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.
Santa Clara California Subordination Provision is a legal term commonly used in real estate transactions. It refers to a clause or provision included in a mortgage contract or deed of trust that establishes the priority of liens on a property in Santa Clara, California. This provision determines the order in which different creditors or lenders would be repaid in case of default or foreclosure. The Santa Clara California Subordination Provision is crucial as it helps protect the interests of lenders and establishes their priority in receiving payment from the sale or liquidation of a property. It ensures that certain liens are given precedence over others based on their agreed-upon priority. There are several types of Santa Clara California Subordination Provisions that could be named: 1. First Priority Subordination Provision: This type of provision ensures that a specific creditor or lender holds the first priority lien on the property. In case of default, this creditor will receive payment before any other creditors with lower priority liens. 2. Second Priority Subordination Provision: This provision establishes that a particular creditor or lender holds the second priority lien on the property. They will be repaid after the first priority lien holder but before any other creditors with lower priority liens. 3. Subsequent Priority Subordination Provision: This type of provision outlines the priority of liens for creditors or lenders who hold a lower priority compared to the first and second priority lien holders. They will be repaid after the higher priority lien holders but before any other parties with lower priority liens. 4. Non-Subordination Provision: In some cases, a creditor may request a non-subordination provision, which means that their lien will not be subordinate to any other liens. This provision ensures they have the highest priority and should be repaid first, regardless of other lien holders. It is important for all parties involved in a real estate transaction in Santa Clara, California, to clearly understand the specific type of Santa Clara California Subordination Provision included in their mortgage contract or deed of trust. Legal experts or real estate professionals should be consulted to ensure compliance with local laws and regulations, and to protect the interests of all parties involved.Santa Clara California Subordination Provision is a legal term commonly used in real estate transactions. It refers to a clause or provision included in a mortgage contract or deed of trust that establishes the priority of liens on a property in Santa Clara, California. This provision determines the order in which different creditors or lenders would be repaid in case of default or foreclosure. The Santa Clara California Subordination Provision is crucial as it helps protect the interests of lenders and establishes their priority in receiving payment from the sale or liquidation of a property. It ensures that certain liens are given precedence over others based on their agreed-upon priority. There are several types of Santa Clara California Subordination Provisions that could be named: 1. First Priority Subordination Provision: This type of provision ensures that a specific creditor or lender holds the first priority lien on the property. In case of default, this creditor will receive payment before any other creditors with lower priority liens. 2. Second Priority Subordination Provision: This provision establishes that a particular creditor or lender holds the second priority lien on the property. They will be repaid after the first priority lien holder but before any other creditors with lower priority liens. 3. Subsequent Priority Subordination Provision: This type of provision outlines the priority of liens for creditors or lenders who hold a lower priority compared to the first and second priority lien holders. They will be repaid after the higher priority lien holders but before any other parties with lower priority liens. 4. Non-Subordination Provision: In some cases, a creditor may request a non-subordination provision, which means that their lien will not be subordinate to any other liens. This provision ensures they have the highest priority and should be repaid first, regardless of other lien holders. It is important for all parties involved in a real estate transaction in Santa Clara, California, to clearly understand the specific type of Santa Clara California Subordination Provision included in their mortgage contract or deed of trust. Legal experts or real estate professionals should be consulted to ensure compliance with local laws and regulations, and to protect the interests of all parties involved.
