The Real Estate Subordination Agreement is a crucial document in Hong Kong's real estate financing landscape, particularly when multiple lenders have security interests in the same property. It becomes necessary when a new lender requires priority over existing security interests, or when existing lenders agree to reorganize their priority rankings. The agreement must comply with Hong Kong's property and security laws, including the Conveyancing and Property Ordinance and Land Registration Ordinance. It typically contains detailed information about the property, existing security interests, the agreed subordination arrangement, and provisions for registration and stamp duty. This document is commonly used in property development projects, refinancing arrangements, and complex real estate transactions where multiple funding sources are involved.
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1. Parties: Identifies all parties to the agreement including the senior creditor, subordinate creditor, and property owner
2. Background: Recitals explaining the existing security interests, their current priority status, and the purpose of the subordination
3. Definitions: Defines key terms including Property, Senior Security, Subordinate Security, and Priority Amount
4. Subordination: Core provisions establishing the new priority arrangement between the security interests
5. Representations and Warranties: Statements by each party confirming their authority, ownership of their interests, and validity of security
6. Covenants: Ongoing obligations of the parties regarding maintaining the subordination arrangement
7. Registration and Stamp Duty: Provisions regarding registration of the agreement and payment of applicable stamp duty
8. Notices: Requirements for giving notice under the agreement
9. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, and entire agreement
10. Execution: Signature blocks and execution formalities
1. Further Assurance: Additional provisions requiring parties to take any further actions necessary to give effect to the subordination - include when complex property interests are involved
2. Duration: Specific provisions about how long the subordination remains in effect - include when subordination is intended to be temporary or conditional
3. Default and Remedies: Specific provisions about what happens in case of breach - include when parties want specific remedies spelled out
4. Assignment: Provisions regarding the ability to assign rights under the agreement - include when assignment rights are important to any party
5. Third Party Rights: Provisions regarding whether third parties have rights under the agreement - include when relevant under the Contracts (Rights of Third Parties) Ordinance
1. Property Description: Detailed legal description of the property including lot number and address
2. Senior Security Details: Details of the senior security including registration particulars and secured amount
3. Subordinate Security Details: Details of the subordinate security including registration particulars and secured amount
4. Form of Notice: Prescribed form for notices under the agreement if specific requirements are needed
5. Required Registrations: List of required registrations and filings to effect the subordination
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Real Estate
Commercial Property
Property Development
Construction
Mortgage Lending
Investment Management
Legal Services
Relevant Teams
Legal
Real Estate
Commercial Banking
Property Finance
Risk Management
Compliance
Investment Management
Security Administration
Corporate Banking
Property Management
Relevant Roles
Real Estate Lawyer
Property Finance Manager
Mortgage Officer
Real Estate Investment Manager
Legal Counsel
Property Development Manager
Security Trustee
Commercial Banking Manager
Risk Manager
Compliance Officer
Real Estate Portfolio Manager
Property Rights Administrator
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