Free Subordination Agreement

This Subordination Agreement is between a mortgagee and a lender. In this agreement mortgagee agrees to subordinate to a mortgage which lender is about to take. This agreement sets forth the property to be mortgaged and includes relevant recording information. This Subordination Agreement must be signed by the subordinator in the presence of a notary public.

Disclaimer:This was not drafted by an attorney & should not be used as a legal document.




SUBORDINATION AGREEMENT

This Subordination Agreement (the “Agreement”) is made as of this _____________ day of _______________________, 20__________, by and between ________________________ of ______________________________________ _______________________ (the "Mortgagee"), and___________________________ of _____________________________________________________ (the “Lender”).

RECITALS:

A. WHEREAS, the Mortgagee is the owner and holder of a promissory note dated ___________________________ for an amount of $_____________________ secured by ___________________________ of ____________________________ ______________________ (the "Borrower"). Said mortgage was filed on the _______________ day of ____________________, _________ at the Register of Deeds Office in _______________ County, __________________ State, as Document________, on Page(s)_______ in Volume ______ (“Mortgage”).

B. WHEREAS, the Borrower, has applied to Lender for a loan to be made to Borrower and to be evidenced by a promissory note secured by a mortgage covering the below described real property.

C. WHEREAS, to induce Lender to make the loan, it is necessary that the mortgage held by Mortgagee be subordinated to the lien of the mortgage about to be granted to Lender as set forth above.

In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows:


1. PROPERTY

The Property to be mortgaged is as follows:

2. SUBORDINATION

Mortgagee hereby covenants, consents, and agrees with Lender that the Mortgage held by Mortgagee is and shall continue to be subject and subordinate in lien to the lien of the mortgage about to be made to Lender as stated above.

3. GOVERNING LAW

This Agreement is to be construed in accordance with and governed by the internal laws of the State of _____, USA.


The undersigned Subordinator has executed this agreement at _____________________ on the date mentioned above.



____________________________________
SUBORDINATOR

By:_________________________________







State of _________,

County/City of ________

Personally appeared before me, the undersigned Notary Public in and for the said County/City and State, on this day of ___________, _____, the within named _________________, who acknowledged that he is ____________________ of _________________________, a corporation, and that for and on behalf of the said corporation, and as its act and deed, he executed the above and foregoing subordination agreement, after first having been duly authorized by said corporation so to do.

Notary____________________________

Printed Name_______________________

My commission expires: ______________
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