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 New Mexico Subordination of Mortgage and Attornment Agreement is a legal document that outlines the process of subordination and attornment when it comes to mortgage agreements in the state of New Mexico. This agreement is typically used when multiple lenders are involved in financing a property and there is a need to establish a hierarchy of lien priorities. In simpler terms, subordination refers to the act of placing one mortgage or lien in a position of lower priority than another. This means that if there is a foreclosure or sale of the property, the higher-ranked mortgage or lien will be paid off first before the one with lower priority. Attornment, on the other hand, refers to the agreement of a tenant to recognize a new landlord if the property is sold or transferred to a new owner. Different types of New Mexico Subordination of Mortgage and Attornment Agreements may exist, depending on the specific circumstances and parties involved. Some possible variations include: 1. First Mortgage Subordination Agreement: This type of agreement is used when a property owner seeks additional financing but already has an existing first mortgage in place. The first mortgage lender would need to agree to subordinate their lien and allow the new lender to take a higher priority. 2. Second Mortgage Subordination Agreement: In cases where a property already has a first mortgage in place, and the owner requires additional financing, a second mortgage subordination agreement may be necessary. This document ensures that the second mortgage lender acknowledges and accepts their lower priority position. 3. Refinance Subordination Agreement: When a homeowner decides to refinance their mortgage, they may need to enter into a subordination agreement with the existing lender to establish the new lien priority. This is particularly common when refinancing with a different lender. 4. Commercial Lease Subordination Agreement: In commercial real estate, tenants may be required to sign a subordination and attornment agreement when the property is subject to a mortgage. This ensures that the tenant recognizes the lender's lien and agrees to continue paying rent to the new owner in case of a property transfer. It is important to note that the specific terms and conditions of a New Mexico Subordination of Mortgage and Attornment Agreement will depend on the agreement between the parties involved. Legal advice should always be sought when drafting or interpreting such agreements to ensure compliance with New Mexico law and to protect the rights and interests of all parties concerned.
