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Land Subordination Agreement
"Need a Land Subordination Agreement for a commercial property in Texas where our second mortgage holder will subordinate their interest to a new first mortgage lender as part of a refinancing closing scheduled for March 15, 2025."
1. Parties: Identification of all parties involved, including senior and junior lienholders
2. Background: Context of the existing liens and reason for subordination
3. Definitions: Key terms used throughout the agreement
4. Property Description: Legal description of the subject property
5. Subordination Terms: Specific terms of the subordination arrangement
6. Representations and Warranties: Statements of fact by the parties
7. Execution: Signature blocks and notarization requirements
1. Conditions Precedent: Conditions that must be met before subordination becomes effective
2. Default Provisions: Consequences of breach and specific remedies available to parties
3. Insurance Requirements: Specific insurance obligations and coverage requirements
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Existing Liens: List of all existing liens and their current priority
3. Schedule C - Loan Documents: References to relevant loan agreements and security documents
4. Appendix 1 - Title Report: Current title report showing existing encumbrances
Authors
Effective Date
Property
Senior Lienholder
Junior Lienholder
Senior Loan
Junior Loan
Senior Loan Documents
Junior Loan Documents
Security Interest
Lien
Mortgage
Deed of Trust
Property Owner
Permitted Encumbrances
Recording Office
Title Company
Default
Enforcement Action
Governing Law
Business Day
Loan Documents
Security Documents
Secured Obligations
Priority Date
Subordinated Interest
Superior Interest
Notice
Parties
Successors and Assigns
Representations and Warranties
Property Description
Priority of Liens
Recording and Registration
Notice Requirements
Default and Remedies
Assignment and Transfer
Amendment and Modification
Further Assurances
Governing Law
Jurisdiction
Severability
Entire Agreement
Counterparts
Force Majeure
Indemnification
Insurance Requirements
Title Matters
Foreclosure Rights
Enforcement
Successors and Assigns
Costs and Expenses
Termination
Survival
Waiver
Notices
Authority and Capacity
Compliance with Laws
Dispute Resolution
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