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 • September 25th, 2012 • 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 January 1, 2000, (as amended, the “Lease”) with Millennium BPC Development, LLC. The Lease requires that all financing purchasers or refinancing owners (collectively, the “Borrower”), the Board of Millennium Point Condominium (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.
