This office lease is subject and subordinate to all ground or underlying leases and to all mortgages which may affect the lease or the real property of which demised premises are a part and to all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. This clause shall be self-operative.
Bronx New York Subordination Provision is a legal term that refers to a provision often found in real estate transactions and financing agreements. It outlines the specific requirements for the priority of liens or claims on a property located in Bronx, New York. The purpose of the Bronx New York Subordination Provision is to establish a hierarchy of claims in the event of default or foreclosure. This provision ensures that certain liens or claims take precedence over others, thereby protecting the interests of various parties involved in the transaction. There are several types of Bronx New York Subordination Provisions that can be encountered in different contexts. These may include: 1. Mortgage Subordination Provision: This provision is typically found in mortgage agreements. It determines the order in which different mortgage holders will receive payment proceeds or have their liens satisfied in case of foreclosure. For example, a first mortgage may take priority over a second mortgage, meaning that the first mortgage holder will be repaid first from the proceeds of the foreclosure sale. 2. Construction Subordination Provision: This provision is commonly used in construction loans. It establishes the order of payment priority when funds are released during the construction process. Typically, it ensures that the construction lender is repaid before other creditors, such as subcontractors or material suppliers. 3. Intercreditor Subordination Provision: This provision outlines the relationship between multiple lenders involved in a real estate transaction. It determines the order of payment and establishes the rights and responsibilities of each lender. For instance, it could specify that a senior lender is entitled to be repaid first before the junior lender receives any payment. It is important to note that the exact terms and conditions of Bronx New York Subordination Provisions can vary depending on the specific agreement and the parties involved. These provisions are legally binding and can have significant implications in determining the payout order during foreclosure or insolvency proceedings. In summary, Bronx New York Subordination Provision is a crucial component of real estate transactions that assists in determining the priority of liens and claims on a property located in the Bronx, New York. It aims to safeguard the interests of parties involved and ensures a fair distribution of funds in cases of default or foreclosure.Bronx New York Subordination Provision is a legal term that refers to a provision often found in real estate transactions and financing agreements. It outlines the specific requirements for the priority of liens or claims on a property located in Bronx, New York. The purpose of the Bronx New York Subordination Provision is to establish a hierarchy of claims in the event of default or foreclosure. This provision ensures that certain liens or claims take precedence over others, thereby protecting the interests of various parties involved in the transaction. There are several types of Bronx New York Subordination Provisions that can be encountered in different contexts. These may include: 1. Mortgage Subordination Provision: This provision is typically found in mortgage agreements. It determines the order in which different mortgage holders will receive payment proceeds or have their liens satisfied in case of foreclosure. For example, a first mortgage may take priority over a second mortgage, meaning that the first mortgage holder will be repaid first from the proceeds of the foreclosure sale. 2. Construction Subordination Provision: This provision is commonly used in construction loans. It establishes the order of payment priority when funds are released during the construction process. Typically, it ensures that the construction lender is repaid before other creditors, such as subcontractors or material suppliers. 3. Intercreditor Subordination Provision: This provision outlines the relationship between multiple lenders involved in a real estate transaction. It determines the order of payment and establishes the rights and responsibilities of each lender. For instance, it could specify that a senior lender is entitled to be repaid first before the junior lender receives any payment. It is important to note that the exact terms and conditions of Bronx New York Subordination Provisions can vary depending on the specific agreement and the parties involved. These provisions are legally binding and can have significant implications in determining the payout order during foreclosure or insolvency proceedings. In summary, Bronx New York Subordination Provision is a crucial component of real estate transactions that assists in determining the priority of liens and claims on a property located in the Bronx, New York. It aims to safeguard the interests of parties involved and ensures a fair distribution of funds in cases of default or foreclosure.
