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 Arizona Subordination of Mortgage and Attornment Agreement is a legal contract used in real estate transactions to establish the priority of multiple mortgage liens on a property. This agreement outlines the rights and obligations of the parties involved, including the lender, borrower, and any subordinate lien holders. In Arizona, there are primarily two types of Subordination of Mortgage and Attornment Agreements: General Subordination Agreement and Specific Subordination Agreement. 1. General Subordination Agreement: This type of agreement is used when the lender wants to secure the first lien position on the property. By executing this agreement, any existing or future subordinate liens will be placed below the lender's mortgage. The lender may require this agreement when refinancing a property or when there are multiple mortgages on the same property. 2. Specific Subordination Agreement: Unlike a general agreement, this type of agreement allows the lender to surrogate a specific lien holder's claim. The lender may agree to subordinate its lien position to a specific subordinate lien holder, typically for a legitimate purpose such as financing improvements or repairs on the property. This agreement is beneficial for both parties involved as it allows the subordinate lien holder to gain a higher position in priority, offering them more security. The Arizona Subordination of Mortgage and Attornment Agreement includes various key provisions to protect the parties involved. It outlines the property details, names and addresses of the parties, mortgage details, and the amount owed. It also establishes the order of priority of the liens and specifies the conditions under which the agreement becomes effective. By signing this agreement, the borrower acknowledges the priority of the lender's lien and agrees to subordinate any other liens that may exist or arise in the future. Furthermore, the borrower also agrees to attorn to the lender in case of default or foreclosure and recognizes the lender's right to collect rent from tenants (if applicable). In summary, an Arizona Subordination of Mortgage and Attornment Agreement is a crucial document for real estate transactions involving multiple mortgage liens. Whether it is a general agreement to establish first-lien priority or a specific agreement to surrogate a specific lien holder, this contract safeguards the interests of all parties involved and provides clarity on lien priorities.The Arizona Subordination of Mortgage and Attornment Agreement is a legal contract used in real estate transactions to establish the priority of multiple mortgage liens on a property. This agreement outlines the rights and obligations of the parties involved, including the lender, borrower, and any subordinate lien holders. In Arizona, there are primarily two types of Subordination of Mortgage and Attornment Agreements: General Subordination Agreement and Specific Subordination Agreement. 1. General Subordination Agreement: This type of agreement is used when the lender wants to secure the first lien position on the property. By executing this agreement, any existing or future subordinate liens will be placed below the lender's mortgage. The lender may require this agreement when refinancing a property or when there are multiple mortgages on the same property. 2. Specific Subordination Agreement: Unlike a general agreement, this type of agreement allows the lender to surrogate a specific lien holder's claim. The lender may agree to subordinate its lien position to a specific subordinate lien holder, typically for a legitimate purpose such as financing improvements or repairs on the property. This agreement is beneficial for both parties involved as it allows the subordinate lien holder to gain a higher position in priority, offering them more security. The Arizona Subordination of Mortgage and Attornment Agreement includes various key provisions to protect the parties involved. It outlines the property details, names and addresses of the parties, mortgage details, and the amount owed. It also establishes the order of priority of the liens and specifies the conditions under which the agreement becomes effective. By signing this agreement, the borrower acknowledges the priority of the lender's lien and agrees to subordinate any other liens that may exist or arise in the future. Furthermore, the borrower also agrees to attorn to the lender in case of default or foreclosure and recognizes the lender's right to collect rent from tenants (if applicable). In summary, an Arizona Subordination of Mortgage and Attornment Agreement is a crucial document for real estate transactions involving multiple mortgage liens. Whether it is a general agreement to establish first-lien priority or a specific agreement to surrogate a specific lien holder, this contract safeguards the interests of all parties involved and provides clarity on lien priorities.
