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 Wake North Carolina Subordination Provision refers to a legal clause or provision that is commonly included in various agreements, contracts, or financial documents in the state of Wake, North Carolina. This provision outlines the priority or order of repayment or satisfaction of different debts, liens, or claims in case of default or bankruptcy. Keywords: Wake North Carolina, Subordination Provision, legal clause, agreements, contracts, financial documents, priority, order, repayment, satisfaction, debts, liens, claims, default, bankruptcy. Different types of Wake North Carolina Subordination Provisions: 1. Mortgage Subordination Provision: This provision is frequently found in mortgage agreements. It establishes the priority of repayment in case of foreclosure or the sale of the property. It typically states that the mortgage being subordinated will be paid off after the earlier mortgage(s) are satisfied. 2. Lien Subordination Provision: This type of subordination provision is often seen in construction contracts or liens. It outlines the order in which the various liens on a property will be paid if the property is sold or foreclosed upon. Liens that are subordinated will be settled after the higher-priority or senior liens have been satisfied. 3. Debt Subordination Provision: This provision is commonly found in loan agreements or financial contracts. It determines the hierarchy of repayment if the borrower fails to fulfill their obligations or goes bankrupt. Debts that are subordinated will be repaid after the higher-ranking or senior debts have been fulfilled. 4. Intercreditor Subordination Provision: This provision is typically present in agreements between multiple lenders or creditors who hold different claims on the same borrower or asset. It stipulates the order in which each creditor's claim will be satisfied in the event of default or bankruptcy. Overall, Wake North Carolina Subordination Provisions play a crucial role in clarifying the priority and order of repayment or satisfaction of various debts, liens, or claims in legal and financial agreements within the state.The Wake North Carolina Subordination Provision refers to a legal clause or provision that is commonly included in various agreements, contracts, or financial documents in the state of Wake, North Carolina. This provision outlines the priority or order of repayment or satisfaction of different debts, liens, or claims in case of default or bankruptcy. Keywords: Wake North Carolina, Subordination Provision, legal clause, agreements, contracts, financial documents, priority, order, repayment, satisfaction, debts, liens, claims, default, bankruptcy. Different types of Wake North Carolina Subordination Provisions: 1. Mortgage Subordination Provision: This provision is frequently found in mortgage agreements. It establishes the priority of repayment in case of foreclosure or the sale of the property. It typically states that the mortgage being subordinated will be paid off after the earlier mortgage(s) are satisfied. 2. Lien Subordination Provision: This type of subordination provision is often seen in construction contracts or liens. It outlines the order in which the various liens on a property will be paid if the property is sold or foreclosed upon. Liens that are subordinated will be settled after the higher-priority or senior liens have been satisfied. 3. Debt Subordination Provision: This provision is commonly found in loan agreements or financial contracts. It determines the hierarchy of repayment if the borrower fails to fulfill their obligations or goes bankrupt. Debts that are subordinated will be repaid after the higher-ranking or senior debts have been fulfilled. 4. Intercreditor Subordination Provision: This provision is typically present in agreements between multiple lenders or creditors who hold different claims on the same borrower or asset. It stipulates the order in which each creditor's claim will be satisfied in the event of default or bankruptcy. Overall, Wake North Carolina Subordination Provisions play a crucial role in clarifying the priority and order of repayment or satisfaction of various debts, liens, or claims in legal and financial agreements within the state.
