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.
A Wyoming Subordination of Mortgage and Attornment Agreement is a legal document that outlines the priority of a mortgage lien against a property in the state of Wyoming. This agreement is commonly used in real estate transactions, particularly when there is a need to subordinate an existing mortgage to allow for a new mortgage or other liens to take precedence. In Wyoming, there are various types of Subordination of Mortgage and Attornment Agreements depending on the specific circumstances and parties involved. Some examples include: 1. Commercial Subordination of Mortgage and Attornment Agreement: This type of agreement is commonly used in commercial real estate transactions where the borrower wants to secure additional financing or add a lien to the property. By signing this agreement, the commercial borrower agrees to subordinate their existing mortgage to the lender's new mortgage or lien. 2. Residential Subordination of Mortgage and Attornment Agreement: Residential property owners in Wyoming may need to enter into this agreement to allow for refinancing, obtaining a home equity loan, or adding a lien to the property. In such cases, the existing mortgage holder agrees to subordinate their lien to the new lender, ensuring that the new lender or lien holder will have priority in case of default or foreclosure. 3. Multi-Property Subordination of Mortgage and Attornment Agreement: When a borrower owns multiple properties, they may need to execute this agreement to determine the priority of each property's mortgage lien. This type of agreement clearly outlines which mortgage takes priority in case of default or foreclosure on any of the properties. Key elements included in a Wyoming Subordination of Mortgage and Attornment Agreement typically involve the identification of the parties involved, the property being encumbered, and details of the existing and new mortgages or liens. The agreement also often contains provisions related to the rights and obligations of each party, as well as terms regarding default, foreclosure, and the attornment of tenants if applicable. It is crucial for all parties involved in a Wyoming Subordination of Mortgage and Attornment Agreement to fully understand the implications of subordination and how it affects their rights. Seeking legal advice from an attorney experienced in Wyoming real estate law can ensure that the agreement is executed accurately and that the interests of all parties are protected.
