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.
Illinois Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of liens on a property in the state of Illinois. It specifies the order in which the liens on a property will be paid off in the event of the property's sale or foreclosure. This agreement is commonly used in real estate transactions where multiple mortgages or liens exist on a property. The subordination aspect of the agreement refers to one mortgage or lien being placed in a lower priority position compared to another mortgage or lien. By signing this agreement, the party with the lower priority agrees to subordinate their lien to the higher-ranked lien. This hierarchy determines the order in which the mortgagees or lien holders will be paid if the property is sold or foreclosed upon. An attornment clause is often included in the agreement. It ensures that the tenant occupying the property will recognize the new mortgagee or lien holder as the legitimate landlord in the event of a foreclosure or transfer of ownership. This clause is particularly important in situations where the property is being leased to tenants. There are different types of Illinois Subordination of Mortgage and Attornment Agreements depending on the specific circumstances of the transaction. Some common variations include: 1. First Lien Subordination Agreement: This occurs when the first mortgage lender agrees to subordinate their lien to a subsequent mortgage or lien on the property. This type of subordination is often required when a homeowner wants to take out a second mortgage or secure additional financing against the property. 2. Second Lien Subordination Agreement: In this case, the second mortgage lender agrees to subordinate their lien to another superior mortgage or lien. It is commonly used when a homeowner wants to refinance their first mortgage, while keeping the second mortgage intact. 3. Subordination Agreement with Condominium Association: This type of agreement is specific to condominiums. It establishes the priority of the mortgage or lien held by the condominium association in relation to other mortgages or liens on the individual unit. 4. Subordination Agreement with Construction Lender: This agreement is used in construction projects where a construction lender agrees to subordinate its lien to a subsequent mortgage or lien that may be taken out once the construction is completed. It allows the property owner to secure additional financing post-construction. It is crucial to consult with a legal professional experienced in real estate law to draft and review an Illinois Subordination of Mortgage and Attornment Agreement, as its terms and language can significantly impact the rights and obligations of the parties involved.Illinois Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of liens on a property in the state of Illinois. It specifies the order in which the liens on a property will be paid off in the event of the property's sale or foreclosure. This agreement is commonly used in real estate transactions where multiple mortgages or liens exist on a property. The subordination aspect of the agreement refers to one mortgage or lien being placed in a lower priority position compared to another mortgage or lien. By signing this agreement, the party with the lower priority agrees to subordinate their lien to the higher-ranked lien. This hierarchy determines the order in which the mortgagees or lien holders will be paid if the property is sold or foreclosed upon. An attornment clause is often included in the agreement. It ensures that the tenant occupying the property will recognize the new mortgagee or lien holder as the legitimate landlord in the event of a foreclosure or transfer of ownership. This clause is particularly important in situations where the property is being leased to tenants. There are different types of Illinois Subordination of Mortgage and Attornment Agreements depending on the specific circumstances of the transaction. Some common variations include: 1. First Lien Subordination Agreement: This occurs when the first mortgage lender agrees to subordinate their lien to a subsequent mortgage or lien on the property. This type of subordination is often required when a homeowner wants to take out a second mortgage or secure additional financing against the property. 2. Second Lien Subordination Agreement: In this case, the second mortgage lender agrees to subordinate their lien to another superior mortgage or lien. It is commonly used when a homeowner wants to refinance their first mortgage, while keeping the second mortgage intact. 3. Subordination Agreement with Condominium Association: This type of agreement is specific to condominiums. It establishes the priority of the mortgage or lien held by the condominium association in relation to other mortgages or liens on the individual unit. 4. Subordination Agreement with Construction Lender: This agreement is used in construction projects where a construction lender agrees to subordinate its lien to a subsequent mortgage or lien that may be taken out once the construction is completed. It allows the property owner to secure additional financing post-construction. It is crucial to consult with a legal professional experienced in real estate law to draft and review an Illinois Subordination of Mortgage and Attornment Agreement, as its terms and language can significantly impact the rights and obligations of the parties involved.
