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subordination agreement

   Also found in: Wikipedia 0.05 sec.

subordination agreement n. a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). The agreement must be acknowledged by a notary so it can be recorded in the official county records. (See: subordination)
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The subordination agreement simply states that it is "junior" to the senior debt.
Making sense of mezzanine financing by Sinnenberg, John / Financial Executive
Therefore, if a mortgage exists, the property owner (or one's legal counsel) must submit a mortgage subordination agreement, with a copy of the conservation easement deed, to each mortgage lender for its approval.
Conservation easement made easy, with five steps by Plotka, Robert / Real Estate Weekly
It would refinance only if Lim could get a subordination agreement with DeBerard, which kept the seller's position behind the mortgage company.
BAD INVESTMENT SPURS RULING ON LIABILITY AFTER FORECLOSURE by Daily News (Los Angeles, CA)
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