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.
A Florida Subordination of Mortgage and Attornment Agreement is a legal document commonly used in real estate transactions. It outlines the terms and conditions under which a mortgage lien will be subordinate or lower in priority to another mortgage or lien. This agreement can protect the rights of both the lender and the borrower by establishing the lien priority and ensuring a smooth process during refinancing, sale, or foreclosure. In Florida, there are mainly two types of Subordination of Mortgage and Attornment Agreements: 1. Commercial Subordination of Mortgage and Attornment Agreement: This type of agreement is typically used in commercial real estate transactions, where a property owner seeks additional financing or refinancing. The document allows the new lender to secure a higher priority lien over the existing mortgage. It also requires the tenant (if applicable) to recognize the new lender as the primary mortgage holder and to provide timely rent payments directly to them if the property is leased. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement is commonly used in residential real estate transactions when homeowners wish to obtain secondary financing or refinancing. It enables the new lender to have a higher lien priority, allowing them to secure their loan against the property. Additionally, the document includes provisions for the tenant's attornment, which means the tenant agrees to acknowledge and continue to pay rent to the new lender if the property is leased. Keywords: Florida, Subordination of Mortgage and Attornment Agreement, real estate transactions, mortgage lien, priority, rights, refinancing, sale, foreclosure, commercial, residential, property owner, financing, refinancing, new lender, tenant, rent payments, secondary financing, attornment, homeowner, loan, provisions, lease
