This office lease form is an agreement entered into in connection with a certain loan which the lender has made to the landlord and secured, in part, by a mortgage, assignment of the leases and rents and security agreement on the premises. This form describes the issues of mortgage subordination and a tenants agreement to hold the land as the tenant of a new landlord.
The Alabama Subordination of Mortgage and Attornment Agreement is a legal document that outlines the agreement between a lender and a borrower regarding the priority of mortgages on a property. This agreement allows for the creation or modification of a mortgage while ensuring that the lender's lien remains in a particular position relative to other existing or future mortgages. In Alabama, there are generally two types of Subordination of Mortgage and Attornment Agreements: 1. Deed of Subordination: This type of agreement is used when a borrower wishes to refinance their existing mortgage loan or obtain additional financing while keeping the original mortgage in place. By signing the Deed of Subordination, the borrower agrees to subordinate their mortgage to the new mortgage, meaning that the new mortgage will hold priority in the event of default or foreclosure. 2. Second Mortgage Subordination Agreement: This agreement is commonly used when a property has multiple mortgages and the priority of those mortgages needs to be established or modified. For example, if a borrower wants to take out a second mortgage while retaining their existing first mortgage, they would need to sign a Second Mortgage Subordination Agreement. This agreement acknowledges the priority of the original mortgage and subordinates the second mortgage to it. The Alabama Subordination of Mortgage and Attornment Agreement typically includes several key elements: — Parties: The agreement will identify the lender, borrower, and any other relevant parties involved. — Mortgages: Details of the existing mortgages, including the lien holder's name, property description, and original loan amount. — Subordination Clause: This clause states that the existing mortgage will be subordinated to a new or subsequent mortgage as specified in the agreement. — Terms and Conditions: The agreement may outline specific terms and conditions that need to be met for the subordination to remain in effect. — Attornment: The borrower's agreement to recognize and accept a new lender in the event of a change in ownership or transfer of the property. — Signature and Notarization: The document requires the signatures of all involved parties and is typically notarized to ensure its legal validity. In summary, the Alabama Subordination of Mortgage and Attornment Agreement is a vital legal instrument used to establish or modify the priority of mortgages on a property. By subordinating a mortgage, borrowers can access additional financing or refinance existing loans while maintaining the lien holder's rights. These agreements serve to protect the interests of lenders, borrowers, and other parties involved in real estate transactions.The Alabama Subordination of Mortgage and Attornment Agreement is a legal document that outlines the agreement between a lender and a borrower regarding the priority of mortgages on a property. This agreement allows for the creation or modification of a mortgage while ensuring that the lender's lien remains in a particular position relative to other existing or future mortgages. In Alabama, there are generally two types of Subordination of Mortgage and Attornment Agreements: 1. Deed of Subordination: This type of agreement is used when a borrower wishes to refinance their existing mortgage loan or obtain additional financing while keeping the original mortgage in place. By signing the Deed of Subordination, the borrower agrees to subordinate their mortgage to the new mortgage, meaning that the new mortgage will hold priority in the event of default or foreclosure. 2. Second Mortgage Subordination Agreement: This agreement is commonly used when a property has multiple mortgages and the priority of those mortgages needs to be established or modified. For example, if a borrower wants to take out a second mortgage while retaining their existing first mortgage, they would need to sign a Second Mortgage Subordination Agreement. This agreement acknowledges the priority of the original mortgage and subordinates the second mortgage to it. The Alabama Subordination of Mortgage and Attornment Agreement typically includes several key elements: — Parties: The agreement will identify the lender, borrower, and any other relevant parties involved. — Mortgages: Details of the existing mortgages, including the lien holder's name, property description, and original loan amount. — Subordination Clause: This clause states that the existing mortgage will be subordinated to a new or subsequent mortgage as specified in the agreement. — Terms and Conditions: The agreement may outline specific terms and conditions that need to be met for the subordination to remain in effect. — Attornment: The borrower's agreement to recognize and accept a new lender in the event of a change in ownership or transfer of the property. — Signature and Notarization: The document requires the signatures of all involved parties and is typically notarized to ensure its legal validity. In summary, the Alabama Subordination of Mortgage and Attornment Agreement is a vital legal instrument used to establish or modify the priority of mortgages on a property. By subordinating a mortgage, borrowers can access additional financing or refinance existing loans while maintaining the lien holder's rights. These agreements serve to protect the interests of lenders, borrowers, and other parties involved in real estate transactions.
