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.
Montana Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of certain mortgages or liens on a property, usually in the context of a refinancing or sale. This agreement is crucial for lenders, borrowers, and other parties involved in real estate transactions to understand. In Montana, there are a few different types of Subordination of Mortgage and Attornment Agreements, each with its own specific purpose. These include: 1. Commercial Subordination of Mortgage and Attornment Agreement: This agreement is commonly used in commercial real estate transactions where a lender or mortgage holder agrees to subordinate their lien to a subsequent lender. The agreement outlines the terms and conditions of the subordination, including the priority of liens and the rights and obligations of the parties involved. 2. Residential Subordination of Mortgage and Attornment Agreement: This type of agreement is often used in residential real estate transactions. It allows a borrower to secure additional financing or refinance their existing mortgage while maintaining the priority of the first mortgage. The agreement typically includes provisions regarding the subordination of the existing mortgage and the attornment of the borrower to the new lender. 3. Construction Subordination of Mortgage and Attornment Agreement: This agreement is commonly used in construction projects where multiple loans or liens are involved. It establishes the priority of various lenders and ensures that they will be repaid in a specific order in the event of default or foreclosure. The agreement may also include provisions for the borrower's attornment to the new lender upon completion of the project. The Montana Subordination of Mortgage and Attornment Agreement typically contains several key elements, including: — Identification of the parties involved: This includes the names and addresses of the borrower, lender, and any other relevant parties such as subsequent lenders or lien holders. — Description of the property: The agreement should provide a detailed description of the property being mortgaged or subject to the lien, including its legal description and address. — Prior mortgages or liens: The agreement should specify the existing mortgages or liens on the property and their respective amounts. It should outline the priority of these liens and how they will be subordinate to any subsequent mortgages or liens. — Terms and conditions of subordination: The agreement should clearly state the terms under which the existing mortgage or lien holder agrees to subordinate their position. This may include specific conditions such as receiving a certain payment or obtaining written consent from the lender. — Attornment provisions: The agreement should include provisions for the borrower's attornment to the new lender or subsequent mortgage holder. This involves acknowledging the new lender as the rightful mortgage holder and agreeing to make payments to them instead of the original lender. — Default and remedies: The agreement should outline the consequences of default by the borrower or subsequent lenders, as well as the remedies available to the original lender or mortgage holder. This may include foreclosure, legal action, or other remedies available under Montana law. In conclusion, a Montana Subordination of Mortgage and Attornment Agreement is a legal document used in real estate transactions to establish the priority of mortgages or liens on a property. Understanding the different types of agreements and their specific provisions is crucial for all parties involved in such transactions.Montana Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of certain mortgages or liens on a property, usually in the context of a refinancing or sale. This agreement is crucial for lenders, borrowers, and other parties involved in real estate transactions to understand. In Montana, there are a few different types of Subordination of Mortgage and Attornment Agreements, each with its own specific purpose. These include: 1. Commercial Subordination of Mortgage and Attornment Agreement: This agreement is commonly used in commercial real estate transactions where a lender or mortgage holder agrees to subordinate their lien to a subsequent lender. The agreement outlines the terms and conditions of the subordination, including the priority of liens and the rights and obligations of the parties involved. 2. Residential Subordination of Mortgage and Attornment Agreement: This type of agreement is often used in residential real estate transactions. It allows a borrower to secure additional financing or refinance their existing mortgage while maintaining the priority of the first mortgage. The agreement typically includes provisions regarding the subordination of the existing mortgage and the attornment of the borrower to the new lender. 3. Construction Subordination of Mortgage and Attornment Agreement: This agreement is commonly used in construction projects where multiple loans or liens are involved. It establishes the priority of various lenders and ensures that they will be repaid in a specific order in the event of default or foreclosure. The agreement may also include provisions for the borrower's attornment to the new lender upon completion of the project. The Montana Subordination of Mortgage and Attornment Agreement typically contains several key elements, including: — Identification of the parties involved: This includes the names and addresses of the borrower, lender, and any other relevant parties such as subsequent lenders or lien holders. — Description of the property: The agreement should provide a detailed description of the property being mortgaged or subject to the lien, including its legal description and address. — Prior mortgages or liens: The agreement should specify the existing mortgages or liens on the property and their respective amounts. It should outline the priority of these liens and how they will be subordinate to any subsequent mortgages or liens. — Terms and conditions of subordination: The agreement should clearly state the terms under which the existing mortgage or lien holder agrees to subordinate their position. This may include specific conditions such as receiving a certain payment or obtaining written consent from the lender. — Attornment provisions: The agreement should include provisions for the borrower's attornment to the new lender or subsequent mortgage holder. This involves acknowledging the new lender as the rightful mortgage holder and agreeing to make payments to them instead of the original lender. — Default and remedies: The agreement should outline the consequences of default by the borrower or subsequent lenders, as well as the remedies available to the original lender or mortgage holder. This may include foreclosure, legal action, or other remedies available under Montana law. In conclusion, a Montana Subordination of Mortgage and Attornment Agreement is a legal document used in real estate transactions to establish the priority of mortgages or liens on a property. Understanding the different types of agreements and their specific provisions is crucial for all parties involved in such transactions.
