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 Dakota Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of mortgages and attorns to a new lender or landlord. In simpler terms, it is an agreement that allows a third-party lender or landlord to take over the first mortgage lien position on a property. There are two main types of North Dakota Subordination of Mortgage and Attornment Agreements: commercial and residential. 1. Commercial North Dakota Subordination of Mortgage and Attornment Agreement: This type of agreement is used in commercial real estate transactions. It typically involves a situation where the property owner wishes to obtain additional financing or refinance an existing loan. In such cases, the new lender may require the existing mortgage to be subordinated to their new loan. By signing this agreement, the existing lender agrees to move their mortgage lien to a secondary position, allowing the new lender to have a higher priority lien on the property. 2. Residential North Dakota Subordination of Mortgage and Attornment Agreement: This agreement is commonly used in residential real estate transactions, particularly when refinancing a mortgage. Typically, a homeowner wishes to refinance their existing mortgage and secure a lower interest rate or better terms. The new lender may request that the existing mortgage be subordinated to their loan to ensure they have the first lien position. By signing this agreement, the existing lender agrees to subordinate their lien, allowing the new lender to have a higher priority. In both types of agreements, the attornment clause is included. It stipulates that the borrower or tenant acknowledges the new lender or landlord as their creditor or landlord, respectively, and agrees to fulfill their obligations under the new loan or lease. This clause ensures a smooth transition for all parties involved and protects the rights and interests of the new lender or landlord. It is important to note that the terms and conditions of North Dakota Subordination of Mortgage and Attornment Agreements may vary depending on the specific circumstances and the lender's or landlord's requirements. Therefore, it is crucial to consult with legal professionals to draft and review these agreements to ensure compliance with relevant laws and to protect the rights of all parties involved.A North Dakota Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of mortgages and attorns to a new lender or landlord. In simpler terms, it is an agreement that allows a third-party lender or landlord to take over the first mortgage lien position on a property. There are two main types of North Dakota Subordination of Mortgage and Attornment Agreements: commercial and residential. 1. Commercial North Dakota Subordination of Mortgage and Attornment Agreement: This type of agreement is used in commercial real estate transactions. It typically involves a situation where the property owner wishes to obtain additional financing or refinance an existing loan. In such cases, the new lender may require the existing mortgage to be subordinated to their new loan. By signing this agreement, the existing lender agrees to move their mortgage lien to a secondary position, allowing the new lender to have a higher priority lien on the property. 2. Residential North Dakota Subordination of Mortgage and Attornment Agreement: This agreement is commonly used in residential real estate transactions, particularly when refinancing a mortgage. Typically, a homeowner wishes to refinance their existing mortgage and secure a lower interest rate or better terms. The new lender may request that the existing mortgage be subordinated to their loan to ensure they have the first lien position. By signing this agreement, the existing lender agrees to subordinate their lien, allowing the new lender to have a higher priority. In both types of agreements, the attornment clause is included. It stipulates that the borrower or tenant acknowledges the new lender or landlord as their creditor or landlord, respectively, and agrees to fulfill their obligations under the new loan or lease. This clause ensures a smooth transition for all parties involved and protects the rights and interests of the new lender or landlord. It is important to note that the terms and conditions of North Dakota Subordination of Mortgage and Attornment Agreements may vary depending on the specific circumstances and the lender's or landlord's requirements. Therefore, it is crucial to consult with legal professionals to draft and review these agreements to ensure compliance with relevant laws and to protect the rights of all parties involved.
