What is an example of subordination in real estate?

Here's an example of how subordination clauses in mortgage notes work for a better understanding: John decides to buy a house. John's bank agrees to lend him the money to purchase a home on the condition that they take repayment priority. John's bank uses a subordination clause to secure its rights.

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Subordination Agreement by Lienholder to Oil and Gas Lease

Queens New York Subordination Agreement by Lienholder to Oil and Gas Lease

Name: Queens New York Subordination Agreement by Lienholder to Oil and Gas Lease
Brand: US Legal Forms
Rating: 4.56 (387 reviews)

Category:

Oil Gas and Minerals - Subordination

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Multi-State

County:

Queens

Control #:

US-OG-564

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This is a form of a Subordination Agreement (by Lienholder to Oil and Gas Lease).

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How to fill out Queens New York Subordination Agreement By Lienholder To Oil And Gas Lease?

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Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.

Example of a Subordination Agreement The business files for bankruptcy and its assets are liquidated at market value$900,000. The senior debtholders will be paid in full, and the remaining $230,000 will be distributed among the subordinated debtholders, typically for 50 cents on the dollar.

The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.

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).

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.

Here's an example of how subordination clauses in mortgage notes work for a better understanding: John decides to buy a house. John's bank agrees to lend him the money to purchase a home on the condition that they take repayment priority. John's bank uses a subordination clause to secure its rights.

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.

Subordination clauses in mortgages refer to the portion of your agreement with the mortgage company that says their lien takes precedence over any other liens you may have on your property. Let's back up a bit because we have a vocab term within a vocab definition.

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37 Whether the Operator is selling oil, gas, a working interest in the lease, or a piece of equipment, it must sell "at public auction. Postponement of a claim to another party will not result in a complete subordination.Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days after the fiscal. ARRANGEMENT ACT, RSC 1985, c C-36, AS AMENDED.

Queens New York Subordination Agreement by Lienholder to Oil and Gas Lease

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