Common Contracts
1 similar Subordination and Recognition Agreement contracts
FAILURE TO COMPLY MAY RESULT IN CLOSING DELAYS OR RENDER A LIEN INVALID*Subordination and Recognition Agreement • November 3rd, 2014 • New York
Battery Park City Authority d/b/a Hugh L. Carey Battery Park City Authority (“BPCA”) entered into a lease agreement, dated as of March 31, 2005, (as amended, the “Lease”) with Site 16/17 Development, LLC. The Lease requires that all financing purchasers or refinancing owners (collectively, the “Borrower”), the Board of Riverhouse One Rockefeller Park (the “Board”), BPCA, and ALL banks/lenders (“Mortgagee”) execute a unit mortgage subordination and recognition agreement (the “Subordination Agreement”) (see form attached) which provides that the interest of a Mortgagee with respect to a unit mortgage are subject and subordinate to BPCA’s interest in monies owed with respect to such unit.
