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.
Suffolk New York Subordination of Mortgage and Attornment Agreement is a legal document that outlines the relationship between multiple creditors and property owners in the context of real estate transactions. This agreement serves as a means to establish the priority of various liens or mortgages on a property and ensure that all parties involved understand their rights and responsibilities. In Suffolk County, New York, there are two main types of Subordination of Mortgage and Attornment Agreements that are commonly used: 1. Subordination Agreement: A subordination agreement allows a lender holding a secondary mortgage or lien on a property to agree to take a lower priority position (than that of the primary mortgage) in case of foreclosure or sale of the property. This agreement ensures that the primary mortgage lender has the first claim on the property's proceeds, protecting their interests. 2. Attornment Agreement: An attornment agreement typically arises in the context of commercial leases. It is an agreement between the property owner (landlord) and the tenant, which states that if the property is sold or foreclosed upon, the tenant will recognize and accept the new owner or the lender as their new landlord. This agreement provides assurance to the new owner or lender that the tenant will continue to pay rent and abide by lease terms. Both types of agreements play crucial roles in real estate transactions, ensuring the orderly handling of claims and maintaining the rights of all parties involved. In summary, a Suffolk New York Subordination of Mortgage and Attornment Agreement is a legal instrument defining the priority of liens or mortgages on a property, with subordination agreements establishing the order of payment priority between different mortgage holders, and attornment agreements addressing the relationship between tenants and new property owners or lenders.Suffolk New York Subordination of Mortgage and Attornment Agreement is a legal document that outlines the relationship between multiple creditors and property owners in the context of real estate transactions. This agreement serves as a means to establish the priority of various liens or mortgages on a property and ensure that all parties involved understand their rights and responsibilities. In Suffolk County, New York, there are two main types of Subordination of Mortgage and Attornment Agreements that are commonly used: 1. Subordination Agreement: A subordination agreement allows a lender holding a secondary mortgage or lien on a property to agree to take a lower priority position (than that of the primary mortgage) in case of foreclosure or sale of the property. This agreement ensures that the primary mortgage lender has the first claim on the property's proceeds, protecting their interests. 2. Attornment Agreement: An attornment agreement typically arises in the context of commercial leases. It is an agreement between the property owner (landlord) and the tenant, which states that if the property is sold or foreclosed upon, the tenant will recognize and accept the new owner or the lender as their new landlord. This agreement provides assurance to the new owner or lender that the tenant will continue to pay rent and abide by lease terms. Both types of agreements play crucial roles in real estate transactions, ensuring the orderly handling of claims and maintaining the rights of all parties involved. In summary, a Suffolk New York Subordination of Mortgage and Attornment Agreement is a legal instrument defining the priority of liens or mortgages on a property, with subordination agreements establishing the order of payment priority between different mortgage holders, and attornment agreements addressing the relationship between tenants and new property owners or lenders.
