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.
The Clark Nevada Subordination Provision is a legal stipulation that outlines the priority of claims on property or assets in Clark County, Nevada. This provision is commonly used in real estate transactions, mortgages, and loans to determine the order of payment for various parties involved. In simple terms, the subordination provision ensures that certain creditors or parties will take priority over others when it comes to the distribution of funds or assets in the event of foreclosure, bankruptcy, or sale of the property. This provision helps establish a hierarchy of debt obligations and protects the rights and interests of different stakeholders involved. There are different types of Clark Nevada Subordination Provisions, each designed for specific purposes and scenarios. Some common types include: 1. Mortgage Subordination Provision: This provision is often seen in real estate transactions where a borrower has multiple mortgages on a property. It determines which mortgage lender will have priority in receiving payment, should the property be sold or foreclosed upon. 2. Senior and Junior Debt: In cases where a property has multiple liens or loans, the subordination provision distinguishes between senior and junior debts. Senior debt refers to the debt that holds higher priority in terms of repayment, whereas junior debt is of lower priority. 3. Subordination to Future Loans: This provision allows for future loans to have priority over existing ones. It might be used by borrowers seeking additional financing while keeping the initial loan in place. The subordination provision indicates that the new loan will be paid off first in the event of a foreclosure or sale. 4. Subordination of Liens: In situations where a property has multiple liens, such as tax liens or mechanic's liens, the subordination provision determines which lien takes precedence over the others. This helps clarify the order in which various liens would be satisfied in the event of a sale or foreclosure. It is important to note that the specifics of Clark Nevada Subordination Provisions can vary depending on the legal documentation involved, the parties' agreements, and the unique circumstances of each case. Therefore, it is always advisable to consult with a qualified attorney or legal professional to understand the specific terms and implications of a subordination provision in Clark County, Nevada.The Clark Nevada Subordination Provision is a legal stipulation that outlines the priority of claims on property or assets in Clark County, Nevada. This provision is commonly used in real estate transactions, mortgages, and loans to determine the order of payment for various parties involved. In simple terms, the subordination provision ensures that certain creditors or parties will take priority over others when it comes to the distribution of funds or assets in the event of foreclosure, bankruptcy, or sale of the property. This provision helps establish a hierarchy of debt obligations and protects the rights and interests of different stakeholders involved. There are different types of Clark Nevada Subordination Provisions, each designed for specific purposes and scenarios. Some common types include: 1. Mortgage Subordination Provision: This provision is often seen in real estate transactions where a borrower has multiple mortgages on a property. It determines which mortgage lender will have priority in receiving payment, should the property be sold or foreclosed upon. 2. Senior and Junior Debt: In cases where a property has multiple liens or loans, the subordination provision distinguishes between senior and junior debts. Senior debt refers to the debt that holds higher priority in terms of repayment, whereas junior debt is of lower priority. 3. Subordination to Future Loans: This provision allows for future loans to have priority over existing ones. It might be used by borrowers seeking additional financing while keeping the initial loan in place. The subordination provision indicates that the new loan will be paid off first in the event of a foreclosure or sale. 4. Subordination of Liens: In situations where a property has multiple liens, such as tax liens or mechanic's liens, the subordination provision determines which lien takes precedence over the others. This helps clarify the order in which various liens would be satisfied in the event of a sale or foreclosure. It is important to note that the specifics of Clark Nevada Subordination Provisions can vary depending on the legal documentation involved, the parties' agreements, and the unique circumstances of each case. Therefore, it is always advisable to consult with a qualified attorney or legal professional to understand the specific terms and implications of a subordination provision in Clark County, Nevada.
