This office lease form is a more detailed, more complicated subordination provision stating that subordination is conditioned on the landlord providing the tenant with a satisfactory non-disturbance agreement.
Kentucky Detailed Subordination Provision
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Multi-State
Control #:
US-OL20022B
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Word;
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How to fill out Detailed Subordination Provision?
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FAQ
Subordination Agreement: An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.
Subordination agreements may be included in existing deeds of trust or may be outlined in an independent contract. In situations where two deeds of trust are being recorded concurrently, the lien priority is typically handled by instructing the title company as to which security instrument will be recorded first.
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future. Subordination is the act of yielding priority.
A (In a typical subordination agreement, the senior lien holder agrees to subordinate or lower its lien position in favor of the junior lien. This agreement must be signed by both lien holders and recorded.)
Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
So, if a seller sells the property, the lender would call that seller's loan due and payable and the buyer would have to obtain their own, brand new loan. A subordination clause is where a first and second mortgage will switch places. In other words, the first becomes a second, a second becomes a first.
A subordination clause serves to protect the lender if a homeowner defaults. If this happens, the lender then has the legal standing to repossess the home and cover their loan's outstanding balance first. If other subordinate mortgages are involved, the secondary liens will take a backseat in this process.
A Subordination Agreement focuses on creditor priorities and security claims, providing legal certainty to creditors when assessing repayment risk. If a credit event (or default) occurs, a subordination agreement provides a senior lender superior repayment rights than the subordinated lender.
