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.
Oregon Subordination of Mortgage and Attornment Agreement is a legal document that outlines the relationship between the parties involved in a mortgage transaction. This agreement is commonly used in real estate transactions where there are multiple mortgages or liens on a property. In Oregon, there are two main types of Subordination of Mortgage and Attornment Agreements: 1. Open-End Mortgage Subordination Agreement: This agreement allows the borrower to obtain additional financing while keeping the original mortgage in place. The borrower agrees that the new loan will take priority over the existing mortgage in the event of default or foreclosure. This type of agreement enables the borrower to tap into the property's equity without having to pay off the existing loan. 2. Closed-End Mortgage Subordination Agreement: This agreement is used when a borrower wants to refinance their existing mortgage. The new mortgage is typically obtained at a lower interest rate or better terms, allowing the borrower to save money over the long term. By signing this agreement, the borrower acknowledges that the new mortgage will take priority over the old mortgage, ensuring that the new lender's interest is protected. A Subordination of Mortgage and Attornment Agreement is essential in situations where there are multiple mortgage lenders involved. It establishes the priority of the lenders' respective interests in the property. The agreement typically includes provisions addressing the payment of principal, interest, taxes, and insurance. Attornment, in the context of this agreement, refers to the tenant's recognition of a new landlord when the property is foreclosed upon or transferred. The tenant agrees to pay rent to the new landlord and abide by the terms of their lease. It is important for all parties involved, including the borrower, lenders, and tenants, to fully understand the terms and implications of the Oregon Subordination of Mortgage and Attornment Agreement. Consulting an experienced real estate attorney is highly recommended ensuring that all legal requirements are met and to protect the rights and interests of all parties involved.Oregon Subordination of Mortgage and Attornment Agreement is a legal document that outlines the relationship between the parties involved in a mortgage transaction. This agreement is commonly used in real estate transactions where there are multiple mortgages or liens on a property. In Oregon, there are two main types of Subordination of Mortgage and Attornment Agreements: 1. Open-End Mortgage Subordination Agreement: This agreement allows the borrower to obtain additional financing while keeping the original mortgage in place. The borrower agrees that the new loan will take priority over the existing mortgage in the event of default or foreclosure. This type of agreement enables the borrower to tap into the property's equity without having to pay off the existing loan. 2. Closed-End Mortgage Subordination Agreement: This agreement is used when a borrower wants to refinance their existing mortgage. The new mortgage is typically obtained at a lower interest rate or better terms, allowing the borrower to save money over the long term. By signing this agreement, the borrower acknowledges that the new mortgage will take priority over the old mortgage, ensuring that the new lender's interest is protected. A Subordination of Mortgage and Attornment Agreement is essential in situations where there are multiple mortgage lenders involved. It establishes the priority of the lenders' respective interests in the property. The agreement typically includes provisions addressing the payment of principal, interest, taxes, and insurance. Attornment, in the context of this agreement, refers to the tenant's recognition of a new landlord when the property is foreclosed upon or transferred. The tenant agrees to pay rent to the new landlord and abide by the terms of their lease. It is important for all parties involved, including the borrower, lenders, and tenants, to fully understand the terms and implications of the Oregon Subordination of Mortgage and Attornment Agreement. Consulting an experienced real estate attorney is highly recommended ensuring that all legal requirements are met and to protect the rights and interests of all parties involved.
