This office lease form is a more detailed, more complicated subordination provision stating that subordination is conditioned on the landlord providing the tenant with a satisfactory non-disturbance agreement.
Oregon detailed subordination provisions are legal clauses that outline the specifics of subordination agreements in relation to mortgage loans. These provisions dictate the order of priority in which different liens, mortgages, or encumbrances on a property will be paid off in the event of default or foreclosure. One type of Oregon detailed subordination provision is the "Subordination of Mechanic's Liens." This provision ensures that mechanic's liens, which are filed by contractors or suppliers for unpaid work or materials, will be subordinate to the mortgage lien. This means that the mortgage lender's claim on the property will take precedence over any mechanic's liens when it comes to repayment. Another type of Oregon detailed subordination provision is the "Subordination of Junior Liens." This provision encompasses any subordinate liens, such as second mortgages or home equity loans, and determines their priority in relation to the primary mortgage lien. It dictates that in the event of default or foreclosure, the primary mortgage lender will have the first right to recover their loan amount before the subordinate lien holders can receive repayment. Furthermore, the "Subordination of Tax Liens" is another type of Oregon detailed subordination provision. This provision addresses any outstanding tax liens on the property, which are usually placed by the government for unpaid property or income taxes. It specifies how these tax liens will be subordinated to the mortgage lien and how they will be settled in the event of foreclosure or default. In summary, Oregon detailed subordination provisions are legal clauses that establish the order of priority for different liens, mortgages, or encumbrances on a property. The most common types include the subordination of mechanic's liens, junior liens, and tax liens. These provisions help ensure clarity and fairness in the distribution of proceeds in the event of foreclosure or default.
