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.
Puerto Rico Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of various mortgages and leases in the event of a property foreclosure or sale. This agreement outlines the relationship and obligations between the lender, property owner, and any potential tenants or leaseholders. In Puerto Rico, there are primarily two types of Subordination of Mortgage and Attornment Agreements: general subordination and specific subordination. 1. General Subordination Agreement: This type of agreement is commonly used when there are multiple mortgages on a property. It establishes that the subsequent mortgage will have a lower priority or lien position compared to prior mortgages. The lender with the first mortgage will have the first right to foreclosure proceeds in case of default, followed by the lender with the subsequent mortgage. 2. Specific Subordination Agreement: This agreement is used when a property owner wants to obtain additional financing against the property or enter into a lease agreement. It allows the new lender or leaseholder to gain priority over existing mortgages or other liens. In this case, the prior mortgage holder agrees to subordinate their lien position to the new mortgage or lease. A Puerto Rico Subordination of Mortgage and Attornment Agreement typically covers several essential aspects: 1. Identification: The agreement will provide detailed information about the parties involved, such as the property owner, lender(s), and any potential tenant(s) or leaseholder(s). 2. Mortgage Priority: It clearly states the order of priority concerning different mortgages on the property and outlines the rights and obligations of each party involved. 3. Lease Attornment: If the property is leased, the agreement includes an attornment provision. This provision ensures that the tenant recognizes the new lender as their landlord and agrees to make rental payments to the designated party in case of foreclosure. 4. Terms and Conditions: The agreement sets out any specific terms and conditions that all parties must adhere to while prioritizing their interests. 5. Legal Compliance: It ensures compliance with Puerto Rico's laws and regulations regarding mortgages, liens, and leasing. 6. Signatures and Execution: The agreement will be signed by all parties involved, and their signatures will be notarized to make it legally binding. A Puerto Rico Subordination of Mortgage and Attornment Agreement plays a crucial role in determining the order of priority and protecting the rights of lenders, property owners, and tenants/leaseholders. It provides clarity and peace of mind for all parties involved in a property transaction or foreclosure process.Puerto Rico Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of various mortgages and leases in the event of a property foreclosure or sale. This agreement outlines the relationship and obligations between the lender, property owner, and any potential tenants or leaseholders. In Puerto Rico, there are primarily two types of Subordination of Mortgage and Attornment Agreements: general subordination and specific subordination. 1. General Subordination Agreement: This type of agreement is commonly used when there are multiple mortgages on a property. It establishes that the subsequent mortgage will have a lower priority or lien position compared to prior mortgages. The lender with the first mortgage will have the first right to foreclosure proceeds in case of default, followed by the lender with the subsequent mortgage. 2. Specific Subordination Agreement: This agreement is used when a property owner wants to obtain additional financing against the property or enter into a lease agreement. It allows the new lender or leaseholder to gain priority over existing mortgages or other liens. In this case, the prior mortgage holder agrees to subordinate their lien position to the new mortgage or lease. A Puerto Rico Subordination of Mortgage and Attornment Agreement typically covers several essential aspects: 1. Identification: The agreement will provide detailed information about the parties involved, such as the property owner, lender(s), and any potential tenant(s) or leaseholder(s). 2. Mortgage Priority: It clearly states the order of priority concerning different mortgages on the property and outlines the rights and obligations of each party involved. 3. Lease Attornment: If the property is leased, the agreement includes an attornment provision. This provision ensures that the tenant recognizes the new lender as their landlord and agrees to make rental payments to the designated party in case of foreclosure. 4. Terms and Conditions: The agreement sets out any specific terms and conditions that all parties must adhere to while prioritizing their interests. 5. Legal Compliance: It ensures compliance with Puerto Rico's laws and regulations regarding mortgages, liens, and leasing. 6. Signatures and Execution: The agreement will be signed by all parties involved, and their signatures will be notarized to make it legally binding. A Puerto Rico Subordination of Mortgage and Attornment Agreement plays a crucial role in determining the order of priority and protecting the rights of lenders, property owners, and tenants/leaseholders. It provides clarity and peace of mind for all parties involved in a property transaction or foreclosure process.
