Saturday, January 1, 2011
Subordination agreements & fly-overs
Rental of commercial real estate sign agreement called recognition ands, fly-overs asks a submission. The agreement protects your interests and the interests of proprietors mortgage holders. Definitions "Submission" means that your lease takes second mortgage, if the owner of the vessel fails to pay his mortgage. "Not trouble" means that, as long as you lease terms and conditions that follow, the Bank can sell you without proper notice. "Recognition" means that you recognize the mortgage lender that your owner if the building on the ands default owner protects mortgage.FunctionAn and the owner of your SI default owner on his mortgage bank. It sets the Bank as your new owner if this happens, but it prevents the Bank that you distribute without notice.ConsiderationsSigning the ands protects instant removal, if your building become time-barred in is, but it give the bank note takes to evacuate in accordance with the provisions in your lease.
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