Fill and Sign the Lien Property Form PDF

Agreement to Subordinate Lien Between Lienholder and Lender Extending Credit to Owner of Property Subject to Lien Agreement made on the ____ day of _____________________, 20____, between ________________________________________________ (Lienholder) of ________________ _______________________________________________________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Lienholder, and ________________________________________________ (Bank), a banking corporation organized and existing under the laws of the state of ______________________________________________, with its principal office located at ______________________________________________________________________________ ________________________________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Lender.Whereas, by reason of work performed and materials furnished in connection with construction on property owned by _________________________________________________ (Owner), referred to herein as Owner, said property being located at ______________________ ______________________________________________________________________________ _________________________________________ (street address, city, county, state, zip code), Lienholder has a lien in the amount of $___________ on the property, pursuant to _______________________ (cite state mechanic’s lien statute), and Whereas, Owner desires to acquire a loan from Lender, and Lienholder acknowledges that the loan is in Lienholder’s best business interest; andWhereas, Lender is willing to loan money to Owner if Lienholder will subordinate Lienholder’s present lien against the above-described property of Owner.Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: The lien of Lienholder against the described property of Owner, notice of said lien having been recorded in Book _____ at Page _____ in the office of the __________________________ ____________________________________________________________________________________________________________________________________________________________ (County official’s name, address, and office where such liens are recorded), shall be subordinate to the claim of Lender under the Deed of Trust and Security Agreement executed by Owner, dated ___________________________________ (date) and recorded in Book ______ at Page ______ in the office of the ___________________________________________________ _______________________________________________________________________________________________________________________ (County official’s name, address, and office where such liens are recorded). Lienholder shall execute such assignments as Lender may require to give effect to this Agreement. If demanded by Lender, Lienholder shall endorse and deposit with Lender any notes or other instruments evidencing the claims of Lienholder, to be held by Lender until the loan of Lender to Owner is paid in full. WITNESS our signatures as of the day and date first above stated. ____________________________________LENDOR ________________________________________ By_________________________________LIENHOLDER ____________________________________(Name and Office in Bank) (Acknowledgements)