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.
Michigan 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
(1) When the vendee named in a land contract, or his or her heirs, successors, or assigns, has fully paid and performed the obligations under the contract that are a precondition to the sale and conveyance of the land, the vendor named in the contract shall make conveyance of the land to the vendee by a deed of ...
If a judgment of possession is granted, the buyer has 90 days to redeem the property if less than 50% of the purchase price has been paid or 6 months to redeem if 50% or more of the purchase price has been paid. The redemption amount is the amount that is past due. MCL 600.5744(4).
The buyer could also file a complaint asking the judge to cancel or ?rescind? the contract. If the contract is rescinded, the buyer would be entitled to get back money paid to the seller. The buyer would then have to surrender any claim to ownership of the home.
Under a typical Michigan land contract, purchasers also immediately obtain Page 2 2 Equitable title while Legal title remains with the seller.
Ing to MCL 570.1119(3) of the Construction Lien Act (?CLA?), a construction lien will have priority over all other interests recorded subsequent to the first actual physical improvement.
The whole foreclosure process typically takes a minimum of 12 months from filing the lawsuit to expiration of the redemption period.
Most land contracts have a forfeiture clause. A forfeiture clause usually says that if the buyer breaches the contract, the seller can keep all money paid to it. The seller can also take back possession of the home. The seller cannot forfeit the contract without a forfeiture clause.
