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.
Hawaii Subordination Provision
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Multi-State
Control #:
US-OL20022A
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FAQ
By Practical Law Banking and Finance. This is a standard subordination deed to change or regulate an arrangement between two creditors that are owed debts by a common debtor, under which one creditor agrees to defer payment of its debt in favour of the debt of another creditor.
Reserved housing is under the control of the Hawaii Community Development Authority (HCDA), whereas affordable housing is run by the Hawaii Housing Finance and Development Corporation (HHFDC). Another difference between the two lies in the amount of time individuals can stay in the unit.
The party that primarily benefits from a subordination clause in real estate is the lender. However, if you decide to pursue a second mortgage, then the subordination clause prioritizes the first lender's repayment and contract rights. The most common application of subordination clauses is when refinancing a property.
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future.
Subordination. This Security Instrument is and shall be automatically subordinate to a loan made to Borrower evidenced by a purchase money promissory note and secured by a first deed of trust (the ?First Deed of Trust?) recorded concurrently herewith on the Property.
Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
