An agreement changing the priority of interests.
a document prepared by a second mortgage lender agreeing to remain in second position when a first mortgage is refinanced
an agreement between an existing mortgage holder and a new lender whereby it agrees to give up its senior mortgage priority and become junior in priority to the new lender
an agreement to let an inferior lien (one filed later in time) take precedence (be considered as if it were in a superior position)
an agreement whereby a contractor's creditor subordinates its security interest in contractor-held property to the security interest held by the Government
An agreement whereby the tenant agrees to the priority of a mortgage over the leasehold interest or other claim by the tenant on the property.
An agreement between lien holders on a property to change the order of priority of liens, claims, judgments, or mortgages.
An agreement by which an encumbrance is made subject to a junior encumbrance; a lender with a loan in second position agrees to stay in second position on the property, even when the loan in first position has been rewritten or refinanced.
A contract by which the holder of a prior lien makes it junior or inferior to another lien.
An agreement by which a loan is made junior in claim on assets to other debt.
An agreement by which a lien holder agrees to accept a lien position junior to that of a later-recorded lien. Subordinations may apply not only to mortgages, but also to leases, real estate rights and any other types of debt interests.
An agreement under which a prior trust deed is made inferior to an otherwise junior lien.
An agreement by which a prior lien is made inferior to an otherwise junior lien.
As used in a lease, the tenant generally accepts the leased premises subject to any recorded mortgage or deed of trust lien and all existing recorded restrictions, and the landlord is often given the power to subordinate the tenant's interest to any first mortgage or deed of trust lien subsequently placed upon the leased premises.
To place in lower order, class, or rank. An agreement for a document to be placed in order behind or lower than a subsequently recorded document. Example: Agreement for a first lien Deed Of Trust to be put behind or follow the second lien Deed Of Trust.
An agreement in which a party holding a security interest in property grants another interested party a priority claim or preference to the property of the borrower ahead of any claim that the first interested party may have.
An agreement under which a lien is made inferior to another lien.
An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property. The University may, as its option, refuse to sign a Subordination Agreement.
A written agreement between lienholders to change the priority of mortgage, judgment and other liens. Under a subordination agreement, the holder of a superior or prior lien agrees to permit a junior lienholder's interest to move ahead of his or her lien. (See junior mortgage, lien)
An agreement which permits the placing of a mortgage at a later date which takes priority over an existing mortgage.
An agreement by which one encumbrance (for example, a mortgage) is made subject to another encumbrance (for example, a mortgage) is made subject to another encumbrance (perhaps a lease). To "subordinate" is to "make subject to," or to make of lower priority.
An agreement by which one holding an otherwise senior lien or other real estate interest consents to a reduction in priority vis-à-vis another person or entity holding an interest in the same real estate.
A lenders option to accept a lower lien position for a particular borrower than be paid off.
A document by which parties acknowledge, by written record, that the debt of one is inferior to the debt or interest of another in the same property. Subordination may apply not only to mortgage, but to leases, real estate rights, and any other types of debt interests.
An agreement among the lender, the borrower, and a third party whereby the third party agrees to subordinate his/her interest in collateral or rights to payment to the lender.
The agreement detailing the contingencies of subordination, filed with the county recorder. If a lien holder agrees to accept a lien position after that of a later recorded lien.
A written agreement between holders of liens on a property that changes the priority of mortgage, judgment and other liens under certain circumstances.
Agreement under which a prior or superior lien is made inferior or subject to an otherwise junior lien.
An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien.
An instrument or agreement that makes a loan or mortgage inferior or subordinate to one that was recorded after it.
An agreement where a prior lien agrees to take a lesser position to a new lien.
An agreement by which a mortgage is made subject (junior) to a junior mortgage.