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Tenant's Subordination (General - to a Lease/Easement)

Harris Texas Tenant's Subordination (General - to a Lease/Easement)

Name: Harris Texas Tenant's Subordination (General - to a Lease/Easement)
Brand: US Legal Forms
Rating: 4.63 (282 reviews)

Category:

Oil Gas and Minerals - Subordination

State:

Multi-State

County:

Harris

Control #:

US-OG-1175

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Description

This form is a general tenant's subordination to a lease or easement.

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FAQ

When you take out a mortgage loan, the lender will likely include a subordination clause. Within this clause, the lender essentially states that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender in case you default.

A subordinated ground lease is one in which the landlord has agreed to give a lender a superior security interest in the property. In an unsubordinated ground lease, the landlord does not agree to a lower-priority claim.

A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.

Subordination agreements are prepared by your lender. The process occurs internally if you only have one lender. When your mortgage and home equity line or loan have different lenders, both financial institutions work together to draft the necessary paperwork.

A subordination clause is a lease provision whereby the tenant subordinates its possessory interest in the leased premises to a third-party lender, usually a bank (the rights of the tenant are thus subject to the rights of the lender).

We briefly discuss three types of agreements below. An executory subordination agreement is an agreement under which the subordinating party, like the seller of land, agrees to execute a subsequent instrument subordinating his or her security interest to another security interest, like the lien of a construction loan.

Often, all the information needed will be available from your mortgage lender and the title company. The process usually takes approximately 25 business days.

Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.

Subordinate Lender means the person or entity named as such in the first paragraph of this Agreement and any other person or entity who becomes the legal holder of the Subordinate Note after the date of this Agreement.

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Was a reference to the lease in a deed in the chain of title. 2. PROPERTY: Landlord leases to Tenant the following real property: Address: legally described as: in.Ments in a title opinion for an onshore well in California. This article does not attempt to fill that role. , rent at above market rates),. 6.2 Easements of Access for Repair, Maintenance, and Emergencies . Fill in "cheat sheet" in the upper right corner. Dallas does not use Development plats. 2. The general rule is that any original contract work required to complete the contract will extend the deadline for filing a mechanic's lien. In the Landlord and Tenant field, Indiana has apparently joined the ranks in recognizing a lease to include an implied warranty of habitability,.

It could be a good thing if the landlord and tenant agreed as to what maintenance fees to charge and how often, and whether the tenant would have to pay this fee in addition to the rent. However, any such agreement will be void unless it is specifically described in the contract. Thus, if the contract clearly states that a tenant's periodic maintenance fee is to be “a monthly charge, calculated for the first six months or one-half of the lease, whichever is greater,” the landlord and tenant's agreement will be enforceable. If the landlord and tenant's agreement does not specifically state that the rent is to be set at a certain percentage of the amount of maintenance fees, the rent is to be charged at the rate that the landlord would charge for similar maintenance if the tenant did the maintenance. (See the “Calculating Monthly Rents” section of this article for an explanation of what an equivalent maintenance charge might be based on the property's assessed value).

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Harris Texas Tenant's Subordination (General - to a Lease/Easement)

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What is the purpose of a subordination clause?

What is subordinated in a subordinated ground lease?

How does a subordination agreement work?

Who creates a subordination agreement?

What does a subordination clause do?

What does subordination of a lease mean?

Who executes a subordination agreement?

How long does a subordination agreement take?

What does a subordination agreement do?

Who is the subordinate lender?

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What is Harris Tenant's Subordination (General - to a Lease/Easement)533938?

Why would a tenant agree to subordination?

What are the benefits of subordination for the new lender/landlord?

Is subordination always required in lease/easement agreements?

Can a tenant refuse to subordinate their lease/easement rights?

Can subordination affect the tenant's rights and obligations under the original lease/easement agreement?

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