Subordination Contracts

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Commonly Asked Questions about Subordination Contracts

Which of the examples is a subordination agreement?

Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.

What is the purpose of a subordination clause?

A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future. Subordination is the act of yielding priority.

What is the purpose of a subordination clause in Quizlet?

A Subordination clause is a clause in a mortgage or deed of trust under which a subsequent mortgage or deed of trust will take priority. The clause enables a change in priority positions between lien holders in case of foreclosure.

What is the purpose of a subordinate clause?

Whether you use the term subordinate or dependent to describe the clause, this clauses function is clear: It provides informational support to the main event of the sentence. This main clause will be independent: it can stand on its own as a complete sentence.

What is the purpose of a subordination agreement?

Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.

What is the purpose of a subordination deed?

This is a standard subordination deed to change or regulate an arrangement between two creditors that are owed debts by a common debtor, under which one creditor agrees to defer payment of its debt in favour of the debt of another creditor.

When would a subordination agreement be appropriate?

A subordination agreement is generally used when there are two mortgages and the mortgagor needs to refinance the first mortgage. It acknowledges that one partys interest or claim is superior to another in case the borrowers assets need to be liquidated to repay debts.