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.
Fulton Georgia Subordination Provision is a legal term that refers to a clause within a contract or agreement that determines the priority of different parties' rights and claims in relation to a property. This provision is commonly found in real estate transactions, specifically when there are multiple mortgages or liens on a property. Under the Fulton Georgia Subordination Provision, the parties involved agree to subordinate their rights or claims to those of another party. This means that in the event of foreclosure or sale of the property, the party with the higher priority will be paid first before the others. This provision plays a crucial role in determining the order in which creditors or lenders receive payments, protecting their interests. There are several types of Fulton Georgia Subordination Provisions that may exist, depending on the specific circumstances of the property or transaction. These types include: 1. First Lien Subordination: This type of subordination provision applies when there is a primary mortgage or lien on the property. Any subsequent mortgages or liens will be subordinated to the first lien, meaning they will be paid only after the first lien holder in the event of foreclosure or sale. 2. Second Lien Subordination: In cases where a property already has a first mortgage or lien, and a second mortgage or lien is created, a second lien subordination provision may be established. This provision determines the order in which the first and second lien holders will be paid, with the first lien holder receiving payment first. 3. Subordination of Future Advances: This type of Fulton Georgia Subordination Provision is often seen in construction loans or lines of credit where future money is advanced to the borrower. In this case, the provision ensures that any subsequent mortgages or liens will be subordinated to the initial mortgage securing the future advances. 4. Intercreditor Subordination: If multiple lenders are involved in a transaction, an intercreditor subordination provision may be included. This provision establishes the priority of payment between different lenders, particularly in cases of bankruptcy or default. Overall, the Fulton Georgia Subordination Provision is a crucial legal tool that helps determine the priority of rights and claims in real estate transactions. Understanding the different types of subordination provisions allows all parties involved to protect their interests and proceed with confidence.Fulton Georgia Subordination Provision is a legal term that refers to a clause within a contract or agreement that determines the priority of different parties' rights and claims in relation to a property. This provision is commonly found in real estate transactions, specifically when there are multiple mortgages or liens on a property. Under the Fulton Georgia Subordination Provision, the parties involved agree to subordinate their rights or claims to those of another party. This means that in the event of foreclosure or sale of the property, the party with the higher priority will be paid first before the others. This provision plays a crucial role in determining the order in which creditors or lenders receive payments, protecting their interests. There are several types of Fulton Georgia Subordination Provisions that may exist, depending on the specific circumstances of the property or transaction. These types include: 1. First Lien Subordination: This type of subordination provision applies when there is a primary mortgage or lien on the property. Any subsequent mortgages or liens will be subordinated to the first lien, meaning they will be paid only after the first lien holder in the event of foreclosure or sale. 2. Second Lien Subordination: In cases where a property already has a first mortgage or lien, and a second mortgage or lien is created, a second lien subordination provision may be established. This provision determines the order in which the first and second lien holders will be paid, with the first lien holder receiving payment first. 3. Subordination of Future Advances: This type of Fulton Georgia Subordination Provision is often seen in construction loans or lines of credit where future money is advanced to the borrower. In this case, the provision ensures that any subsequent mortgages or liens will be subordinated to the initial mortgage securing the future advances. 4. Intercreditor Subordination: If multiple lenders are involved in a transaction, an intercreditor subordination provision may be included. This provision establishes the priority of payment between different lenders, particularly in cases of bankruptcy or default. Overall, the Fulton Georgia Subordination Provision is a crucial legal tool that helps determine the priority of rights and claims in real estate transactions. Understanding the different types of subordination provisions allows all parties involved to protect their interests and proceed with confidence.
