This agreement allows one lien holder to subordinate its deed of trust to the lien of another lien holder. For valuable consideration, a particular deed of trust will at all times be prior and superior to the subordinate lien.
Oregon Subordination Agreement of Deed of Trust
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US-00185
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How to fill out Subordination Agreement Of Deed Of Trust?
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FAQ
- A subordination agreement is an agreement between two lien holders to modify the order of lien priority.
The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then the parties typically sign the agreement.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
Legal counsel drafts subordination agreements to suit the needs of the parties. It is common practice for retail lending, particularly when a mortgage is refinanced and often multiple mortgages and lenders are involved.
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.
Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.
A Subordination Agreement focuses on creditor priorities and security claims, providing legal certainty to creditors when assessing repayment risk. If a credit event (or default) occurs, a subordination agreement provides a senior lender superior repayment rights than the subordinated lender.
Subordinate Deed of Trust means the deeds of trust granted by Borrower to secure the obligation of Borrower to repay the Subordinate Loan.
Who Benefits from a Subordination Clause? A subordination clause is meant to protect the interests of the primary lender. A primary mortgage usually covers the cost of purchasing the home; however, if there is a secondary mortgage, the clause ensures that the primary lender retains the number one priority.
An example is a trust document that includes a subordinate clause. This requires it to state that once the primary lien becomes active, a secondary lien becomes automatically subordinate. For instance, if a trust pays education funding as a first priority, the first lien is tuition.