This office lease is subject and subordinate to all ground or underlying leases and to all mortgages which may affect the lease or the real property of which demised premises are a part and to all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. This clause shall be self-operative.
Arizona Subordination Provision is a legal provision that governs the order in which the rights of certain parties will be prioritized when it comes to claims against a property. This provision is commonly used in real estate transactions, particularly in mortgage and lien agreements. In Arizona, the Subordination Provision allows parties to agree on the priority of their respective claims against a property. It ensures that the order of claim satisfaction is properly established, which can significantly impact the rights and interests of multiple parties involved. There are different types of subordination provisions recognized in Arizona, namely general subordination provisions and specific subordination provisions. 1. General Subordination Provision: This type of provision grants a previously superior lien holder the authority to subordinate their interest to a lien or mortgage that comes after theirs. By agreeing to this provision, the previously superior lien holder allows subsequent liens to take priority over their claim. This is often seen when a property owner wishes to obtain additional financing or refinancing, where new lenders require a higher position in terms of claim priority. 2. Specific Subordination Provision: Unlike general subordination provisions, specific subordination provisions apply to particular liens or encumbrances and may only apply to a specific timeframe or circumstances. This provision can be tailored to address the needs and interests of each party involved and is often utilized when there is a need for temporary subordination or for a specific purpose. In Arizona, the enforceability and interpretation of subordination provisions are subject to the specific language used in the agreements and the applicable state laws. It is crucial for all parties involved to clearly understand the terms and consequences of the subordination provision before entering into any real estate transaction. Overall, Arizona Subordination Provision plays a vital role in managing the priority of claims and ensuring the smooth execution of real estate transactions. As with any legal topic, seeking professional advice from an attorney well-versed in Arizona real estate law is highly recommended navigating the complexities of subordination provisions and protect one's interests.Arizona Subordination Provision is a legal provision that governs the order in which the rights of certain parties will be prioritized when it comes to claims against a property. This provision is commonly used in real estate transactions, particularly in mortgage and lien agreements. In Arizona, the Subordination Provision allows parties to agree on the priority of their respective claims against a property. It ensures that the order of claim satisfaction is properly established, which can significantly impact the rights and interests of multiple parties involved. There are different types of subordination provisions recognized in Arizona, namely general subordination provisions and specific subordination provisions. 1. General Subordination Provision: This type of provision grants a previously superior lien holder the authority to subordinate their interest to a lien or mortgage that comes after theirs. By agreeing to this provision, the previously superior lien holder allows subsequent liens to take priority over their claim. This is often seen when a property owner wishes to obtain additional financing or refinancing, where new lenders require a higher position in terms of claim priority. 2. Specific Subordination Provision: Unlike general subordination provisions, specific subordination provisions apply to particular liens or encumbrances and may only apply to a specific timeframe or circumstances. This provision can be tailored to address the needs and interests of each party involved and is often utilized when there is a need for temporary subordination or for a specific purpose. In Arizona, the enforceability and interpretation of subordination provisions are subject to the specific language used in the agreements and the applicable state laws. It is crucial for all parties involved to clearly understand the terms and consequences of the subordination provision before entering into any real estate transaction. Overall, Arizona Subordination Provision plays a vital role in managing the priority of claims and ensuring the smooth execution of real estate transactions. As with any legal topic, seeking professional advice from an attorney well-versed in Arizona real estate law is highly recommended navigating the complexities of subordination provisions and protect one's interests.
