Template Subordination Agreement printable pdf download

Template Subordination Agreement

* SUBJECT TO REVISION BY CITY *

TEMPLATE SUBORDINATION AGREEMENT

This

instrument

made

_______________,

20___,

______________________________

(“Lienholder”), a ____________________,

having its principal place of business at

______________________________.

RECITALS

________________ (“Lienholder”) is the holder of a note secured by a

mortgage (the “Mortgage”) on the Mortgaged Property (as defined

below),

dated

_______________,

20__,

executed

___________________ and recorded on _______________, 20__ in book

_____, at page _____, as instrument _____, in the real estate records of

__________ County, pertaining to the real estate located at

______________________________ and further described as follows (the

“Mortgaged Property”):

_________________________, the owner (“Owner”) of the Mortgaged

Property has applied to the City of New York (“City”) for funding

(“Funding”) in the form of City capital funds to cover certain costs and

expenses incurred by Owner in connection with the development of the

Mortgaged Property.

It is a condition of the Funding that Owner execute, deliver and cause to

be recorded against the property records of the Mortgaged Property a

Declaration of Restrictive Covenant (“Declaration”) in substantially the

form attached hereto as Exhibit A in favor of the City, and that Lienholder

subordinate its Mortgage to the Declaration.

It is to the benefit of Lienholder that the City advance the Funding to

Owner.

For good and valuable consideration, the receipt and sufficiency of which is

hereby acknowledged, Lienholder agrees as follows:

Template Subordination of Mortgage Agreement

Template Subordination Agreement