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.
Indiana Subordination of Mortgage and Attornment Agreement is a legal document used in Indiana to establish the priority of a mortgage lien relative to other liens on a property. This agreement outlines the terms and conditions under which a mortgage holder (the "subordinating party") agrees to subordinate their mortgage to a subsequent lien holder (the "senior party"). The purpose of an Indiana Subordination of Mortgage and Attornment Agreement is to allow the senior party to take priority over the subordinating party's mortgage lien, typically for purposes such as refinancing, obtaining additional financing, or facilitating the sale of the property. By subordinating their mortgage, the subordinating party consents to their lien being ranked lower in priority, thus enabling the senior party to have a higher claim in case of foreclosure. There are different types of Indiana Subordination of Mortgage and Attornment Agreements, including: 1. First Lien Subordination Agreement: This occurs when a property has two mortgage liens, and the first lien holder agrees to subordinate their lien to a new mortgage being granted on the property. 2. Second Lien Subordination Agreement: In situations where there are already two mortgage liens on the property, the second lien holder may agree to subordinate their lien in favor of a third lien holder. 3. Subordination Agreement for Home Equity Line of Credit (HELOT): This type of agreement is used when a homeowner obtains a HELOT and wants to obtain a subsequent mortgage. The HELOT lender may agree to subordinate their lien to the new mortgage lender. 4. Subordination Agreement for Construction Loan: When a property owner wants to obtain a construction loan to finance renovations or new construction, the existing mortgage lender may agree to subordinate their lien to the construction lender. It is important to note that the terms and conditions of an Indiana Subordination of Mortgage and Attornment Agreement are negotiated between the involved parties and can vary. The agreement typically includes information such as the property description, details of the subordinating and senior parties, the loan amounts, and the effective date of the subordination.
