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.
Keywords: Hawaii, Subordination of Mortgage, Attornment Agreement, types A Hawaii Subordination of Mortgage and Attornment Agreement is a legal document that outlines the priority of multiple mortgages on a property in the state of Hawaii. It is commonly used when a property owner refinances their mortgage or obtains additional financing, and there is an existing mortgage already in place. In this agreement, the existing mortgage lender agrees to subordinate their lien position to the lender providing the new mortgage or financing. By doing so, the existing lender allows the new lender to have a higher priority lien on the property. Essentially, the new lender becomes the first lien holder, while the existing lender becomes the second lien holder. The purpose of the Subordination of Mortgage and Attornment Agreement is to establish a hierarchy of creditors' claims in case of default or foreclosure. By subordinating their lien, the existing lender acknowledges that in the event of foreclosure, the new lender will be paid first from the proceeds of the sale. Once the new lender is satisfied, the remaining proceeds, if any, will be used to satisfy the debt owed to the existing lender. There are several types of Hawaii Subordination of Mortgage and Attornment Agreements, depending on the specific circumstances and parties involved: 1. Subordination of First Mortgage: This type of agreement is used when there is an existing first mortgage on the property, and the property owner intends to obtain a second mortgage or additional financing. The first mortgage lender agrees to subordinate their lien to the new lender, giving the new lender primary priority in case of foreclosure. 2. Subordination of Second Mortgage: In this scenario, there is an existing second mortgage on the property, and the property owner wishes to refinance or obtain additional financing. The second mortgage lender acknowledges that the new lender will have a higher priority lien and agrees to subordinate their position. 3. Subordination of Multiple Mortgages: This type of agreement is used when there are multiple mortgages on the property, each with different lien priorities. The lenders involved agree to rearrange the lien positions in a way that benefits the property owner and the new lender. It is important for all parties involved in a Hawaii Subordination of Mortgage and Attornment Agreement to consult with legal counsel to understand their rights and obligations. These agreements often have significant implications for both lenders and borrowers, as they determine the order in which creditors will be repaid in the event of default or foreclosure.Keywords: Hawaii, Subordination of Mortgage, Attornment Agreement, types A Hawaii Subordination of Mortgage and Attornment Agreement is a legal document that outlines the priority of multiple mortgages on a property in the state of Hawaii. It is commonly used when a property owner refinances their mortgage or obtains additional financing, and there is an existing mortgage already in place. In this agreement, the existing mortgage lender agrees to subordinate their lien position to the lender providing the new mortgage or financing. By doing so, the existing lender allows the new lender to have a higher priority lien on the property. Essentially, the new lender becomes the first lien holder, while the existing lender becomes the second lien holder. The purpose of the Subordination of Mortgage and Attornment Agreement is to establish a hierarchy of creditors' claims in case of default or foreclosure. By subordinating their lien, the existing lender acknowledges that in the event of foreclosure, the new lender will be paid first from the proceeds of the sale. Once the new lender is satisfied, the remaining proceeds, if any, will be used to satisfy the debt owed to the existing lender. There are several types of Hawaii Subordination of Mortgage and Attornment Agreements, depending on the specific circumstances and parties involved: 1. Subordination of First Mortgage: This type of agreement is used when there is an existing first mortgage on the property, and the property owner intends to obtain a second mortgage or additional financing. The first mortgage lender agrees to subordinate their lien to the new lender, giving the new lender primary priority in case of foreclosure. 2. Subordination of Second Mortgage: In this scenario, there is an existing second mortgage on the property, and the property owner wishes to refinance or obtain additional financing. The second mortgage lender acknowledges that the new lender will have a higher priority lien and agrees to subordinate their position. 3. Subordination of Multiple Mortgages: This type of agreement is used when there are multiple mortgages on the property, each with different lien priorities. The lenders involved agree to rearrange the lien positions in a way that benefits the property owner and the new lender. It is important for all parties involved in a Hawaii Subordination of Mortgage and Attornment Agreement to consult with legal counsel to understand their rights and obligations. These agreements often have significant implications for both lenders and borrowers, as they determine the order in which creditors will be repaid in the event of default or foreclosure.
