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.
A Kansas Subordination of Mortgage and Attornment Agreement is a legal document that outlines the relationship between a primary mortgage and a secondary mortgage on a property in the state of Kansas. This agreement is commonly used in real estate transactions to protect the interests of lenders and establish priority of mortgage liens. A subordination agreement effectively rearranges the order of priority between mortgage loans, allowing a secondary mortgage to take a subordinate position to the primary mortgage. By doing so, lenders can ensure that their loans are secured by the property in case of default. The Kansas Subordination of Mortgage and Attornment Agreement typically includes the following key elements: 1. Identifying Information: The agreement starts by stating the names of the parties involved, including the primary lender, the secondary lender, and the property owner. 2. Description of Mortgages: The agreement specifies the details of both the primary and secondary mortgages, such as the loan amounts, interest rates, and terms. 3. Subordination of the Secondary Mortgage: The agreement explicitly states that the secondary mortgage will be subordinate to the primary mortgage, meaning that the primary lender's lien takes priority over the secondary lender's lien. 4. Attornment Clause: The agreement includes an attornment clause, which obligates the borrower to recognize the primary lender as the new creditor if foreclosure proceedings occur. This allows the primary lender to step into the secondary lender's place and collect mortgage payments directly from the borrower. 5. Non-Disturbance Agreement: In some cases, the agreement may include a non-disturbance agreement, which protects the rights of the borrower under the secondary mortgage in case of foreclosure by the primary lender. It ensures that the borrower will not be evicted or face any interruptions in their use of the property. Different types of Kansas Subordination of Mortgage and Attornment Agreements can vary based on the parties involved and the specific terms of the agreement. For example, a common scenario is when a property owner takes out a primary mortgage from a traditional bank and later secures a second mortgage from a private lender. In this case, the subordination agreement will establish the priority of liens between these two lenders. It's crucial for lenders and property owners in Kansas to consult with legal professionals to draft and execute a Kansas Subordination of Mortgage and Attornment Agreement properly. Failure to do so may result in complications or disputes regarding the priority of liens and encumbrances on the property.A Kansas Subordination of Mortgage and Attornment Agreement is a legal document that outlines the relationship between a primary mortgage and a secondary mortgage on a property in the state of Kansas. This agreement is commonly used in real estate transactions to protect the interests of lenders and establish priority of mortgage liens. A subordination agreement effectively rearranges the order of priority between mortgage loans, allowing a secondary mortgage to take a subordinate position to the primary mortgage. By doing so, lenders can ensure that their loans are secured by the property in case of default. The Kansas Subordination of Mortgage and Attornment Agreement typically includes the following key elements: 1. Identifying Information: The agreement starts by stating the names of the parties involved, including the primary lender, the secondary lender, and the property owner. 2. Description of Mortgages: The agreement specifies the details of both the primary and secondary mortgages, such as the loan amounts, interest rates, and terms. 3. Subordination of the Secondary Mortgage: The agreement explicitly states that the secondary mortgage will be subordinate to the primary mortgage, meaning that the primary lender's lien takes priority over the secondary lender's lien. 4. Attornment Clause: The agreement includes an attornment clause, which obligates the borrower to recognize the primary lender as the new creditor if foreclosure proceedings occur. This allows the primary lender to step into the secondary lender's place and collect mortgage payments directly from the borrower. 5. Non-Disturbance Agreement: In some cases, the agreement may include a non-disturbance agreement, which protects the rights of the borrower under the secondary mortgage in case of foreclosure by the primary lender. It ensures that the borrower will not be evicted or face any interruptions in their use of the property. Different types of Kansas Subordination of Mortgage and Attornment Agreements can vary based on the parties involved and the specific terms of the agreement. For example, a common scenario is when a property owner takes out a primary mortgage from a traditional bank and later secures a second mortgage from a private lender. In this case, the subordination agreement will establish the priority of liens between these two lenders. It's crucial for lenders and property owners in Kansas to consult with legal professionals to draft and execute a Kansas Subordination of Mortgage and Attornment Agreement properly. Failure to do so may result in complications or disputes regarding the priority of liens and encumbrances on the property.
