Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
201304109 <br />hereinafter referred to as "lender ", payable with interest and upon the terms and conditions <br />described therein, which Deed of Trust is to be recorded concurrently herewith; and <br />WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last <br />above mentioned shall unconditionally be and remain at all times a lien or charge upon the land <br />hereinbefore described, prior and superior to the lien or charge of the Deed of Trust first above <br />mentioned; and <br />WHEREAS, Lender is willing to make said loan provided the Deed of Trust securing the <br />same is a lien or charge upon the above described property prior and superior to the lien or <br />charge of the Deed of Trust first above mentioned and provided that Beneficiary will specifically and <br />unconditionally subordinate the lien or charge of the Deed of Trust first above mentioned to the lien <br />or charge of the Deed of Trust in favor of Lender; and <br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to <br />Owner; and Beneficiary is willing that the Deed of Trust securing the same shall, when recorded, <br />constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or <br />charge of the Deed of Trust first above mentioned. <br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto <br />and other valuable consideration, the receipt and sufficiency of which consideration is hereby <br />acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby <br />declared, understood and agreed as follows: <br />(1) That said Deed of Trust securing said note in favor of Lender, and any renewals or <br />Extensions there of, shall unconditionally be and remain at all times a lien or charge on the <br />property therein described, prior and superior to the lien or charge of the Deed of Trust <br />first above mentioned. <br />(2) That Lender would not make its loan above described without this subordination <br />agreement. <br />(3) That this agreement shall be the whole and only agreement with regard to the <br />subordination of the lien or charge of the Deed of Trust first above mentioned to the lien or <br />charge of the Deed of Trust in favor of Lender above referred to and shall supersede and cancel, but <br />only insofar as would affect the priority between Deed of Trust hereinbefore <br />specifically described, any prior agreements as to such subordination including but not limited to, <br />those provisions, if any, contained in the Deed of Trust first above <br />mentioned, which provide for the subordination of the lien or charge thereof to another deed or <br />deeds of trust or to another mortgage or mortgages. <br />Beneficiary declares, agrees and acknowledges that: <br />(a) He consents to and approves (i) all provisions of the note and Deed of Trust in favor of <br />Lender above referred to, and (ii) all agreements, including but not limited to any loan or <br />escrow agreements, between Owner and Lender for the disbursement of the proceeds of <br />Lender's loan; <br />PAGE 2 OF 3 <br />MOSHARE\FORMS \SUB AGREEMENT BLANK 4/23/96 <br />