Subordination Agreement for Second Lien Holders

[Moe Bedard]

SUBORDINATION AGREEMENT

This Subordination Agreement made as of the ____ day of _______________________, 200___, by __________________________________[Name of original lender], having an address of ______________________________________ ("Subordinator"), and ____________________________ [Name of new lender], a corporation organized and existing under the laws of the State of______________ with its principal place of business at ______________________________________________ (“Lender”).

RECITALS:

A. ___________________________ [Name of Borrower], of ___________________________ [address], _________________________ [city], __________________ [County], _________________ [state] ("Borrower"), has applied to Lender for a loan to be made to Borrower and to be evidenced by a promissory note secured by a mortgage covering certain real property.

B. The real property offered by Borrower as security to Lender is currently subject to the prior lien of the mortgage described below.

C. Lender will make such loan to Borrower only on the condition precedent that such mortgage be subordinated to the lien of the mortgage described below to be given by Borrower to Lender.

In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows:

SUBORDINATION OF EXISTING MORTGAGE

The mortgage to be subordinated covers real property described as:



and made on the _____ day of _________________________, _________ between ____________________________[Borrower] and __________________________ [Subordinator], and filed or recorded on ____________________, in book ______ page ________, of the records of the County of __________________________, State of ________________, shall be and the same is now subordinated and made subject and subsequent to the lien of that certain mortgage covering the real property referenced above, dated ____________________________, between ________________________________ [Borrower] and ___________________________ [Lender], and filed or recorded on the ________ day of _________,_______, in book________ page ______ , of the records of the County of ________________, State of____________________ .

The undersigned Subordinator has executed this agreement at ____________________________________ [designate location], on the date first appearing above.


____________________________________
SUBORDINATOR

By:_________________________________

Its:_________________________________
By:_________________________________

Its:_________________________________


State of________________ )
) SS:
County of ______________ )


This instrument was acknowledged before me this _________ day of _____________, 200__, for and on behalf of __________________________________________________ _.


___________________________________________
Notary Public

My commission expires _____________________: