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.
San Jose California Subordination of Mortgage and Attornment Agreement is a legal document that outlines the hierarchy of mortgages on a property and establishes the terms and conditions under which a lender agrees to subordinate its mortgage to a new or existing mortgage. This agreement is commonly used in real estate transactions, particularly when refinancing or obtaining a new loan. The purpose of a subordination agreement is to ensure that the priority of the mortgages is clear, which is crucial for lenders in case of default or foreclosure. By signing this agreement, the lender acknowledges that their mortgage will be considered subordinate to another mortgage, typically a first mortgage or a new loan in relation to the subject property. In San Jose, California, there are two primary types of Subordination of Mortgage and Attornment Agreement: 1. First Mortgage Subordination Agreement: This agreement occurs when the existing first mortgage lender agrees to subordinate their existing lien to a new or secondary mortgage. This is common when homeowners want to refinance their primary mortgage while keeping the existing second mortgage intact. 2. New Mortgage Subordination Agreement: This type of agreement takes place when a new lender issues a loan on a property that already has an existing mortgage. The new lender will require the existing mortgage lender to subordinate their lien to the new mortgage's priority. The San Jose California Subordination of Mortgage and Attornment Agreement includes various essential elements, such as: 1. Identification of the parties involved: This includes the lender, borrower, and other relevant parties. 2. Property details: A detailed description of the property involved, including its address, legal description, and any relevant property identification numbers. 3. Existing mortgage details: Clear identification of the existing mortgage being subordinated, including the lender's name, loan amount, interest rate, and any other pertinent terms. 4. Terms of subordination: This section outlines the specific terms and conditions under which the existing mortgage lender agrees to subordinate their lien. It includes details regarding the new loan or mortgage, such as the lender's name, loan amount, interest rate, and priority in relation to the existing mortgage. 5. Rights and obligations: This section clarifies the rights and obligations of all parties involved, including the borrower's responsibilities, lender's rights in case of foreclosure, and any related provisions. 6. Governing law: Specifies that the agreement is subject to the laws of the State of California and any dispute resolution procedures. 7. Signatures and notarization: At the end of the agreement, all involved parties must sign and date the document, and a notary public must acknowledge the signatures. It is important to note that the content described above serves as a general guide for understanding the San Jose California Subordination of Mortgage and Attornment Agreement. However, it is always recommended consulting with a qualified attorney or legal professional to ensure accuracy and adequacy of the document in relation to specific circumstances and jurisdictional requirements.San Jose California Subordination of Mortgage and Attornment Agreement is a legal document that outlines the hierarchy of mortgages on a property and establishes the terms and conditions under which a lender agrees to subordinate its mortgage to a new or existing mortgage. This agreement is commonly used in real estate transactions, particularly when refinancing or obtaining a new loan. The purpose of a subordination agreement is to ensure that the priority of the mortgages is clear, which is crucial for lenders in case of default or foreclosure. By signing this agreement, the lender acknowledges that their mortgage will be considered subordinate to another mortgage, typically a first mortgage or a new loan in relation to the subject property. In San Jose, California, there are two primary types of Subordination of Mortgage and Attornment Agreement: 1. First Mortgage Subordination Agreement: This agreement occurs when the existing first mortgage lender agrees to subordinate their existing lien to a new or secondary mortgage. This is common when homeowners want to refinance their primary mortgage while keeping the existing second mortgage intact. 2. New Mortgage Subordination Agreement: This type of agreement takes place when a new lender issues a loan on a property that already has an existing mortgage. The new lender will require the existing mortgage lender to subordinate their lien to the new mortgage's priority. The San Jose California Subordination of Mortgage and Attornment Agreement includes various essential elements, such as: 1. Identification of the parties involved: This includes the lender, borrower, and other relevant parties. 2. Property details: A detailed description of the property involved, including its address, legal description, and any relevant property identification numbers. 3. Existing mortgage details: Clear identification of the existing mortgage being subordinated, including the lender's name, loan amount, interest rate, and any other pertinent terms. 4. Terms of subordination: This section outlines the specific terms and conditions under which the existing mortgage lender agrees to subordinate their lien. It includes details regarding the new loan or mortgage, such as the lender's name, loan amount, interest rate, and priority in relation to the existing mortgage. 5. Rights and obligations: This section clarifies the rights and obligations of all parties involved, including the borrower's responsibilities, lender's rights in case of foreclosure, and any related provisions. 6. Governing law: Specifies that the agreement is subject to the laws of the State of California and any dispute resolution procedures. 7. Signatures and notarization: At the end of the agreement, all involved parties must sign and date the document, and a notary public must acknowledge the signatures. It is important to note that the content described above serves as a general guide for understanding the San Jose California Subordination of Mortgage and Attornment Agreement. However, it is always recommended consulting with a qualified attorney or legal professional to ensure accuracy and adequacy of the document in relation to specific circumstances and jurisdictional requirements.
