Fill and Sign the Subordination Agreement Subordinating Existing Mortgage to New Mortgage Form

Subordination Agreement Subordinating Existing Mortgage to New Mortgage This subordination agreement is made this __________________ (date), between ________________________ (Name of Mortgagee), a corporation organized and existing under the laws of the state of ________________________ (name of state), with its principal office located at _____________________________________ (street address, city, county, state, zip code), referred to herein as Mortgagee , and ________________________ (Name of Lender) , a corporation organized and existing under the laws of the state of ________________________ (name of state), with its principal office located at _________________________________________ (street address, city, county, state, zip code), referred to herein as Lender. Whereas, Mortgagee is the owner and holder of a certain promissory note, dated __________________ (date), for $ __________________ and interest, secured by a certain Mortgage for that sum and interest, made by ________________________ (Name of Mortgagor), the Mortgagor, to Mortgagee, dated __________________ (date of Mortgage), and recorded on __________________ (date), in the office of the ________________________ (name of public records office) of ________________________ (name of county), ________________________ (name of state), in Book __________________ (number) of Mortgages, at page __________________ (number), and covering the following-described premises: _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ (Legal description of property) Whereas, Lender is about to loan $ __________________ on the promissory note of Mortgagor, secured by a Mortgage on and covering the above-described premises; and 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 made to Lender as set forth above; 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: I. Subordination. Mortgagee covenants, consents, and agrees with Lender that the above-mentioned 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. II. Consideration. In consideration of Mortgagee so subordinating the Mortgage held by it to the Mortgage to be made to Lender, Lender shall make the above- described loan and, in further consideration, shall pay $ __________________ to Mortgagee. III. Approval of Loan Terms. The terms of the loan from Lender to Mortgagor are as follows: _______________________________________________________________ (Statement of loan terms) . Mortgagee approves the terms of the loan. IV. Binding Effect. This Agreement shall be binding on and inure to the benefit of the respective heirs, legal representatives, successors, and assigns of the parties. Witness our signatures this __________________ (date). ________________________ ________________________ (Name of Mortgagee) (Name of Lender) By: _______________________ By: _______________________ (Signature of Officer) (Signature of Officer) ________________________ ________________________ (Printed Name and Title of Officer) (Printed Name and Title of Officer) (Acknowledgments)