Maine Tenant's Subordination (General - to a Lease/Easement)
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FAQ
An easement, at its most basic, provides certain rights to a person or group (the ?easement holder?) to use a piece of land that is owned by another (the ?burdened estate?). There are several different types of easements, they can be created in different ways, and they can be extinguished as well.
The primary effect of an SNDA is that the tenant agrees to subordinate its lease to the mortgage in exchange for the lender agreeing not to disturb the tenant if the lender forecloses its superior security interest in the real property.
An easement allows its holder the right to use another person's land for the purpose specified in the deed granting the easement. The landowner retains full ownership of the land and can use it in any way that does not interfere with the rights granted in the easement.
The Subordination Clause A subordination is a contractual agreement by the tenant that its leasehold interest in the collateral property, or portion thereof (the subject property of the lease), is subordinate either to the mortgage or to the lien of the mortgage.
As we learned, adverse possession in Maine is a traditional law that allows people to own a portion of land they have used for a continuous period of time. There are many requirements including the occupancy be out in the open, continuous, hostile, notorious, exclusive, and for the required period of at least 20 years.
What is a mortgage subordination? When a mortgage holder subordinates a mortgage to a conservation easement, they agree to allow the easement to be first in the chain of title, so that in the event of a foreclosure, the easement survives intact.
