New Hampshire Subordinaton of Mortgage Lien to Easement and Right of Way
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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.
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 conservation easement is a legally binding agreement between a landowner and the easement holder that restricts use of the land subject to the terms of the easement.
Generally, the dominant tenant has the right and duty to maintain the easement so that it can used for the purpose for which it was granted. The owner of the easement may not increase the burden on the servient estate or unreasonably interfere with the rights of its owner.
To adjust their priority, subordinate lienholders must sign subordination agreements, making their loans lower in priority than the new lender. A subordination agreement puts the new lender into first position and reassigns an existing mortgage to second position or third position, and so on.
Key Learning Points. Lien subordination takes place when two or more senior tranches of debt each have a lien on the collateral, but one tranche has first priority while the second has a residual claim. These are referred to as first lien and second lien.
An easement is the legal right to use the land owned by someone else. A common easement is an area people are allowed to cross over to reach a destination. If you have an easement on your property, you may need to allow another person to use it to reach another property or piece of land.
The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then, the parties typically sign the agreement. But in some cases, just the subordinating lender will need to sign the paperwork.
