Mortgage Subordination Agreement - Compatible Lands Foundation printable pdf download

SUBORDINATION AGREEMENT AND LIMITED LIEN WAIVER

This Subordination Agreement and Limited Lien Waiver, effective _____________________ is

signed by _________________________________ "Subordinating Party" who hereby grants, to

the extent specified in Part II of this document, the following subordination and limited lien

waiver to the Compatible Lands Foundation, Inc. The property described below is encumbered

with a conservation easement.

This easement is located in the County of Christian and the State of __________ and is identified

as follows:

Easement Area. The property encumbered by the easement is described as follows: (Provide a

legal description of the land comprising the easement area or recordable plot).

SEE ATTACHED EXHIBIT A (LEGAL DESCRIPTION)

PART I - GENERAL TERMS

A. Purposes. This Subordination Agreement and Limited Lien Waiver is required by the

Compatible Lands Foundation, Inc. in connection with its acquisition of an easement over the

property described above to ensure that the easement area is maintained to promote agricultural

functions and values.

B. Duration of Easement and this Subordination Agreement and Limited Lien Waiver. The

easement and subordination and limited lien waiver shall continue for the duration of the

conservation easement.

PART II - SUBORDINATION AGREEMENT AND LIMITED LIEN WAIVER

The Subordinating Party: (1) subordinates its interest in the property described herein to the

easement of the Compatible Lands Foundation, Inc. for the same property which is conveyed to

the Compatible Lands Foundation, Inc. in the easement; (2) acknowledges that the property

which contains the easement area is burdened by the right of access granted to the Compatible

Lands Foundation, Inc. in the easement and agrees that this right of access shall be superior to

any rights of the Subordinating Party; (3) subordinates its interest in the property to the purposes

of the easement and any easement practices adopted pursuant to such purposes; and (4) agrees

that the Compatible Lands Foundation, Inc. may make payments in connection with the

conservation easement without regard to any lien or claim that the Subordinating Party may have

with respect to any person with an interest in the easement area, unless an assignment of such

payment has been made to the Subordinating Party on a form approved by the Compatible Lands

Foundation, Inc.

Mortgage Subordination Agreement - Compatible Lands Foundation