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.
An Odessa Texas Lease Subordination Agreement is a legal document that establishes the order of priorities regarding leased property payment obligations between a tenant (subordinate) and a landlord (superior) in Odessa, Texas. This agreement outlines the terms and conditions under which the rights of the tenant are subordinated to those of the landlord. This agreement becomes necessary when a tenant wishes to secure financing using the leased property as collateral, typically for a mortgage or loan, and the lender requires the tenant to subordinate their lease rights to the lender's rights. By signing this agreement, the tenant acknowledges that the landlord's rights in the property take precedence over their own in the event of default or foreclosure. Keywords: 1. Odessa Texas: Refers to the specific location of the lease agreement, indicating that it falls under the jurisdiction of Texas laws and regulations. 2. Lease Subordination Agreement: The main subject of the description, it explains the purpose and function of the agreement. 3. Tenant: Refers to the person or business entity leasing the property from the landlord. 4. Landlord: Refers to the property owner, who allows the tenant to lease their property. 5. Priorities: Indicates the hierarchical order in which the rights and obligations between the tenant and the landlord are established. 6. Payment obligations: Determines the responsibilities of both parties regarding rent or other financial obligations related to the lease. 7. Collateral: Property or asset offered as security for a loan or financing. 8. Financing: Obtaining funds or capital through a loan or mortgage, typically from a lender. 9. Mortgage: A loan secured by real estate, often used to purchase property. 10. Loan: A sum of money borrowed from a lender with the expectation of repayment, usually with interest. 11. Default: Failure to meet contractual obligations, such as non-payment of rent or loan payments. 12. Foreclosure: Legal process in which a lender takes possession of a property due to the borrower's default on a mortgage or loan. Different Types of Odessa Texas Lease Subordination Agreements: 1. Commercial Lease Subordination Agreement: Pertains to commercial properties, such as office spaces, retail units, or industrial buildings. 2. Residential Lease Subordination Agreement: Applicable to residential properties, including houses, apartments, or condominiums. 3. Ground Lease Subordination Agreement: Relates to leases involving land without any structures, commonly used for long-term leases in commercial projects like shopping centers or developments. 4. Subordination, Non-Disturbance, and Attornment Agreement (SODA): An expanded version of the subordination agreement that includes additional provisions to safeguard the tenant's rights in the event of foreclosure or change in ownership. Note: The types mentioned above are not exhaustive, and there may be other variations of Odessa Texas Lease Subordination Agreements based on specific contexts or property types.An Odessa Texas Lease Subordination Agreement is a legal document that establishes the order of priorities regarding leased property payment obligations between a tenant (subordinate) and a landlord (superior) in Odessa, Texas. This agreement outlines the terms and conditions under which the rights of the tenant are subordinated to those of the landlord. This agreement becomes necessary when a tenant wishes to secure financing using the leased property as collateral, typically for a mortgage or loan, and the lender requires the tenant to subordinate their lease rights to the lender's rights. By signing this agreement, the tenant acknowledges that the landlord's rights in the property take precedence over their own in the event of default or foreclosure. Keywords: 1. Odessa Texas: Refers to the specific location of the lease agreement, indicating that it falls under the jurisdiction of Texas laws and regulations. 2. Lease Subordination Agreement: The main subject of the description, it explains the purpose and function of the agreement. 3. Tenant: Refers to the person or business entity leasing the property from the landlord. 4. Landlord: Refers to the property owner, who allows the tenant to lease their property. 5. Priorities: Indicates the hierarchical order in which the rights and obligations between the tenant and the landlord are established. 6. Payment obligations: Determines the responsibilities of both parties regarding rent or other financial obligations related to the lease. 7. Collateral: Property or asset offered as security for a loan or financing. 8. Financing: Obtaining funds or capital through a loan or mortgage, typically from a lender. 9. Mortgage: A loan secured by real estate, often used to purchase property. 10. Loan: A sum of money borrowed from a lender with the expectation of repayment, usually with interest. 11. Default: Failure to meet contractual obligations, such as non-payment of rent or loan payments. 12. Foreclosure: Legal process in which a lender takes possession of a property due to the borrower's default on a mortgage or loan. Different Types of Odessa Texas Lease Subordination Agreements: 1. Commercial Lease Subordination Agreement: Pertains to commercial properties, such as office spaces, retail units, or industrial buildings. 2. Residential Lease Subordination Agreement: Applicable to residential properties, including houses, apartments, or condominiums. 3. Ground Lease Subordination Agreement: Relates to leases involving land without any structures, commonly used for long-term leases in commercial projects like shopping centers or developments. 4. Subordination, Non-Disturbance, and Attornment Agreement (SODA): An expanded version of the subordination agreement that includes additional provisions to safeguard the tenant's rights in the event of foreclosure or change in ownership. Note: The types mentioned above are not exhaustive, and there may be other variations of Odessa Texas Lease Subordination Agreements based on specific contexts or property types.
