The following agreement is made on ________________________________ between
________________________________of ____________________referred to as lien
holder, and __________________________ a corporation organized under the laws
of the State of ________________, with headquarters at
___________________________ referred to as lender.
By reason of _______________________ lien holder __________ on _____________
in servicing __________________ of ___________________ of referred to as
owner, lien holder has a lien in the amount of ___________________ on the
property, pursuant to __________________________________________. The owner
wishes to negotiate _________________________________ from lender, and lien
holder recognizes that _______________________________ in lien holders best
The lender is willing to loan money if the lien holder will subordinate
lien holders present _________________. ___________________ liens against the
above mentioned property of owner.
For the reasons described above, lien holder and lender agree:
SUBORDINATION OF LIEN
The lien of lien holder against the property of the owner shall be second only
to the claim of the lender under the personal property security agreement of,
dated _______ and recorded on _____________________. Future loans made by
lender to owner shall ___________________ be subordinate to the claims of the
ASSIGNMENT OF SUMS DUE
Lien holder shall assign to lender any amount currently due from owner until
the described of lender _________________ paid in full. The lien holder shall
fulfill any such assignments that the lender may require to give effect to
this agreement. The lien holder either shall endorse and deposit with the
lender any notes pertaining to the claims of lien holder, to be held by lender
until ______________ of lender are paid in full.
In witness whereof, the parties have executed this agreement at
______________ on the day and year first above written.