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 Georgia Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of mortgage liens on a property and outlines the relationship between the lender, borrower, and a third-party lender or landlord. This agreement is commonly used in commercial real estate transactions when a property owner wants to secure additional financing or lease the property to a tenant. Keywords: Georgia, Subordination of Mortgage and Attornment Agreement, priority of mortgage liens, commercial real estate transactions, financing, lease, property owner, tenant. There are two primary types of Georgia Subordination of Mortgage and Attornment Agreements: 1. Subordination Agreement: A Subordination Agreement is used when a property owner wants to obtain additional financing but has an existing mortgage on the property. This agreement allows the new lender to take a subordinate position to the original lender in terms of priority. By signing this agreement, the original lender agrees to allow the new lender to take precedence in case of default or foreclosure. 2. Attornment Agreement: An Attornment Agreement is used when a property owner leases the property to a tenant, and the tenant has a mortgage with a different lender. This agreement ensures that the tenant will recognize and attorn to the new lender in case of foreclosure or a change in ownership. It also outlines the tenant's obligations to make rental payments directly to the new lender. In both types of agreements, the parties involved must carefully negotiate and draft the terms to protect their respective interests. The agreements typically include details such as property description, names of lenders, borrowers, and tenants, the order of priority among the lenders, rights and obligations of the parties, and the events that could trigger a default or termination of the agreement. It is important to note that the specific terms and conditions of Georgia Subordination of Mortgage and Attornment Agreements can vary depending on the parties involved and the nature of the transaction. Therefore, it is advisable to consult with a knowledgeable attorney or legal professional well-versed in Georgia real estate laws when preparing or reviewing such agreements to ensure compliance and protection of interests in all parties.A Georgia Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of mortgage liens on a property and outlines the relationship between the lender, borrower, and a third-party lender or landlord. This agreement is commonly used in commercial real estate transactions when a property owner wants to secure additional financing or lease the property to a tenant. Keywords: Georgia, Subordination of Mortgage and Attornment Agreement, priority of mortgage liens, commercial real estate transactions, financing, lease, property owner, tenant. There are two primary types of Georgia Subordination of Mortgage and Attornment Agreements: 1. Subordination Agreement: A Subordination Agreement is used when a property owner wants to obtain additional financing but has an existing mortgage on the property. This agreement allows the new lender to take a subordinate position to the original lender in terms of priority. By signing this agreement, the original lender agrees to allow the new lender to take precedence in case of default or foreclosure. 2. Attornment Agreement: An Attornment Agreement is used when a property owner leases the property to a tenant, and the tenant has a mortgage with a different lender. This agreement ensures that the tenant will recognize and attorn to the new lender in case of foreclosure or a change in ownership. It also outlines the tenant's obligations to make rental payments directly to the new lender. In both types of agreements, the parties involved must carefully negotiate and draft the terms to protect their respective interests. The agreements typically include details such as property description, names of lenders, borrowers, and tenants, the order of priority among the lenders, rights and obligations of the parties, and the events that could trigger a default or termination of the agreement. It is important to note that the specific terms and conditions of Georgia Subordination of Mortgage and Attornment Agreements can vary depending on the parties involved and the nature of the transaction. Therefore, it is advisable to consult with a knowledgeable attorney or legal professional well-versed in Georgia real estate laws when preparing or reviewing such agreements to ensure compliance and protection of interests in all parties.
