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.
Los Angeles California Subordination Provision is a legal clause often included in real estate contracts or loan agreements pertaining to properties located in Los Angeles, the populous city in California. This provision establishes the priority of different liens or claims on the property in case of default or foreclosure. It defines the order in which various parties are entitled to receive payment from the sale or refinancing of the property in question. There are different types of subordination provisions in Los Angeles, California, depending on the specific circumstances and parties involved. Some common types include: 1. Mortgage Subordination Provision: This type of provision is commonly seen in the context of a mortgage loan. It outlines the priority of the mortgage lender's claim over other liens or encumbrances on the property. In case of default, the mortgage lender's interest will be superior to subsequent liens and will have the first right to proceed with foreclosure and recover the outstanding amount. 2. Subordinate Lien Provision: This provision is relevant when there are multiple liens or debts secured by the property. It establishes the priority of these liens, often in chronological order based on when they were recorded. The provision ensures that subsequent liens are subordinate to prior liens, thereby determining the order in which creditors will be repaid in the event of foreclosure or sale. 3. Intercreditor Subordination Provision: In cases where there are multiple creditors involved, such as in commercial real estate transactions or construction projects, an intercreditor subordination provision may be utilized. This provision governs the priority of different creditors' claims, usually specifying the rights and obligations of each party involved. It ensures that the creditors are aware of their respective positions in the event of default, ensuring a smooth resolution process. 4. Tax Subordination Provision: This type of provision is commonly used in situations where the property's owner owes back taxes to the government. Tax subordination provisions determine the priority of the government's tax lien over other liens on the property. It ensures that the government's claim takes precedence over any other creditors when it comes to recovering unpaid taxes from the sale or refinancing proceeds. In conclusion, Los Angeles California Subordination Provision is a crucial legal clause that determines the priority of different liens and claims on a property located in Los Angeles. The various types of subordination provisions, such as mortgage subordination, subordinate lien provisions, intercreditor subordination, and tax subordination play a significant role in clarifying the rights and obligations of parties involved and ensure a fair and orderly resolution in case of default or foreclosure.Los Angeles California Subordination Provision is a legal clause often included in real estate contracts or loan agreements pertaining to properties located in Los Angeles, the populous city in California. This provision establishes the priority of different liens or claims on the property in case of default or foreclosure. It defines the order in which various parties are entitled to receive payment from the sale or refinancing of the property in question. There are different types of subordination provisions in Los Angeles, California, depending on the specific circumstances and parties involved. Some common types include: 1. Mortgage Subordination Provision: This type of provision is commonly seen in the context of a mortgage loan. It outlines the priority of the mortgage lender's claim over other liens or encumbrances on the property. In case of default, the mortgage lender's interest will be superior to subsequent liens and will have the first right to proceed with foreclosure and recover the outstanding amount. 2. Subordinate Lien Provision: This provision is relevant when there are multiple liens or debts secured by the property. It establishes the priority of these liens, often in chronological order based on when they were recorded. The provision ensures that subsequent liens are subordinate to prior liens, thereby determining the order in which creditors will be repaid in the event of foreclosure or sale. 3. Intercreditor Subordination Provision: In cases where there are multiple creditors involved, such as in commercial real estate transactions or construction projects, an intercreditor subordination provision may be utilized. This provision governs the priority of different creditors' claims, usually specifying the rights and obligations of each party involved. It ensures that the creditors are aware of their respective positions in the event of default, ensuring a smooth resolution process. 4. Tax Subordination Provision: This type of provision is commonly used in situations where the property's owner owes back taxes to the government. Tax subordination provisions determine the priority of the government's tax lien over other liens on the property. It ensures that the government's claim takes precedence over any other creditors when it comes to recovering unpaid taxes from the sale or refinancing proceeds. In conclusion, Los Angeles California Subordination Provision is a crucial legal clause that determines the priority of different liens and claims on a property located in Los Angeles. The various types of subordination provisions, such as mortgage subordination, subordinate lien provisions, intercreditor subordination, and tax subordination play a significant role in clarifying the rights and obligations of parties involved and ensure a fair and orderly resolution in case of default or foreclosure.
