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.
Kings New York Subordination Provision is a legal clause commonly found in real estate transactions, especially in the state of New York. It refers to an agreement that establishes the priority of liens or claims against a property. This provision is crucial in determining the order in which different parties will have their interests satisfied in case of default or foreclosure. One type of Kings New York Subordination Provision is the mortgage subordination provision. In this case, a mortgage lender agrees to subordinate its lien position to another lender who is refinancing or providing a new mortgage loan. This type of subordination is often seen when a borrower needs additional financing but has an existing mortgage on the property. By subordinating their lien, the original lender agrees to take a secondary position, allowing the new lender to have priority. Another type of Kings New York Subordination Provision is the leasehold subordination provision. This provision usually arises when a property is leased, and the leasehold interests need to be subordinated to the interests of a new lender. For example, if a borrower wants to refinance a property with an existing lease in place, the leasehold subordination provision would ensure that the lender's lien has priority over the leasehold interests. The Kings New York Subordination Provision is essentially a legal tool that allows different parties involved in a real estate transaction to define their rights and priorities in case of default or foreclosure. This provision ensures that lenders, leaseholders, and other stakeholders are properly aligned and that their interests are protected. Overall, the Kings New York Subordination Provision grants clarity and certainty to complex real estate transactions by establishing the order of priority between different liens or claims. It is an essential component in safeguarding the rights and interests of all parties involved, promoting fair and equitable outcomes in the event of default or foreclosure.Kings New York Subordination Provision is a legal clause commonly found in real estate transactions, especially in the state of New York. It refers to an agreement that establishes the priority of liens or claims against a property. This provision is crucial in determining the order in which different parties will have their interests satisfied in case of default or foreclosure. One type of Kings New York Subordination Provision is the mortgage subordination provision. In this case, a mortgage lender agrees to subordinate its lien position to another lender who is refinancing or providing a new mortgage loan. This type of subordination is often seen when a borrower needs additional financing but has an existing mortgage on the property. By subordinating their lien, the original lender agrees to take a secondary position, allowing the new lender to have priority. Another type of Kings New York Subordination Provision is the leasehold subordination provision. This provision usually arises when a property is leased, and the leasehold interests need to be subordinated to the interests of a new lender. For example, if a borrower wants to refinance a property with an existing lease in place, the leasehold subordination provision would ensure that the lender's lien has priority over the leasehold interests. The Kings New York Subordination Provision is essentially a legal tool that allows different parties involved in a real estate transaction to define their rights and priorities in case of default or foreclosure. This provision ensures that lenders, leaseholders, and other stakeholders are properly aligned and that their interests are protected. Overall, the Kings New York Subordination Provision grants clarity and certainty to complex real estate transactions by establishing the order of priority between different liens or claims. It is an essential component in safeguarding the rights and interests of all parties involved, promoting fair and equitable outcomes in the event of default or foreclosure.
