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Subordination Agreement Form. This is a Connecticut form and can be use in Real Estate Statewide.
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Tags: Subordination Agreement, Connecticut Statewide, Real Estate
CONNECTICUT SUBORDINATION AGREEMENT
WHEREAS, __________________ of ________________, in the Town of _________, County
of Fairfield and State of Connecticut, herein called “Owner” is desirous of obtaining from
Bank,
N.A. a Lender organized under the laws of the United States of America, hereinafter called “Lender”, and
located at
Avenue, Greenwich, CT, and doing business in the State of Connecticut, a loan in
the amount of $________.00 upon a note secured by a second mortgage of premises as set forth in
Schedule A, attached hereto and made a part hereof; and
WHEREAS, said premises is presently encumbered by a Third Mortgage in the original principal
amount of $_________.00 in favor of
Bank, hereinafter called “Prior Mortgagee”, dated
_____________ and recorded on _______________, in Volume ______ at Page ____ of the _______
Land Records; and
WHEREAS, in order to induce Lender to make said loan to Owner, Prior Mortgagee is
willing to waive priority of the Mortgage from Owner to Prior Mortgagee.
NOW, THEREFORE, in order that Lender’s loan to Owner may be made and may be secured by
a second mortgage on said premises, Prior Mortgagee and Prior Mortgagee’s successors and assigns,
subordinate such right or priority as the Prior Mortgagee has or ought to have by virtue of the above
described Mortgage and do hereby covenant and agree that the mortgage from Owner to Lender securing
shall take precedence over said mortgage to Prior Mortgagee and that Lender’s Mortgage shall be entitled
to the same rights and privileges, both in law and equity, as it would have if it had been executed,
delivered and recorded prior to the Mortgage to Prior Mortgagee.
Dated at _____________, Connecticut on ___________, 2009.
WITNESS:
_____________________________
________________________________
Bank
_____________________________
________________________________
By: ________________ Vice President
STATE OF CONNECTICUT
)
COUNTY OF FAIRFIELD
)
ss: New Haven
On ____________, 2010, personally appeared __________________ on behalf of
Bank,
signer of the foregoing Instrument, and acknowledged the same before me to be his free act and deed.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
_________________________________
Notary Public
My Commission Expires:
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