This Lease Subordination Agreement is a lienholder's lien that was created by a (Mortgage/Deed of Trust) and is subordinated to a mineral/oil/gas lease and lienholder releases, said Leasehold from all liens created by said (Mortgage/Deed of Trust), and all extensions and renewals of such liens. Lienholder retains all rights under the (Mortgage/Deed of Trust) against any royalty interest reserved by the lessor in and payable under the terms of the lease, or any of lessor's reversionary interests on the termination or expiration of the lease.
Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. A declaration of homestead must always be subordinated to a loan.
A League City Texas Lease Subordination Agreement is a legal contract that outlines the terms and conditions for subordinating a lease to a future lien or mortgage. This agreement is commonly used in real estate transactions involving commercial properties in League City, Texas. The purpose of a Lease Subordination Agreement is to establish the priority of the lender's lien or mortgage over the tenant's leasehold interest. By subordinating the lease, the tenant acknowledges that the lender's rights will take precedence in the event of default or foreclosure. This agreement provides security to lenders and is often required for financing purposes. The League City Texas Lease Subordination Agreement typically includes key provisions such as: 1. Parties Involved: Identification of the landlord, tenant, and lender(s) involved in the agreement. 2. Property Details: Description of the leased property in League City, Texas, including the address and legal description. 3. Lease Details: Specifics of the lease, including the lease term, rental amount, renewal options, and any other relevant terms. 4. Lender's Rights: Confirmation that the lender's lien or mortgage will take priority over the lease. 5. Tenant's Consent: The tenant's acknowledgment and consent to the subordination of the lease. 6. Notice Requirements: Procedures for providing notice to the tenant in the event of default or foreclosure. 7. Governing Law and Jurisdiction: Specification of the applicable laws of League City, Texas, and the jurisdiction in case of disputes. Different types of Lease Subordination Agreements may be categorized based on the nature of the transaction or specific terms involved. Some potential variations include: 1. Commercial Lease Subordination Agreement: A subordination agreement specifically tailored for commercial properties in League City, Texas. 2. Single Tenant Lease Subordination Agreement: Used when there is only one tenant in the leased property. 3. Multi-Tenant Lease Subordination Agreement: Applicable when multiple tenants share the property, each with their own lease. 4. Leasehold Mortgage Subordination Agreement: A variation where the tenant pledges their leasehold interest as collateral for a mortgage. In summary, a League City Texas Lease Subordination Agreement is a crucial legal document that helps establish the priority of a lender's lien or mortgage over a tenant's leasehold interest. This agreement ensures compliance with financing requirements and protects the interests of both lenders and tenants involved in commercial real estate transactions in League City, Texas.A League City Texas Lease Subordination Agreement is a legal contract that outlines the terms and conditions for subordinating a lease to a future lien or mortgage. This agreement is commonly used in real estate transactions involving commercial properties in League City, Texas. The purpose of a Lease Subordination Agreement is to establish the priority of the lender's lien or mortgage over the tenant's leasehold interest. By subordinating the lease, the tenant acknowledges that the lender's rights will take precedence in the event of default or foreclosure. This agreement provides security to lenders and is often required for financing purposes. The League City Texas Lease Subordination Agreement typically includes key provisions such as: 1. Parties Involved: Identification of the landlord, tenant, and lender(s) involved in the agreement. 2. Property Details: Description of the leased property in League City, Texas, including the address and legal description. 3. Lease Details: Specifics of the lease, including the lease term, rental amount, renewal options, and any other relevant terms. 4. Lender's Rights: Confirmation that the lender's lien or mortgage will take priority over the lease. 5. Tenant's Consent: The tenant's acknowledgment and consent to the subordination of the lease. 6. Notice Requirements: Procedures for providing notice to the tenant in the event of default or foreclosure. 7. Governing Law and Jurisdiction: Specification of the applicable laws of League City, Texas, and the jurisdiction in case of disputes. Different types of Lease Subordination Agreements may be categorized based on the nature of the transaction or specific terms involved. Some potential variations include: 1. Commercial Lease Subordination Agreement: A subordination agreement specifically tailored for commercial properties in League City, Texas. 2. Single Tenant Lease Subordination Agreement: Used when there is only one tenant in the leased property. 3. Multi-Tenant Lease Subordination Agreement: Applicable when multiple tenants share the property, each with their own lease. 4. Leasehold Mortgage Subordination Agreement: A variation where the tenant pledges their leasehold interest as collateral for a mortgage. In summary, a League City Texas Lease Subordination Agreement is a crucial legal document that helps establish the priority of a lender's lien or mortgage over a tenant's leasehold interest. This agreement ensures compliance with financing requirements and protects the interests of both lenders and tenants involved in commercial real estate transactions in League City, Texas.
