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 San Jose California Subordination Provision is a legal clause typically found in contracts or agreements pertaining to loans or real estate transactions within the city of San Jose, California. This provision outlines the specific terms and conditions under which one party agrees to subordinate its interests or rights to another party. By subordinating, the party willingly relinquishes its priority position and allows another entity to take precedence in certain aspects of the agreement. Keywords: San Jose California, Subordination Provision, legal clause, contracts, agreements, loans, real estate transactions, terms and conditions, party, subordinating, interests, rights, priority, precedence. There are several types of San Jose California Subordination Provisions that may be encountered in various contexts: 1. Mortgage Subordination Provision: In the context of real estate transactions, this provision is commonly used when a property owner wishes to obtain additional financing while retaining the existing mortgage. By subordinating the newly acquired loan to the original mortgage, the lender's position in terms of priority is preserved. 2. Intercreditor Subordination Provision: This provision is typically used in complex financing arrangements involving multiple lenders. It establishes the priority of different creditors' claims in case of default or bankruptcy. It outlines the specific rights and obligations of each creditor, ensuring a fair distribution of proceeds. 3. Leasehold Subordination Provision: In lease agreements, this provision may be included when there is an underlying mortgage on the leased property. It states that the leasehold interest is subordinate to the lender's interest, ensuring that the lender's rights take precedence if there is a default or foreclosure. 4. Subordination of Collateral Provision: This provision might be included in secured loan agreements where the borrower provides collateral. It establishes that the lender's security interest in the collateral is superior to any subsequent liens or claims, protecting the lender's rights in case of default or other adverse events. The San Jose California Subordination Provision plays a critical role in defining the rights and priorities of parties involved in various financial and real estate transactions within the city. It is essential to carefully review and understand the specific terms of the provision to ensure compliance and protect the interests of all involved parties.The San Jose California Subordination Provision is a legal clause typically found in contracts or agreements pertaining to loans or real estate transactions within the city of San Jose, California. This provision outlines the specific terms and conditions under which one party agrees to subordinate its interests or rights to another party. By subordinating, the party willingly relinquishes its priority position and allows another entity to take precedence in certain aspects of the agreement. Keywords: San Jose California, Subordination Provision, legal clause, contracts, agreements, loans, real estate transactions, terms and conditions, party, subordinating, interests, rights, priority, precedence. There are several types of San Jose California Subordination Provisions that may be encountered in various contexts: 1. Mortgage Subordination Provision: In the context of real estate transactions, this provision is commonly used when a property owner wishes to obtain additional financing while retaining the existing mortgage. By subordinating the newly acquired loan to the original mortgage, the lender's position in terms of priority is preserved. 2. Intercreditor Subordination Provision: This provision is typically used in complex financing arrangements involving multiple lenders. It establishes the priority of different creditors' claims in case of default or bankruptcy. It outlines the specific rights and obligations of each creditor, ensuring a fair distribution of proceeds. 3. Leasehold Subordination Provision: In lease agreements, this provision may be included when there is an underlying mortgage on the leased property. It states that the leasehold interest is subordinate to the lender's interest, ensuring that the lender's rights take precedence if there is a default or foreclosure. 4. Subordination of Collateral Provision: This provision might be included in secured loan agreements where the borrower provides collateral. It establishes that the lender's security interest in the collateral is superior to any subsequent liens or claims, protecting the lender's rights in case of default or other adverse events. The San Jose California Subordination Provision plays a critical role in defining the rights and priorities of parties involved in various financial and real estate transactions within the city. It is essential to carefully review and understand the specific terms of the provision to ensure compliance and protect the interests of all involved parties.
