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.
South Carolina Subordination of Mortgage and Attornment Agreement is a legal document used in real estate transactions, specifically in mortgage lending. It outlines the agreement between the lender, the borrower, and the property owner regarding the priority and subordination of multiple mortgages on a property. In South Carolina, there are primarily two types of Subordination of Mortgage and Attornment Agreements: 1. Traditional Subordination Agreement: This type of agreement occurs when a property owner applies for a second mortgage or refinance. The new lender requires a subordination agreement from the existing lender to ensure their mortgage takes priority over the previous one. The agreement specifies the terms and conditions for the subordination, such as the new mortgage amount, interest rate, and repayment schedule. 2. Subordination Agreement for Commercial Properties: In the case of commercial properties, a subordination agreement becomes vital when multiple lenders are involved. When a commercial property owner seeks additional financing, the new lender may request a subordination agreement from existing lenders to establish their mortgage's priority. This agreement allows the new lender to have the first lien on the property and the existing lender's mortgage to be subordinated. The South Carolina Subordination of Mortgage and Attornment Agreement typically contains vital information, including: 1. Parties involved: The agreement identifies the borrower, the lender seeking subordination, and any additional lenders if applicable. 2. Loan details: It outlines the loan amount, repayment terms, interest rates, and any specific terms and conditions related to the mortgage. 3. Prior mortgages: The agreement specifies the existing mortgages on the property, including the amount outstanding and the lenders involved. 4. Subordination terms: This section clarifies the terms under which the new mortgage takes priority over existing mortgages. It explains the order of payment in the event of foreclosure or default. 5. Governing law: South Carolina state law governs the agreement, and any disputes or legal matters are subject to the state's jurisdiction. 6. Signatures: The document requires signatures of all parties involved, indicating their agreement and understanding of the terms. In summary, the South Carolina Subordination of Mortgage and Attornment Agreement is a legally binding document that outlines the priority and subordination of mortgages on a property. It ensures transparency and protection for all parties involved in real estate transactions. By clearly defining the terms and conditions, this agreement helps facilitate smooth lending processes while minimizing risks for lenders and borrowers.
