A California Subordination Agreement, also known as a Deed of Trust to Storage Agreement, is a legal document that establishes the order of priority between different debt obligations on a property subject to a Deed of Trust and a Storage Agreement in California. This type of agreement is commonly used in situations where a property owner has borrowed money using a Deed of Trust and also wants to lease or rent storage space on the same property. The purpose of a California Subordination Agreement is to determine the rights and priorities of the different parties involved, typically the lender and the storage facility owner. It ensures that the lender's interest in the property is protected and allows the storage facility owner to establish their own rights and remedies in case of a default or non-payment. There are two main types of California Subordination Agreement (Deed of Trust to Storage Agreement): 1. General Subordination Agreement: This type of agreement subordinates the storage facility owner's lien or claim on the property to the lender's lien established through the Deed of Trust. It states that the storage facility owner's claim will be secondary to the lender's claim in case of default or foreclosure. This agreement is typically used when the lender requires a higher priority on the property. 2. Specific Subordination Agreement: This type of agreement allows for specific terms and conditions to be negotiated between the lender and the storage facility owner. It can outline alternative or additional methods of payment, establish specific remedies in case of non-payment, or specify certain events that may trigger a release of the storage facility owner's lien or claim on the property. This agreement allows for a more customized and detailed approach to subordination. Keywords: California Subordination Agreement, Deed of Trust, Storage Agreement, property, priority, debt obligations, legal document, rights, lender, storage facility owner, lease, rent, borrower, lien, claim, foreclosure, default, non-payment, general subordination agreement, specific subordination agreement, negotiated, terms and conditions, payment methods, remedies, events, customized, detailed approach.
California Subordination Agreement (Deed of Trust to Storage Agreement)
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