A Montana Subordination Agreement — Lien is a legal document that establishes the priority of different liens on a property. It is typically used in real estate transactions where there are multiple loans or creditors involved. This agreement allows one creditor to acknowledge and agree that their lien will be subordinate to another creditor's lien, meaning that the other creditor's lien will have priority over theirs. In Montana, there are generally two types of Subordination Agreement — Lien: 1. Mortgage Subordination Agreement: This type of Subordination Agreement is commonly used when there is an existing mortgage on a property, and the property owner wishes to obtain another mortgage or refinancing. The mortgage holder would agree to subordinate their lien position to the new mortgage lender so that the new lender will have a first lien priority on the property. 2. Construction Subordination Agreement: This type of Subordination Agreement is prevalent in construction projects where multiple lenders are involved. It allows a lender providing funds for the construction project to subordinate their lien position to another lender providing long-term financing. By doing so, the construction lender agrees that their lien will be junior to the long-term financing lender's lien. Keywords: Montana, Subordination Agreement, Lien, mortgage, refinancing, construction project, creditor, priority, lien position, mortgage holder, two types.
Montana Subordination Agreement - Lien
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How to fill out Montana Subordination Agreement - Lien?
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