Wake North Carolina Subordination Agreement (Deed of Trust to Storage Agreement)

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: Wake
• Control #: US-OG-1142
• Format: Word; Rich Text

Description

This form is a subordination agreement for deed of trust to storage agreement. A Wake North Carolina Subordination Agreement (Deed of Trust to Storage Agreement) is a legal document used in real estate transactions to establish the priority of creditors' claims on a property. It is particularly relevant when there is a need to prioritize the rights of lenders, borrowers, and storage facility owners. This agreement is commonly utilized in Wake County, North Carolina, to ensure clear and enforceable terms in complicated property transactions. The Wake North Carolina Subordination Agreement serves to establish the order in which various liens and claims against a property will be paid off in the event of default or foreclosure. More specifically, it determines the priority of a storage agreement in relation to an existing deed of trust. By entering into this agreement, the storage facility owner agrees to subordinate their claim to the lender's deed of trust, thereby allowing the lender to enforce its lien on the property in case of default. It is important to note that while the primary purpose of this agreement is to establish subordination between a deed of trust and a storage agreement, there may be variations or different types depending on the specific circumstances of a transaction. For instance, there could be a Wake North Carolina Subordination Agreement (Deed of Trust to Storage Agreement with Multiple Lenders), which allows for multiple lenders to establish their priority over a storage agreement. Another possible variation is a Wake North Carolina Subordination Agreement (Storage Agreement to Deed of Trust), where the storage facility owner seeks subordination to a new deed of trust being established on the property. In summary, a Wake North Carolina Subordination Agreement (Deed of Trust to Storage Agreement) is a crucial legal document designed to define the priority of creditors' claims in real estate transactions. It ensures that the claims of lenders are prioritized over those of storage facility owners in the event of default or foreclosure. While there may be variations based on the specific transaction, the overall objective remains the same — to establish clear and enforceable terms for all parties involved.

A Wake North Carolina Subordination Agreement (Deed of Trust to Storage Agreement) is a legal document used in real estate transactions to establish the priority of creditors' claims on a property. It is particularly relevant when there is a need to prioritize the rights of lenders, borrowers, and storage facility owners. This agreement is commonly utilized in Wake County, North Carolina, to ensure clear and enforceable terms in complicated property transactions. The Wake North Carolina Subordination Agreement serves to establish the order in which various liens and claims against a property will be paid off in the event of default or foreclosure. More specifically, it determines the priority of a storage agreement in relation to an existing deed of trust. By entering into this agreement, the storage facility owner agrees to subordinate their claim to the lender's deed of trust, thereby allowing the lender to enforce its lien on the property in case of default. It is important to note that while the primary purpose of this agreement is to establish subordination between a deed of trust and a storage agreement, there may be variations or different types depending on the specific circumstances of a transaction. For instance, there could be a Wake North Carolina Subordination Agreement (Deed of Trust to Storage Agreement with Multiple Lenders), which allows for multiple lenders to establish their priority over a storage agreement. Another possible variation is a Wake North Carolina Subordination Agreement (Storage Agreement to Deed of Trust), where the storage facility owner seeks subordination to a new deed of trust being established on the property. In summary, a Wake North Carolina Subordination Agreement (Deed of Trust to Storage Agreement) is a crucial legal document designed to define the priority of creditors' claims in real estate transactions. It ensures that the claims of lenders are prioritized over those of storage facility owners in the event of default or foreclosure. While there may be variations based on the specific transaction, the overall objective remains the same — to establish clear and enforceable terms for all parties involved.