This agreement allows one lien holder to subordinate its deed of trust to the lien of another lien holder. For valuable consideration, a particular deed of trust will at all times be prior and superior to the subordinate lien.
A Subordination Agreement of Deed of Trust in Arizona is a legal document that outlines the priority of multiple mortgages or liens on a property. This agreement is commonly used when a property owner wants to refinance or obtain a new loan while already having an existing deed of trust recorded against their property. The purpose of an Arizona Subordination Agreement of Deed of Trust is to establish the order in which different mortgages or liens will be paid off in case of foreclosure or sale of the property. By subordinating one mortgage or lien to another, the lender agrees to take a lower priority position in the repayment hierarchy. There are different types of Arizona Subordination Agreements of Deed of Trust, including: 1. First Lien Subordination Agreement: This type of agreement is used when the existing deed of trust stays in its first position, while a new lien is created and subordinated to it. The first lien holder maintains priority in the event of foreclosure or sale. 2. Second Lien Subordination Agreement: In this case, the first deed of trust remains unchanged, and a new lien is created and subordinated to the existing first lien. The second lien holder accepts a subordinate position in the repayment order. 3. Intercreditor Subordination Agreement: This agreement is applicable when there are multiple lenders involved, each holding a different position in the priority hierarchy. It establishes the relationship and priority between the various lenders. 4. Subordination of Mechanic's Lien: This type of agreement is specific to Arizona construction projects. It allows a mechanic's lien to be subordinated to an existing deed of trust, enabling the property owner to refinance or obtain additional financing. Keywords: Arizona, Subordination Agreement, Deed of Trust, mortgages, liens, property, refinance, loan, priority, foreclosure, sale, first lien, second lien, intercreditor, mechanic's lien, construction projects.A Subordination Agreement of Deed of Trust in Arizona is a legal document that outlines the priority of multiple mortgages or liens on a property. This agreement is commonly used when a property owner wants to refinance or obtain a new loan while already having an existing deed of trust recorded against their property. The purpose of an Arizona Subordination Agreement of Deed of Trust is to establish the order in which different mortgages or liens will be paid off in case of foreclosure or sale of the property. By subordinating one mortgage or lien to another, the lender agrees to take a lower priority position in the repayment hierarchy. There are different types of Arizona Subordination Agreements of Deed of Trust, including: 1. First Lien Subordination Agreement: This type of agreement is used when the existing deed of trust stays in its first position, while a new lien is created and subordinated to it. The first lien holder maintains priority in the event of foreclosure or sale. 2. Second Lien Subordination Agreement: In this case, the first deed of trust remains unchanged, and a new lien is created and subordinated to the existing first lien. The second lien holder accepts a subordinate position in the repayment order. 3. Intercreditor Subordination Agreement: This agreement is applicable when there are multiple lenders involved, each holding a different position in the priority hierarchy. It establishes the relationship and priority between the various lenders. 4. Subordination of Mechanic's Lien: This type of agreement is specific to Arizona construction projects. It allows a mechanic's lien to be subordinated to an existing deed of trust, enabling the property owner to refinance or obtain additional financing. Keywords: Arizona, Subordination Agreement, Deed of Trust, mortgages, liens, property, refinance, loan, priority, foreclosure, sale, first lien, second lien, intercreditor, mechanic's lien, construction projects.
