Subordination Agreement - Two Rivers Title
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2CONSULT YOUR LAWYER BEFORE SIGNING THIS FORM—THIS FORM SHOULD BE USED BY LAWYERS ONLY.
Subordination Agreement
Date __________
The parties agree as follows:
PARTIES
Holder of the Existing Mortgage (Holder)
_________________________________________________
Address
__________________________________________________
Mortgagee in the New Mortgage (Mortgagee)
__________________________________________________
Address
__________________________________________________
THE PROPERTY
1.
The Property is described as follows:
EXISTING MORTGAGE
2.
The Holder now owns and holds the following mortgage and the bond or note which it secures:
PayoffLender1InstType dated ____________, made by
__________________________
to ________________________
in the amount of $_____________, and recorded as LabelInstr# ______, in LabelBook
______, LabelPage __________,
in the offices of the ______________ of ____________________.
covering all or part of the Property.
NEW MORTGAGE
3.
The owner of the Property is about to sign and deliver to Mortgagee, a New Mortgage to secure the
amount of
_______________
($ _____________ ) and interest, covering the Property.
DESCRIPTION OF PROPERTY
The Property is more fully described in the New Mortgage.
SUBORDINATION
4.
The Mortgagee will not accept the New Mortgage unless the Existing Mortgage is subordinated to it.
In exchange for $1.00 and other good and valuable consideration and to induce Mortgagee to accept
the New Mortgage, the Holder agrees to subordinate the lien of the Existing Mortgage to the lien of
the New Mortgage.
The Existing Mortgage lien shall be subordinated in the amount secured by the New Mortgage,
interest and advances already paid and to be paid in the future under the New Mortgage. Examples of
the advances are brokerage commissions, fees for making the loan, mortgage recording tax,
documentary stamps, fee for examination of title and surveys. Advances may be paid without notice to
Holder. The maximum amount of the lien of the Existing Mortgage that is subordinated is the amount
secured by the New Mortgage and interest.
This Subordination Agreement shall apply to any extension, renewal or modification of the New
Mortgage.
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