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.
Harris Texas Subordination of Mortgage and Attornment Agreement is a legal document that outlines the terms and conditions regarding the priority of mortgage liens on a property located in Harris County, Texas. This agreement is typically used in real estate transactions when there are multiple mortgages or liens on a property and one lender agrees to subordinate their lien to another lender's lien. The purpose of a subordination agreement is to establish the priority of the mortgage liens, determining which lender has the first claim on the property in case of default or foreclosure. By entering into this agreement, the subordinating lender acknowledges that their lien will take a lower priority position compared to the other lender's lien. A key aspect of a Harris Texas Subordination of Mortgage and Attornment Agreement is the provision of attornment. Attornment refers to the tenant's obligation to recognize and acknowledge a new lender who has acquired a superior lien position through the subordination agreement. In situations where there is a tenant occupying the property, the agreement ensures that they will recognize the new lender and continue to make rental payments to them in the event of a default or foreclosure. In Harris County, Texas, there may be different types or variations of the Subordination of Mortgage and Attornment Agreement, depending on the specific financial arrangements and circumstances of the property. Some common types include: 1. Commercial Subordination of Mortgage and Attornment Agreement: This type of agreement is used in commercial real estate transactions where the property is utilized for business purposes, such as office buildings, retail spaces, or industrial properties. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement is specifically tailored for residential properties, such as single-family homes, condominiums, or multi-unit apartment buildings. 3. Construction Subordination of Mortgage and Attornment Agreement: When construction financing is involved, this type of agreement is used to address the priority of liens and the obligations of contractors, lenders, and tenants during the construction process. Regardless of the specific type, a Harris Texas Subordination of Mortgage and Attornment Agreement serves to protect the rights and interests of lenders, tenants, and parties involved in real estate transactions. It ensures clarity and establishes a hierarchy of mortgage liens, providing a framework for potential legal disputes and risks associated with multiple mortgages on a property.Harris Texas Subordination of Mortgage and Attornment Agreement is a legal document that outlines the terms and conditions regarding the priority of mortgage liens on a property located in Harris County, Texas. This agreement is typically used in real estate transactions when there are multiple mortgages or liens on a property and one lender agrees to subordinate their lien to another lender's lien. The purpose of a subordination agreement is to establish the priority of the mortgage liens, determining which lender has the first claim on the property in case of default or foreclosure. By entering into this agreement, the subordinating lender acknowledges that their lien will take a lower priority position compared to the other lender's lien. A key aspect of a Harris Texas Subordination of Mortgage and Attornment Agreement is the provision of attornment. Attornment refers to the tenant's obligation to recognize and acknowledge a new lender who has acquired a superior lien position through the subordination agreement. In situations where there is a tenant occupying the property, the agreement ensures that they will recognize the new lender and continue to make rental payments to them in the event of a default or foreclosure. In Harris County, Texas, there may be different types or variations of the Subordination of Mortgage and Attornment Agreement, depending on the specific financial arrangements and circumstances of the property. Some common types include: 1. Commercial Subordination of Mortgage and Attornment Agreement: This type of agreement is used in commercial real estate transactions where the property is utilized for business purposes, such as office buildings, retail spaces, or industrial properties. 2. Residential Subordination of Mortgage and Attornment Agreement: This agreement is specifically tailored for residential properties, such as single-family homes, condominiums, or multi-unit apartment buildings. 3. Construction Subordination of Mortgage and Attornment Agreement: When construction financing is involved, this type of agreement is used to address the priority of liens and the obligations of contractors, lenders, and tenants during the construction process. Regardless of the specific type, a Harris Texas Subordination of Mortgage and Attornment Agreement serves to protect the rights and interests of lenders, tenants, and parties involved in real estate transactions. It ensures clarity and establishes a hierarchy of mortgage liens, providing a framework for potential legal disputes and risks associated with multiple mortgages on a property.
