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.
West Virginia Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of mortgages and clarifies the rights of lenders and tenants in the context of real estate transactions. This agreement is crucial when multiple mortgages exist on a property and determines the order in which they must be paid off in case of foreclosure or sale. In West Virginia, there are two main types of Subordination of Mortgage and Attornment Agreement: 1. General/Subordinate Subordination Agreement: This type of agreement is used when a borrower wants to obtain a subsequent mortgage or loan while an existing mortgage is already in place. By signing this agreement, the borrower acknowledges that the new mortgage will be subordinate or inferior in priority to the first mortgage. This means that in case of default or foreclosure, the first mortgage will be paid off before the subsequent mortgage. 2. Master/Subordinate Subordination Agreement: This type of agreement is used in commercial real estate transactions, typically involving multiple tenants in a property. It establishes the priority of the landlord's mortgage over any tenant's leasehold interest. By signing this agreement, the tenant acknowledges that the landlord's mortgage takes precedence over their lease in case of default or foreclosure. This ensures that the landlord's rights to the property are protected even if the tenant defaults on their lease obligations. Key terms and clauses commonly found in a West Virginia Subordination of Mortgage and Attornment Agreement may include: — Parties: Identifies the borrower, lender, and any other parties involved in the agreement, such as tenants or subtenants. — Property Description: Provides a detailed description of the property securing the mortgage. — Subordination Clause: Clearly states that the subsequent mortgage or leasehold interest is subordinate to the existing mortgage. — Priority of Payments: Specifies the order in which mortgages or leasehold interests will be satisfied in case of default or foreclosure. — Consent to Subordination: Confirms that all parties involved consent to the subordination arrangement. — Attornment Clause: Requires tenants or subtenants to recognize the landlord's mortgage and continue their lease obligations even if the property is foreclosed. — Non-Disturbance Clause: Guarantees tenants or subtenants that their leases will not be terminated in case of foreclosure, as long as they fulfill their obligations under the lease. — Governing Law: States that the agreement is subject to West Virginia state laws. It is important to consult an attorney or legal expert to ensure that the West Virginia Subordination of Mortgage and Attornment Agreement is drafted properly and in accordance with state regulations.West Virginia Subordination of Mortgage and Attornment Agreement is a legal document that establishes the priority of mortgages and clarifies the rights of lenders and tenants in the context of real estate transactions. This agreement is crucial when multiple mortgages exist on a property and determines the order in which they must be paid off in case of foreclosure or sale. In West Virginia, there are two main types of Subordination of Mortgage and Attornment Agreement: 1. General/Subordinate Subordination Agreement: This type of agreement is used when a borrower wants to obtain a subsequent mortgage or loan while an existing mortgage is already in place. By signing this agreement, the borrower acknowledges that the new mortgage will be subordinate or inferior in priority to the first mortgage. This means that in case of default or foreclosure, the first mortgage will be paid off before the subsequent mortgage. 2. Master/Subordinate Subordination Agreement: This type of agreement is used in commercial real estate transactions, typically involving multiple tenants in a property. It establishes the priority of the landlord's mortgage over any tenant's leasehold interest. By signing this agreement, the tenant acknowledges that the landlord's mortgage takes precedence over their lease in case of default or foreclosure. This ensures that the landlord's rights to the property are protected even if the tenant defaults on their lease obligations. Key terms and clauses commonly found in a West Virginia Subordination of Mortgage and Attornment Agreement may include: — Parties: Identifies the borrower, lender, and any other parties involved in the agreement, such as tenants or subtenants. — Property Description: Provides a detailed description of the property securing the mortgage. — Subordination Clause: Clearly states that the subsequent mortgage or leasehold interest is subordinate to the existing mortgage. — Priority of Payments: Specifies the order in which mortgages or leasehold interests will be satisfied in case of default or foreclosure. — Consent to Subordination: Confirms that all parties involved consent to the subordination arrangement. — Attornment Clause: Requires tenants or subtenants to recognize the landlord's mortgage and continue their lease obligations even if the property is foreclosed. — Non-Disturbance Clause: Guarantees tenants or subtenants that their leases will not be terminated in case of foreclosure, as long as they fulfill their obligations under the lease. — Governing Law: States that the agreement is subject to West Virginia state laws. It is important to consult an attorney or legal expert to ensure that the West Virginia Subordination of Mortgage and Attornment Agreement is drafted properly and in accordance with state regulations.
