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Subordination Agreement - Connecticut
| Subordination Agreement Form. This is a Connecticut form and can be used in Real Estate Statewide . |
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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: American LegalNet, Inc. www.FormsWorkFlow.com
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