West Virginia Subordination by Lessee of Right to Use All or Part of Surface Estate
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Subordinate clauses (or dependent clauses) add extra information to the main clause and cannot exist on their own. For example, "unlike my brother, I don't eat meat." Here the bolded text - the subordinate clause - gives us additional information about the main clause.
The primary effect of an SNDA is that the tenant agrees to subordinate its lease to the mortgage in exchange for the lender agreeing not to disturb the tenant if the lender forecloses its superior security interest in the real property. Subordination, Non-Disturbance, and Attornment Agreement (SNDA) Toolkit westlaw.com ? document ? Subordin... westlaw.com ? document ? Subordin...
An agreement by which one encumbrance (for example, a mortgage) is made subject (junior) to another encumbrance. To "subordinate" is to "make subject to," or to make of lower priority. A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset.
Lien subordination refers to the order in which claims on collateral are prioritized. This takes place most often among senior secured lenders and does not imply that one tranche of senior debt has payment preference over another.
Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.
The Subordination Clause A subordination is a contractual agreement by the tenant that its leasehold interest in the collateral property, or portion thereof (the subject property of the lease), is subordinate either to the mortgage or to the lien of the mortgage. THE SNDA CLAUSE IN COMMERCIAL LEASING sweeneylawpa.com ? the-snda-clause-in-co... sweeneylawpa.com ? the-snda-clause-in-co...
Real Estate Dictionary A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset. It is commonly used in the context of real estate transactions, but can also be applied to other types of assets. Subordination Agreement - Stewart Title stewart.com ? real-estate-dictionary ? subord... stewart.com ? real-estate-dictionary ? subord...
As a matter of contract law, subleases are ?subject and subordinate? to the underlying lease. In essence, this means that a sublease remains in effect only for so long as the underlying lease remains in effect. Commercial Subleases: Coping with the Subordination Risk - Blank Rome blankrome.com ? publications ? commercial... blankrome.com ? publications ? commercial...
