This office lease is subject and subordinate to all ground or underlying leases and to all mortgages which may affect the lease or the real property of which demised premises are a part and to all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. This clause shall be self-operative.
Minnesota Subordination Provision
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Multi-State
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US-OL20022A
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FAQ
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.
A mortgage subordination refers to the order the outstanding liens on your property get repaid if you stop making your mortgage payments. For example, your first home loan (primary mortgage) is repaid first, with any remaining funds paying off additional liens, including second mortgages, HELOCs and home equity loans.
Broadly, there are two types of subordination: structural (common in the UK and mainland Europe) and contractual (common in the US). On a contractual subordination, loans are made to the same company but the senior creditor and junior creditor agree priority of payment by contract.
The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.
Lien subordination refers to the order in which claims on collateral are prioritized. This takes place most often among senior secured lenders and does not imply that one tranche of senior debt has payment preference over another.
Two types of subordination agreements are: Executory Subordination and Automatic Subordination. These differ in the timing of when priority rights are given and the contractual performance required by the subordinated party.
High-yield bondholders primarily consider four types of subordination: Contractual subordination. Debt of the issuer that is defined as 'senior indebtedness' under the bond documentation is expressly senior in right of payment to the bonds. Collateral subordination. ... Structural subordination. ... Temporal subordination.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
