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.
South Dakota Subordination Agreement of Deed of Trust
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Multi-State
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US-00185
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Word;
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How to fill out Subordination Agreement Of Deed Of Trust?
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The Subordinated Lender hereby agrees that all Subordinated Obligations (as defined below) and all of his right, title and interest in and to the Subordinated Obligations shall be subordinate and junior in right of payment to the Senior Lender Loan and all rights of Senior Lender in respect of the Senior Lender Loan, ...
A contractual subordination occurs where, by agreement between a debtor and a creditor, debts owed to the creditor are to rank below other debts of the debtor.
An example is a trust document that includes a subordinate clause. This requires it to state that once the primary lien becomes active, a secondary lien becomes automatically subordinate. For instance, if a trust pays education funding as a first priority, the first lien is tuition.
The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.
A "subordination agreement" is a contract to prioritize one debt over another for repayment. The agreement establishes that one party's claim is superior to another party's interest. Subordination agreements happen all the time in mortgage refinancing transactions.
Again, if you're refinancing your first mortgage and the property also has a subordinate mortgage, the refinancing lender will usually handle the process of getting the necessary subordination agreement. But you need to ensure that the required subordination agreement is completed before the new loan's closing date.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
Subordinate Deed of Trust means the deeds of trust granted by Borrower to secure the obligation of Borrower to repay the Subordinate Loan.