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.
A North Carolina Subordination of Mortgage and Attornment Agreement is a legal document that outlines the rights and priorities of multiple mortgage lenders on a property. It is commonly used in real estate transactions when there are multiple loans secured by the same property. This agreement establishes the order in which the lenders will be repaid if the property is foreclosed upon. In North Carolina, there are different types of Subordination of Mortgage and Attornment Agreements, depending on the specific circumstances of the transaction. These may include: 1. Commercial Subordination of Mortgage and Attornment Agreement: This type of agreement is commonly used in commercial real estate transactions where there are multiple lenders involved. It helps establish the priority of each lender's mortgage lien on the property. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement is used in residential real estate transactions where there is more than one mortgage lender. It ensures that each lender's rights and interests are protected and establishes the order in which they will be repaid if necessary. 3. Subordination of Mortgage and Attornment Agreement in Refinancing: When a property owner seeks to refinance their existing mortgage loan, this agreement may be required. It ensures that the new lender's loan takes priority over the existing mortgage(s) on the property. 4. Subordination of Mortgage and Attornment Agreement with Third Parties: In some cases, a property owner may need to enter into this agreement with a third-party lender, such as when obtaining financing for renovations or improvements. This agreement confirms the priority of the new loan over existing mortgages. The North Carolina Subordination of Mortgage and Attornment Agreement typically includes various provisions, such as the identification of the lenders involved, the legal description and address of the property, the terms of the primary mortgage, and the conditions under which the subordinate lender may enforce its rights. It also includes an acknowledgment from the borrower, known as an attornment, that they accept and recognize the new lender's rights and relationship with the property. In summary, a North Carolina Subordination of Mortgage and Attornment Agreement is a vital legal document that plays a crucial role in real estate transactions. It ensures that multiple mortgage lenders have clear priorities and rights regarding the repayment of their loans on a particular property. Whether it is for commercial or residential purposes, or in the context of refinancing or third-party financing, this agreement is essential to protect the interests of all parties involved.A North Carolina Subordination of Mortgage and Attornment Agreement is a legal document that outlines the rights and priorities of multiple mortgage lenders on a property. It is commonly used in real estate transactions when there are multiple loans secured by the same property. This agreement establishes the order in which the lenders will be repaid if the property is foreclosed upon. In North Carolina, there are different types of Subordination of Mortgage and Attornment Agreements, depending on the specific circumstances of the transaction. These may include: 1. Commercial Subordination of Mortgage and Attornment Agreement: This type of agreement is commonly used in commercial real estate transactions where there are multiple lenders involved. It helps establish the priority of each lender's mortgage lien on the property. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement is used in residential real estate transactions where there is more than one mortgage lender. It ensures that each lender's rights and interests are protected and establishes the order in which they will be repaid if necessary. 3. Subordination of Mortgage and Attornment Agreement in Refinancing: When a property owner seeks to refinance their existing mortgage loan, this agreement may be required. It ensures that the new lender's loan takes priority over the existing mortgage(s) on the property. 4. Subordination of Mortgage and Attornment Agreement with Third Parties: In some cases, a property owner may need to enter into this agreement with a third-party lender, such as when obtaining financing for renovations or improvements. This agreement confirms the priority of the new loan over existing mortgages. The North Carolina Subordination of Mortgage and Attornment Agreement typically includes various provisions, such as the identification of the lenders involved, the legal description and address of the property, the terms of the primary mortgage, and the conditions under which the subordinate lender may enforce its rights. It also includes an acknowledgment from the borrower, known as an attornment, that they accept and recognize the new lender's rights and relationship with the property. In summary, a North Carolina Subordination of Mortgage and Attornment Agreement is a vital legal document that plays a crucial role in real estate transactions. It ensures that multiple mortgage lenders have clear priorities and rights regarding the repayment of their loans on a particular property. Whether it is for commercial or residential purposes, or in the context of refinancing or third-party financing, this agreement is essential to protect the interests of all parties involved.
