Wouldn't it be easier to use a chemistry package like mhchem (together with the already proposed amsmath) instead of tensor? mhchem's \cee macro is defined especially for use in alignment environments like {align}.
For text between aligned equations one can use amsmath's \intertext{}.
\documentclass{book}
\usepackage[version=3]{mhchem}
\usepackage{amsmath}
\begin{document}
\begin{align*}
\cee{
^{14}_7N + n &-> ^{11}_5B + ^4_2H \\
}
\intertext{Some text in between that is not aligned or anything.}
\cee{
^{14}_7N + n &-> ^{12}_6C + ^3_1H \\
^{16}_8O + n &-> ^{10}_4Be + ^7_4Be
}
\end{align*}
\end{document}

Edit: In order to get the first equation numbered but not the second and third you have basically two options:
- Use
{align} (without the star!) and suppress the numbers of the second and third equation via \notag or \nonumber.
- Use
{align*} and add the number for the first manually by saying \tag{\refstepcounter{equation}\theequation}
Personally I prefer the first variant. BTW: if you haven't read it yet you might want to have a look at “Math Mode” by Herbert Voß.
\documentclass{book}
\usepackage[version=3]{mhchem}
\usepackage{amsmath}
\begin{document}
\begin{align}
\cee{
^{14}_7N + n &-> ^{11}_5B + ^4_2H \\
}
\intertext{Some text in between that is not aligned or anything.}
\cee{
^{14}_7N + n &-> ^{12}_6C + ^3_1H \nonumber \\
^{16}_8O + n &-> ^{10}_4Be + ^7_4Be \notag
}
\end{align}
\begin{align*}
\cee{
^{14}_7N + n &-> ^{11}_5B + ^4_2H \tag{\refstepcounter{equation}\theequation}\\
}
\intertext{Some text in between that is not aligned or anything.}
\cee{
^{14}_7N + n &-> ^{12}_6C + ^3_1H \\
^{16}_8O + n &-> ^{10}_4Be + ^7_4Be
}
\end{align*}
\end{document}

align? – Qrrbrbirlbel Jan 3 at 15:31<Some text>? For short text, use\intertext{<some text>}(or\shortintertextfrommathtools) inside (!) one (!)alignenvironment (or its kind). For long text (which indicates your paragraphs = empty lines in source) I’d advise against it. Though you could do it by some trickery with\hphantomand\mathllap(mathtoolsrequired). [cont …] – Qrrbrbirlbel Jan 3 at 22:15fleqnoption (seeamsmathmanual, p. 3). – Qrrbrbirlbel Jan 3 at 22:17