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.
Queens, New York Subordination of Mortgage and Attornment Agreement is a legal document used in real estate transactions where a property owner wishes to obtain a new mortgage or refinance an existing mortgage while ensuring that the new lender's interest takes priority over any other existing mortgages or liens on the property. This agreement is commonly used in Queens, New York, to protect the interests of lenders and tenants in leasehold estates. In Queens, New York, there are two main types of Subordination of Mortgage and Attornment Agreements that property owners and lenders may encounter: 1. Standard Subordination Agreement: This type of agreement is used when a property owner wants to obtain a new mortgage or refinance an existing one. Through this agreement, the existing mortgage lender agrees to subordinate their lien position to the new lender's lien. It means that in the event of foreclosure or the sale of the property, the new lender will have priority in recovering the debt from the property's proceeds. 2. Subordination and Attornment Agreement for Commercial Leases: This type of agreement is specific to commercial real estate leasehold estates in Queens, New York. It is used when a landlord wants to refinance the property's mortgage while also ensuring that the new lender's lien takes priority over the tenant's leasehold interest. The tenant (lessee) is asked to sign an attornment agreement as part of this process, which confirms their willingness to recognize and accept the new lender as their landlord in the event of foreclosure or transfer of ownership. Keywords: Queens New York, Subordination of Mortgage, Attornment Agreement, real estate transactions, property owner, mortgage lender, liens, refinance, leasehold estates, lien position, foreclosure, commercial leases, landlord, tenant, attornment, transfer of ownership.Queens, New York Subordination of Mortgage and Attornment Agreement is a legal document used in real estate transactions where a property owner wishes to obtain a new mortgage or refinance an existing mortgage while ensuring that the new lender's interest takes priority over any other existing mortgages or liens on the property. This agreement is commonly used in Queens, New York, to protect the interests of lenders and tenants in leasehold estates. In Queens, New York, there are two main types of Subordination of Mortgage and Attornment Agreements that property owners and lenders may encounter: 1. Standard Subordination Agreement: This type of agreement is used when a property owner wants to obtain a new mortgage or refinance an existing one. Through this agreement, the existing mortgage lender agrees to subordinate their lien position to the new lender's lien. It means that in the event of foreclosure or the sale of the property, the new lender will have priority in recovering the debt from the property's proceeds. 2. Subordination and Attornment Agreement for Commercial Leases: This type of agreement is specific to commercial real estate leasehold estates in Queens, New York. It is used when a landlord wants to refinance the property's mortgage while also ensuring that the new lender's lien takes priority over the tenant's leasehold interest. The tenant (lessee) is asked to sign an attornment agreement as part of this process, which confirms their willingness to recognize and accept the new lender as their landlord in the event of foreclosure or transfer of ownership. Keywords: Queens New York, Subordination of Mortgage, Attornment Agreement, real estate transactions, property owner, mortgage lender, liens, refinance, leasehold estates, lien position, foreclosure, commercial leases, landlord, tenant, attornment, transfer of ownership.
