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 Bellevue Washington Lease Subordination Agreement is a legal document that outlines the terms and conditions agreed upon by a tenant, landlord, and a third party regarding the subordination of a lease. This agreement is commonly used when a tenant leases a property and later obtains financing for a mortgage or loan secured by that property. By signing the lease subordination agreement, the tenant agrees that in the event of default or foreclosure, the rights of the lender will take priority over the tenant's lease rights. Keywords: Bellevue Washington, lease subordination agreement, legal document, terms and conditions, tenant, landlord, third party, financing, mortgage, loan, secured property, default, foreclosure, lender, priority, lease rights. Different types of Bellevue Washington Lease Subordination Agreements may include: 1. Commercial Lease Subordination Agreement: This type of agreement is used when a commercial tenant wishes to secure financing for their commercial property while ensuring that the lender's interest is prioritized in case of default. 2. Residential Lease Subordination Agreement: This agreement is relevant for residential tenants who want to obtain mortgage financing for the property they are leasing, and agree to surrogate their lease rights to the lender in the event of foreclosure. 3. Land Lease Subordination Agreement: When a tenant leases land and later seeks to acquire financing for developing the leased land, this agreement determines the priority of interests between the lender and the tenant in case of default or foreclosure. 4. Subordinate Ground Lease Agreement: This type of lease subordination agreement is specific to situations where a tenant subleases a property to another tenant, and both the original lease and the sublease are subject to a mortgage or loan obtained by the property owner. 5. Absolute Lease Subordination Agreement: This agreement grants the lender absolute priority over the tenant's lease rights, making the lease subject to the lender's interests in case of default or foreclosure. By using these relevant keywords and outlining the different types of Bellevue Washington Lease Subordination Agreements, this comprehensive description provides valuable information for individuals seeking to understand and navigate the intricacies of lease subordination agreements in Bellevue, Washington.A Bellevue Washington Lease Subordination Agreement is a legal document that outlines the terms and conditions agreed upon by a tenant, landlord, and a third party regarding the subordination of a lease. This agreement is commonly used when a tenant leases a property and later obtains financing for a mortgage or loan secured by that property. By signing the lease subordination agreement, the tenant agrees that in the event of default or foreclosure, the rights of the lender will take priority over the tenant's lease rights. Keywords: Bellevue Washington, lease subordination agreement, legal document, terms and conditions, tenant, landlord, third party, financing, mortgage, loan, secured property, default, foreclosure, lender, priority, lease rights. Different types of Bellevue Washington Lease Subordination Agreements may include: 1. Commercial Lease Subordination Agreement: This type of agreement is used when a commercial tenant wishes to secure financing for their commercial property while ensuring that the lender's interest is prioritized in case of default. 2. Residential Lease Subordination Agreement: This agreement is relevant for residential tenants who want to obtain mortgage financing for the property they are leasing, and agree to surrogate their lease rights to the lender in the event of foreclosure. 3. Land Lease Subordination Agreement: When a tenant leases land and later seeks to acquire financing for developing the leased land, this agreement determines the priority of interests between the lender and the tenant in case of default or foreclosure. 4. Subordinate Ground Lease Agreement: This type of lease subordination agreement is specific to situations where a tenant subleases a property to another tenant, and both the original lease and the sublease are subject to a mortgage or loan obtained by the property owner. 5. Absolute Lease Subordination Agreement: This agreement grants the lender absolute priority over the tenant's lease rights, making the lease subject to the lender's interests in case of default or foreclosure. By using these relevant keywords and outlining the different types of Bellevue Washington Lease Subordination Agreements, this comprehensive description provides valuable information for individuals seeking to understand and navigate the intricacies of lease subordination agreements in Bellevue, Washington.
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.
