Michigan Subordination Agreement (Deed of Trust to Storage Agreement)

State:
Multi-State
Control #:
US-OG-1142
Format:
Word; 
Rich Text
Instant download

Description

This form is a subordination agreement for deed of trust to storage agreement.

How to fill out Subordination Agreement (Deed Of Trust To Storage Agreement)?

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FAQ

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.

Definition and Example of a Subordination Clause For instance, say you buy a home with a mortgage. Later, you add a home equity line of credit (HELOC). Due to a subordination clause likely located in your original mortgage contract, your first mortgage ranks as the first priority or lien.

Understanding Subordination Clauses When you get a mortgage loan, the lender will likely include a subordination clause essentially stating that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender if a homeowner defaults.

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.

A subordinate clause is a clause that cannot stand alone as a complete sentence; it merely complements a sentence's main clause, thereby adding to the whole unit of meaning. Because a subordinate clause is dependent upon a main clause to be meaningful, it is also referred to as a dependent clause.

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.

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Michigan Subordination Agreement (Deed of Trust to Storage Agreement)