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 business interest.
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 lien holder.
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.