Land Subordination Agreement Template for Canada

1. Future Advances: Required when the senior security may secure future advances or revolving credit

2. Multiple Properties: Needed when the subordination applies to multiple properties with different arrangements

3. Standstill Provisions: Optional provisions regarding enforcement rights and timing

4. Assignment: Required when parties need specific rights to assign their interests or the agreement

5. Insurance and Loss Payee: Needed when insurance proceeds priority needs to be addressed

6. Inter-creditor Provisions: Required for complex arrangements between multiple creditors

7. Default and Remedy: Optional section detailing specific events of default and available remedies

1. Schedule A - Property Description: Legal description of the subject property/properties

2. Schedule B - Senior Security: Details of the senior security interest including registration particulars

3. Schedule C - Subordinated Security: Details of the subordinated security interest including registration particulars

4. Schedule D - Permitted Encumbrances: List of other permitted encumbrances and their priority position

5. Appendix 1 - Consent of Other Parties: Required consents from other interest holders if applicable

6. Appendix 2 - Priority Matrix: Table showing relative priorities of all security interests before and after subordination