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.
Tarrant Texas Subordination Provision is a legal clause commonly found in real estate transactions within the Tarrant County area of Texas. This provision outlines the arrangement and priorities of multiple liens or encumbrances associated with a property. Under this provision, when a property has multiple liens or encumbrances, the subordination agreement establishes the order in which these liens will be paid off in case of foreclosure or sale. The main purpose of the provision is to determine the priority of each party's claim on the property's proceeds. There are different types of Tarrant Texas Subordination Provisions that can be encountered: 1. First Lien Subordination Provision: In this type, the provision establishes that one lien holds priority over all other claims on the property. Typically, the first lien holder is the primary mortgage lender, and their claim is prioritized in any foreclosure or sale process. 2. Second Lien Subordination Provision: This provision involves subordinating a second lien holder, such as a home equity loan or a second mortgage, to the claims of the first lien holder. If the property is foreclosed or sold, the proceeds would first go towards satisfying the obligations of the first lien, and only the remaining amount would be used to repay the second lien. 3. Intercreditor Subordination Provision: This type of provision applies when there are multiple creditors involved, each holding different priorities. It establishes the relationship between the different creditors, ensuring that their claims are subordinate to the first lien holder but may have priority over subsequent lien holders. In summary, the Tarrant Texas Subordination Provision is a crucial component of real estate transactions in Tarrant County, Texas, that helps define the priority of multiple liens or encumbrances on a property. Proper understanding and implementation of these provisions provide clarity and security for all parties involved in a transaction.Tarrant Texas Subordination Provision is a legal clause commonly found in real estate transactions within the Tarrant County area of Texas. This provision outlines the arrangement and priorities of multiple liens or encumbrances associated with a property. Under this provision, when a property has multiple liens or encumbrances, the subordination agreement establishes the order in which these liens will be paid off in case of foreclosure or sale. The main purpose of the provision is to determine the priority of each party's claim on the property's proceeds. There are different types of Tarrant Texas Subordination Provisions that can be encountered: 1. First Lien Subordination Provision: In this type, the provision establishes that one lien holds priority over all other claims on the property. Typically, the first lien holder is the primary mortgage lender, and their claim is prioritized in any foreclosure or sale process. 2. Second Lien Subordination Provision: This provision involves subordinating a second lien holder, such as a home equity loan or a second mortgage, to the claims of the first lien holder. If the property is foreclosed or sold, the proceeds would first go towards satisfying the obligations of the first lien, and only the remaining amount would be used to repay the second lien. 3. Intercreditor Subordination Provision: This type of provision applies when there are multiple creditors involved, each holding different priorities. It establishes the relationship between the different creditors, ensuring that their claims are subordinate to the first lien holder but may have priority over subsequent lien holders. In summary, the Tarrant Texas Subordination Provision is a crucial component of real estate transactions in Tarrant County, Texas, that helps define the priority of multiple liens or encumbrances on a property. Proper understanding and implementation of these provisions provide clarity and security for all parties involved in a transaction.
