This form is used when Lienholder subordinates all liens created by the (Mortgage/Deed of Trust) to the Lease and releases the leasehold estate created by the Lease from all liens created by the (Mortgage/Deed of Trust) and all extensions and renewals of the liens. Lienholder does not waive or release any of its rights under the (Mortgage/Deed of Trust) on or against any royalty interest reserved by the Lessor.
Idaho Subordination Agreement With Release of Lien As to Leasehold Estate is a legal document used in Idaho to establish the priority of liens on a leasehold estate. This agreement allows a creditor to subordinate their lien to another creditor's lien on the same property. Keywords: Idaho, Subordination Agreement, Release of Lien, Leasehold Estate, Priority of Liens, Creditor There are three primary types of Idaho Subordination Agreement With Release of Lien As to Leasehold Estate: 1. General Subordination Agreement: This type of agreement is used when a creditor voluntarily agrees to subordinate their lien on a leasehold estate to another creditor's lien. By doing so, the creditor acknowledges that the other creditor's lien will have priority in case of default or foreclosure. 2. Mortgage Subordination Agreement: This specific type of subordination agreement is used when a mortgage lender agrees to subordinate their lien on a leasehold estate to another creditor's lien. It is commonly employed when the property is being refinanced or when a borrower is seeking additional financing. 3. Mechanic's Lien Subordination Agreement: This agreement is used specifically for subordinating a mechanic's lien on a leasehold estate. Mechanic's liens are typically filed by contractors or suppliers who haven't been paid for work or materials provided for property improvements. This type of subordination agreement allows the mechanic's lien to be subordinated to other liens on the property. It is vital to have a well-drafted Idaho Subordination Agreement With Release of Lien As to Leasehold Estate to ensure clarity and enforceability in case of disputes or default. The agreement should include the names of the parties involved, a detailed description of the property, the existing liens on the leasehold estate, the order of priority, the terms of release and subordination, and the conditions for enforcement. By using this legally binding agreement, all parties involved can protect their interests and establish a clear hierarchy of lien priorities on a leasehold estate in Idaho. Consulting with an attorney or legal professional experienced in real estate matters is recommended to ensure compliance with Idaho state laws and to negotiate favorable terms for all parties involved.
