Texas Lease Subordination Agreement is a legally binding contract between a tenant, landlord, and a third-party lender involved in a lease transaction. This agreement outlines the relationships and priorities of each party when it comes to the lease, specifically in regard to subordination of the tenant's leasehold interest to the lender's mortgage or security interest. In a Lease Subordination Agreement, the tenant agrees to subordinate their lease rights to the lender's interest in the property. This means that in the event of default by the landlord, the lender has the right to foreclose the property and evict the tenant, even if the tenant is not in default. By subordinating their lease, the tenant acknowledges that the lender's interest in the property takes priority over their leasehold rights. There are several types of Plano Texas Lease Subordination Agreements, each catering to different situations and needs: 1. Commercial Lease Subordination Agreement: This type of agreement is used when a commercial tenant seeks financing from a lender and needs to agree to subordinate their lease rights to the lender's mortgage or interest. It is commonly used in Plano, Texas, for commercial lease transactions. 2. Residential Lease Subordination Agreement: In the event that a residential tenant requires financing or refinancing on a property they are leasing, the tenant may enter into a residential lease subordination agreement. This allows the lender to have priority over the tenant's leasehold rights. 3. Partial Subordination Agreement: Sometimes, a lender may not require complete subordination of the tenant's lease rights. In such cases, a Partial Subordination Agreement may be used, specifying the extent to which the lease rights are subordinated to the lender's interest. 4. Subordination, Non-Disturbance, and Attornment Agreement (SODA): This is a more comprehensive agreement that combines subordination, non-disturbance, and attornment terms. It provides protection to the tenant in case of default by the landlord while still recognizing the lender's priority. Overall, the Plano Texas Lease Subordination Agreement is crucial for defining the rights and obligations of the tenant, landlord, and lender in a lease transaction. It helps establish clarity and ensures that all parties are aware of their respective priorities in case of default or foreclosure.Plano Texas Lease Subordination Agreement is a legally binding contract between a tenant, landlord, and a third-party lender involved in a lease transaction. This agreement outlines the relationships and priorities of each party when it comes to the lease, specifically in regard to subordination of the tenant's leasehold interest to the lender's mortgage or security interest. In a Lease Subordination Agreement, the tenant agrees to subordinate their lease rights to the lender's interest in the property. This means that in the event of default by the landlord, the lender has the right to foreclose the property and evict the tenant, even if the tenant is not in default. By subordinating their lease, the tenant acknowledges that the lender's interest in the property takes priority over their leasehold rights. There are several types of Plano Texas Lease Subordination Agreements, each catering to different situations and needs: 1. Commercial Lease Subordination Agreement: This type of agreement is used when a commercial tenant seeks financing from a lender and needs to agree to subordinate their lease rights to the lender's mortgage or interest. It is commonly used in Plano, Texas, for commercial lease transactions. 2. Residential Lease Subordination Agreement: In the event that a residential tenant requires financing or refinancing on a property they are leasing, the tenant may enter into a residential lease subordination agreement. This allows the lender to have priority over the tenant's leasehold rights. 3. Partial Subordination Agreement: Sometimes, a lender may not require complete subordination of the tenant's lease rights. In such cases, a Partial Subordination Agreement may be used, specifying the extent to which the lease rights are subordinated to the lender's interest. 4. Subordination, Non-Disturbance, and Attornment Agreement (SODA): This is a more comprehensive agreement that combines subordination, non-disturbance, and attornment terms. It provides protection to the tenant in case of default by the landlord while still recognizing the lender's priority. Overall, the Plano Texas Lease Subordination Agreement is crucial for defining the rights and obligations of the tenant, landlord, and lender in a lease transaction. It helps establish clarity and ensures that all parties are aware of their respective priorities in case of default or foreclosure.
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.
