Wake North Carolina Subordination Agreement (Deed of Trust)

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: Wake
• Control #: US-OG-1143
• Format: Word; Rich Text

Description

This form is a deed of trust subordination agreement. A Wake North Carolina Subordination Agreement (Deed of Trust) is a legally binding document that creates a priority order among multiple lenders or parties who have secured interests in a property. It is commonly used in real estate transactions, ensuring that the rights and priorities of lenders are defined in case of default or foreclosure. In Wake County, North Carolina, there are various types of Subordination Agreements (Deed of Trust) that serve specific purposes: 1. First-Priority Subordination Agreement: This agreement establishes the first lender as the primary lien holder on the property. In case of foreclosure, the first lender has the highest priority of receiving proceeds from the sale. 2. Second-Priority Subordination Agreement: This agreement establishes the second lender as the secondary lien holder on the property. The second lender's claim to the proceeds from the sale arises after the first lender has been fully satisfied. 3. Intercreditor Subordination Agreement: This type of agreement is designed to govern the relationship between senior and junior lenders. It outlines the specific terms and conditions under which the junior lender's claim is subordinate to the senior lender's interest. 4. Release Subordination Agreement: This agreement allows for the release of a specific portion of the property from the lien of a lender, while retaining the security interest on the remaining property. It ensures that the interests of the lender are protected even after partial release. 5. Partial Subordination Agreement: In cases where a property has multiple liens, this agreement allows for a specific portion of the property to be subordinated to a secondary lender. By doing so, it establishes a priority among the lenders and protects their respective interests. A Wake North Carolina Subordination Agreement (Deed of Trust) typically includes essential elements such as property details, borrower and lender information, the order of priority among multiple lenders, conditions for release or modification, foreclosure procedures, and any additional terms agreed upon by the parties involved. It is crucial for all parties to consult with legal professionals and review the specific regulations and requirements in Wake County, North Carolina, before entering into a Subordination Agreement (Deed of Trust). This helps ensure compliance with local laws while protecting the rights and interests of all parties involved.

A Wake North Carolina Subordination Agreement (Deed of Trust) is a legally binding document that creates a priority order among multiple lenders or parties who have secured interests in a property. It is commonly used in real estate transactions, ensuring that the rights and priorities of lenders are defined in case of default or foreclosure. In Wake County, North Carolina, there are various types of Subordination Agreements (Deed of Trust) that serve specific purposes: 1. First-Priority Subordination Agreement: This agreement establishes the first lender as the primary lien holder on the property. In case of foreclosure, the first lender has the highest priority of receiving proceeds from the sale. 2. Second-Priority Subordination Agreement: This agreement establishes the second lender as the secondary lien holder on the property. The second lender's claim to the proceeds from the sale arises after the first lender has been fully satisfied. 3. Intercreditor Subordination Agreement: This type of agreement is designed to govern the relationship between senior and junior lenders. It outlines the specific terms and conditions under which the junior lender's claim is subordinate to the senior lender's interest. 4. Release Subordination Agreement: This agreement allows for the release of a specific portion of the property from the lien of a lender, while retaining the security interest on the remaining property. It ensures that the interests of the lender are protected even after partial release. 5. Partial Subordination Agreement: In cases where a property has multiple liens, this agreement allows for a specific portion of the property to be subordinated to a secondary lender. By doing so, it establishes a priority among the lenders and protects their respective interests. A Wake North Carolina Subordination Agreement (Deed of Trust) typically includes essential elements such as property details, borrower and lender information, the order of priority among multiple lenders, conditions for release or modification, foreclosure procedures, and any additional terms agreed upon by the parties involved. It is crucial for all parties to consult with legal professionals and review the specific regulations and requirements in Wake County, North Carolina, before entering into a Subordination Agreement (Deed of Trust). This helps ensure compliance with local laws while protecting the rights and interests of all parties involved.