North Dakota Subordination Agreement (Deed of Trust to Storage Agreement)
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How to fill out Subordination Agreement (Deed Of Trust To Storage Agreement)?
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FAQ
Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.
Understanding Subordination Clauses When you get a mortgage loan, the lender will likely include a subordination clause essentially stating that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender if a homeowner defaults.
Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future.
Definition and Example of a Subordination Clause For instance, say you buy a home with a mortgage. Later, you add a home equity line of credit (HELOC). Due to a subordination clause likely located in your original mortgage contract, your first mortgage ranks as the first priority or lien.
Subordinate clauses are also common in situations when there are two mortgages on a property but the property owner needs to refinance their primary mortgage. The refinancing lender will require that a subordination clause be signed by the second mortgage lender to ensure that they are paid first if there is a default.
A subordinate clause is a clause that cannot stand alone as a complete sentence; it merely complements a sentence's main clause, thereby adding to the whole unit of meaning. Because a subordinate clause is dependent upon a main clause to be meaningful, it is also referred to as a dependent clause.
