This office lease form is an agreement entered into in connection with a certain loan which the lender has made to the landlord and secured, in part, by a mortgage, assignment of the leases and rents and security agreement on the premises. This form describes the issues of mortgage subordination and a tenants agreement to hold the land as the tenant of a new landlord.
Collin Texas Subordination of Mortgage and Attornment Agreement is a legal document that outlines the terms and conditions regarding the priority of different mortgages on a property and the tenant's recognition of a new landlord in the event of a property transfer or foreclosure. This agreement provides clarity on the rights and obligations of parties involved in a real estate transaction, specifically concerning mortgages and tenancy. In Collin County, Texas, there are primarily two types of Subordination of Mortgage and Attornment Agreements commonly used: 1. Commercial Subordination of Mortgage and Attornment Agreement: This agreement is used in commercial real estate transactions where the property is utilized for business purposes. It establishes the priority of different mortgage lenders and ensures that the tenant recognizes the new landlord, thereby protecting both the lender's interests and the tenant's occupancy rights. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement applies to residential properties in Collin County, Texas. It addresses the subordination of mortgages on residential properties and the tenant's attornment, which is their consent to recognize a new landlord should the property change hands or if foreclosure occurs. These agreements are crucial in scenarios where a property owner wishes to secure additional financing while having an existing mortgage in place. By signing a subordination agreement, the existing mortgage lender consents to a new lender gaining priority in relation to the property title. The tenant's attornment provision ensures that they recognize any changes in ownership or mortgage holders while preserving their rights as a tenant. Keywords: Collin Texas, Subordination of Mortgage and Attornment Agreement, Collin County, commercial real estate, residential properties, lender, tenant, landlord, foreclosure, property transfer, priority, financing, occupancy rights.Collin Texas Subordination of Mortgage and Attornment Agreement is a legal document that outlines the terms and conditions regarding the priority of different mortgages on a property and the tenant's recognition of a new landlord in the event of a property transfer or foreclosure. This agreement provides clarity on the rights and obligations of parties involved in a real estate transaction, specifically concerning mortgages and tenancy. In Collin County, Texas, there are primarily two types of Subordination of Mortgage and Attornment Agreements commonly used: 1. Commercial Subordination of Mortgage and Attornment Agreement: This agreement is used in commercial real estate transactions where the property is utilized for business purposes. It establishes the priority of different mortgage lenders and ensures that the tenant recognizes the new landlord, thereby protecting both the lender's interests and the tenant's occupancy rights. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement applies to residential properties in Collin County, Texas. It addresses the subordination of mortgages on residential properties and the tenant's attornment, which is their consent to recognize a new landlord should the property change hands or if foreclosure occurs. These agreements are crucial in scenarios where a property owner wishes to secure additional financing while having an existing mortgage in place. By signing a subordination agreement, the existing mortgage lender consents to a new lender gaining priority in relation to the property title. The tenant's attornment provision ensures that they recognize any changes in ownership or mortgage holders while preserving their rights as a tenant. Keywords: Collin Texas, Subordination of Mortgage and Attornment Agreement, Collin County, commercial real estate, residential properties, lender, tenant, landlord, foreclosure, property transfer, priority, financing, occupancy rights.
