
Lease Subordination Agreement Massachusetts Form


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People also ask
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What is a lease subordination agreement?
What is Subordination? Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.
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What is required for a subordination agreement?
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
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What is a subordination agreement example?
When you have a home equity line of credit, for example, you actually have two loans – your mortgage and HELOC. Both are secured by the collateral in your home at the same time. Through subordination, lenders assign a “lien position” to these loans.
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Who prepares a subordination agreement?
Subordination agreements are prepared by your lender. The process occurs internally if you only have one lender. When your mortgage and home equity line or loan have different lenders, both financial institutions work together to draft the necessary paperwork.
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What is the purpose of a subordination clause?
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future. Subordination is the act of yielding priority.
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What is a subordinate clause in a lease?
One such agreement is the lease subordination clause, by which the tenant agrees the lease will be subordinate to any present or future mortgage the landlord may put on the property.
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What happens if a lease is not subordinate to a mortgage?
Without the subordination agreement, the lender's foreclosure would wipe out the lease because the deed of trust came before the lease (i.e., had priority over the lease). However, under a subordination agreement, a lender could agree to downgrade its deed of trust from its senior position into a junior one.
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What's the purpose of a typical subordination agreement?
A subordination agreement is a legal document that establishes one debt as ranking behind another in priority for collecting repayment from a debtor. The priority of debts can become extremely important when a debtor defaults on their payments or declares bankruptcy.
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