Wake North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way)

• Category: Oil Gas and Minerals - Subordination
• State: Multi-State
• County: Wake
• Control #: US-OG-1145
• Format: Word; Rich Text

Description

This form is a subordination of lien for deed of trust or mortgage to right of way. Wake North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal agreement that allows for the prioritization of a right of way over existing liens or mortgages on a property in Wake County, North Carolina. This type of subordination is commonly used when there is a need to grant access to a right of way or easement for public or private purposes while ensuring the security interests of existing lenders are protected. In Wake County, there are primarily two types of Subordination of Lien to Right of Way. These include: 1. Subordination of Deed of Trust to Right of Way: This type of subordination involves granting priority to a right of way over an existing deed of trust, which is a legal document that secures a loan by using the property as collateral. Here, the property owner acknowledges that the right of way takes precedence over the mortgage lien in the event of foreclosure or sale of the property. 2. Subordination of Mortgage to Right of Way: This type of subordination is applicable when a mortgage is in place instead of a deed of trust. Similar to the subordination of deed of trust, the property owner agrees that the right of way holds priority over the mortgage lien, ensuring any future rights or developments related to the right of way are not impeded. In both cases, the purpose of Wake North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is to provide a clear legal framework for granting and accessing a right of way while balancing the interests of lenders and property owners. It ensures that any financial claims or obligations related to the property do not hinder the utilization and maintenance of the right of way. By implementing this subordination agreement, property owners in Wake County can efficiently navigate the complexities of granting access while protecting the interests of all parties involved. Whether it is for public utility services, transportation infrastructure, or private easements, the Subordination of Lien (Deed of Trust/Mortgage to Right of Way) serves as a crucial legal tool in the efficient development and utilization of properties in Wake County, North Carolina.

Wake North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal agreement that allows for the prioritization of a right of way over existing liens or mortgages on a property in Wake County, North Carolina. This type of subordination is commonly used when there is a need to grant access to a right of way or easement for public or private purposes while ensuring the security interests of existing lenders are protected. In Wake County, there are primarily two types of Subordination of Lien to Right of Way. These include: 1. Subordination of Deed of Trust to Right of Way: This type of subordination involves granting priority to a right of way over an existing deed of trust, which is a legal document that secures a loan by using the property as collateral. Here, the property owner acknowledges that the right of way takes precedence over the mortgage lien in the event of foreclosure or sale of the property. 2. Subordination of Mortgage to Right of Way: This type of subordination is applicable when a mortgage is in place instead of a deed of trust. Similar to the subordination of deed of trust, the property owner agrees that the right of way holds priority over the mortgage lien, ensuring any future rights or developments related to the right of way are not impeded. In both cases, the purpose of Wake North Carolina Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is to provide a clear legal framework for granting and accessing a right of way while balancing the interests of lenders and property owners. It ensures that any financial claims or obligations related to the property do not hinder the utilization and maintenance of the right of way. By implementing this subordination agreement, property owners in Wake County can efficiently navigate the complexities of granting access while protecting the interests of all parties involved. Whether it is for public utility services, transportation infrastructure, or private easements, the Subordination of Lien (Deed of Trust/Mortgage to Right of Way) serves as a crucial legal tool in the efficient development and utilization of properties in Wake County, North Carolina.