A District of Columbia Subordination Agreement (Deed of Trust to Storage Agreement) is a legally binding document that establishes the priority of liens or claims on a property located within the District of Columbia. It is commonly used in real estate transactions involving multiple lenders or creditors. Keywords: District of Columbia, subordination agreement, deed of trust, storage agreement, lien priority, real estate transactions, lenders, creditors. There are several types of District of Columbia Subordination Agreements, including: 1. First Lien Subordination Agreement: This type of agreement is used when a borrower wants to obtain additional financing but already has a first lien in place on the property. The first lien holder agrees to subordinate their lien to the new lender, allowing the new lender to have a higher priority. 2. Second Lien Subordination Agreement: In a situation where there is already a first lien on the property and the borrower wants to secure a second loan or line of credit, a second lien subordination agreement comes into play. The second lender agrees to take a lower priority than the first lien holder. 3. Subordination Agreement to Storage Agreement: This type of subordination agreement is specific to situations where a storage agreement is involved. It outlines the priority of liens or claims in cases where a storage facility has a lien on stored items, and another lender has a lien on the real estate where the storage facility is located. The District of Columbia Subordination Agreement is a crucial document in real estate transactions as it clarifies the order in which lenders or creditors can collect their claims should the borrower default on their obligations. It protects the interests of lenders and helps establish a transparent and organized framework for lien enforcement. Note: It is important to consult with a legal professional or attorney experienced in District of Columbia laws to ensure the accuracy and validity of any specific subordination agreement.
District of Columbia Subordination Agreement (Deed of Trust to Storage Agreement)
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