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.
The New Mexico Subordination Provision is a legal clause that is commonly included in various agreements or contracts, especially in the real estate industry. This provision defines the priority of debt repayment and outlines the order in which different creditors will be paid in case of default or bankruptcy. It ensures that certain creditors have a higher priority over others when it comes to repayment. One type of New Mexico Subordination Provision is the Mortgage Subordination Provision. In this scenario, it typically refers to the priority of mortgage liens. When a property owner applies for a new mortgage loan while they still have an existing mortgage, the new lender may require a subordination provision. This provision ensures that the new mortgage will have priority over the original mortgage if the borrower defaults. It may also determine the order in which different mortgages on the property will be repaid. Another type of New Mexico Subordination Provision is the Lease Subordination Provision. This provision is commonly found in leases where the tenant is not the owner of the property. If the property owner decides to sell or refinance the property, the lease subordination provision determines whether the tenant's lease will be subordinate to the new owner's mortgage or other liens on the property. This provision protects the interests of the new owner or lender, ensuring that their rights have priority over the tenant's lease. Additionally, there may be a General Subordination Provision that applies to various types of debts, liens, or claims. This provision establishes the order of priority for repayment in the event of default or bankruptcy. It may outline the hierarchy of different categories of debt, such as secured debt, unsecured debt, or priority claims. This ensures that certain creditors, such as lenders with secured interests or government agencies with tax liens, are paid first before others with lower priorities. In conclusion, the New Mexico Subordination Provision is a crucial legal clause that determines the order of debt repayment and protects the rights of certain creditors. Its various types, including the Mortgage Subordination Provision, Lease Subordination Provision, and General Subordination Provision, specify the priority of repayment in different situations. These provisions are essential for maintaining the integrity and predictability of financial transactions and agreements in New Mexico.The New Mexico Subordination Provision is a legal clause that is commonly included in various agreements or contracts, especially in the real estate industry. This provision defines the priority of debt repayment and outlines the order in which different creditors will be paid in case of default or bankruptcy. It ensures that certain creditors have a higher priority over others when it comes to repayment. One type of New Mexico Subordination Provision is the Mortgage Subordination Provision. In this scenario, it typically refers to the priority of mortgage liens. When a property owner applies for a new mortgage loan while they still have an existing mortgage, the new lender may require a subordination provision. This provision ensures that the new mortgage will have priority over the original mortgage if the borrower defaults. It may also determine the order in which different mortgages on the property will be repaid. Another type of New Mexico Subordination Provision is the Lease Subordination Provision. This provision is commonly found in leases where the tenant is not the owner of the property. If the property owner decides to sell or refinance the property, the lease subordination provision determines whether the tenant's lease will be subordinate to the new owner's mortgage or other liens on the property. This provision protects the interests of the new owner or lender, ensuring that their rights have priority over the tenant's lease. Additionally, there may be a General Subordination Provision that applies to various types of debts, liens, or claims. This provision establishes the order of priority for repayment in the event of default or bankruptcy. It may outline the hierarchy of different categories of debt, such as secured debt, unsecured debt, or priority claims. This ensures that certain creditors, such as lenders with secured interests or government agencies with tax liens, are paid first before others with lower priorities. In conclusion, the New Mexico Subordination Provision is a crucial legal clause that determines the order of debt repayment and protects the rights of certain creditors. Its various types, including the Mortgage Subordination Provision, Lease Subordination Provision, and General Subordination Provision, specify the priority of repayment in different situations. These provisions are essential for maintaining the integrity and predictability of financial transactions and agreements in New Mexico.
