Real Estate Subordination Agreement
Real Estate Subordination Agreement
This Real Estate Subordination Agreement ("Agreement") is made and entered into as of [Date], by and between:
[Your Company Name], a company organized and existing under the laws of [Your Jurisdiction], with its principal place of business located at [Your Company Address] ("First Party"), and
[Your Partner Company Name], a company organized and existing under the laws of [Partner's Jurisdiction], with its principal place of business located at [Partner's Company Address] ("Second Party").
Background
WHEREAS, First Party is the "lender" of a certain loan secured by a Deed of Trust or Mortgage dated [Date] ("First Deed of Trust"), recorded in the office of the [Office] of [County], [State], in Book [Book] at Page [Page]; and
WHEREAS, Second Party is the "buyer" under a certain Deed of Trust or Mortgage dated [Date] ("Second Deed of Trust"), to be recorded in the office of the [Office] of [County], [State], in Book [Book] at Page [Page]; and
WHEREAS, the parties desire to enter into this Agreement to set forth the terms and conditions under which the lien of the Second Deed of Trust shall be subordinated to the lien of the First Deed of Trust.
Agreement
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Subordination
1.1. Second Deed of Trust Subordinated: Second Party hereby agrees that the lien of the Second Deed of Trust shall be and remain subject and subordinate to the lien of the First Deed of Trust, without preference or priority of any kind.
1.2. Rights Under First Deed of Trust: Second Party acknowledges and agrees that the rights and priorities of First Party under the First Deed of Trust shall not be impaired, modified, or affected in any manner whatsoever by this Agreement.
2. Additional Assurances
2.1. Further Instruments: Each party hereto agrees to execute and deliver such further instruments and documents, and to take such further action, as may be reasonably necessary or appropriate to carry out the provisions and purposes of this Agreement.
3. Miscellaneous
3.1. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [Your Jurisdiction] without regard to its conflict of law principles.
3.2. Entire Agreement: This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral, relating to such subject matter.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
[Your Company Name]
By:
Name: [Your Name]
Title: [Your Title]
Date: [Date]
[Your Partner Company Name]
By:
Name: [Partner's Name]
Title: [Partner's Title]
Date: [Date]
