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.
A Kings New York Subordination of Mortgage and Attornment Agreement is a legal document that outlines the agreement between three parties: the borrower (mortgagor), the lender (mortgagee), and a third party (the subordinator). This agreement is commonly used in real estate transactions where the property owner wants to obtain additional financing while an existing mortgage is still in place. The purpose of the Kings New York Subordination of Mortgage and Attornment Agreement is to establish the priority of liens on the property in case of default or foreclosure. By signing this agreement, the subordinator agrees to subordinate their lien to the new mortgage, meaning that their claim on the property will be secondary to the new lender's claim. There are various types of Kings New York Subordination of Mortgage and Attornment Agreements that may be used based on specific circumstances: 1. Commercial Subordination Agreement: This type of agreement is commonly used in commercial real estate transactions. It allows a property owner to secure additional financing for business purposes while keeping the existing mortgage in place. The lender granting the new mortgage will require the existing mortgage to be subordinated to theirs, ensuring their loan has priority. 2. Residential Subordination Agreement: Similar to the commercial version, this type of agreement is used in residential real estate transactions. It allows homeowners to obtain a home equity loan or second mortgage without having to pay off the existing mortgage. The new lender will require subordination to ensure their lien takes priority in case of default. 3. Subordination of Mortgage to Construction Loan Agreement: This agreement is typically used when financing construction or property improvements. It allows a lender to provide funds for construction while an existing mortgage remains in place. The existing mortgage is subordinated to the construction loan, ensuring the new lender has priority during the construction period. It's important to note that the specific terms and conditions of Kings New York Subordination of Mortgage and Attornment Agreements may vary based on the parties involved, the type of property, and the purpose of the loan.A Kings New York Subordination of Mortgage and Attornment Agreement is a legal document that outlines the agreement between three parties: the borrower (mortgagor), the lender (mortgagee), and a third party (the subordinator). This agreement is commonly used in real estate transactions where the property owner wants to obtain additional financing while an existing mortgage is still in place. The purpose of the Kings New York Subordination of Mortgage and Attornment Agreement is to establish the priority of liens on the property in case of default or foreclosure. By signing this agreement, the subordinator agrees to subordinate their lien to the new mortgage, meaning that their claim on the property will be secondary to the new lender's claim. There are various types of Kings New York Subordination of Mortgage and Attornment Agreements that may be used based on specific circumstances: 1. Commercial Subordination Agreement: This type of agreement is commonly used in commercial real estate transactions. It allows a property owner to secure additional financing for business purposes while keeping the existing mortgage in place. The lender granting the new mortgage will require the existing mortgage to be subordinated to theirs, ensuring their loan has priority. 2. Residential Subordination Agreement: Similar to the commercial version, this type of agreement is used in residential real estate transactions. It allows homeowners to obtain a home equity loan or second mortgage without having to pay off the existing mortgage. The new lender will require subordination to ensure their lien takes priority in case of default. 3. Subordination of Mortgage to Construction Loan Agreement: This agreement is typically used when financing construction or property improvements. It allows a lender to provide funds for construction while an existing mortgage remains in place. The existing mortgage is subordinated to the construction loan, ensuring the new lender has priority during the construction period. It's important to note that the specific terms and conditions of Kings New York Subordination of Mortgage and Attornment Agreements may vary based on the parties involved, the type of property, and the purpose of the loan.
