[{"data":1,"prerenderedAt":524},["ShallowReactive",2],{"document-subordination-agreement-D423":3},{"document":4,"label":24,"preview":11,"thumb":25,"thumb600":26,"description":27,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":28,"breadcrumb":32,"related":40,"customDescModule":181,"customdescription":27,"mdFm":182,"mdProseHtml":523},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":23},"SUBORDINATION AGREEMENT This Subordination Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the \"Borrower), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the \"General Partner\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [THIRD PARTY NAME] (the \"Lender\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS [COMPANY NAME] (herein called the \"Borrower\") is indebted and may hereafter become further indebted or liable to the undersigned (herein called [SPECIFY]); WHEREAS concurrently with the execution hereof, [COMPANY NAME] (the \"Lender\") and the Borrower did execute a credit agreement bearing formal date of [DATE] (the said agreement, as same may be amended, supplemented or restated at any time and from time to time, shall be referred to herein as the \"Credit Agreement\"); WHEREAS [COMPANY NAME] is the general partner of the Borrower (the \"General Partner\"); WHEREAS it is a condition of the Credit Agreement that [SPECIFY] enter into this Subordination Agreement in favor of the Lender; WHEREAS the General Partner is a wholly-owned subsidiary of [SPECIFY] it is in the best interests and to the advantage of [SPECIFY] that the Lender agree to lend to the Borrower an amount up to the Aggregate Commitment on the terms and conditions of the Credit Agreement; NOW, THEREFORE, in consideration of the Lender making advances to the Borrower pursuant to the Credit Agreement, and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, [SPECIFY] covenants and agrees with the Lender as follows: [SPECIFY] hereby acknowledges, agrees and confirms that, subject to Section [NUMBER], any and all present and future Indebtedness and liabilities of the Borrower to [SPECIFY] (all of which present and future Indebtedness and liabilities being herein collectively called \"[SPECIFY] Indebtedness\" are hereby and shall hereafter be junior and subordinate to, and the payment thereof, whether in whole or in part, and whether as to principal, interest, fees or otherwise, and whether at or prior to maturity or upon acceleration of maturity, is postponed to the prior payment in full of, all present and future Indebtedness and liabilities of the Borrower to the Lender under the Credit Agreement (all of which present and future Indebtedness and liabilities being herein collectively called \"Lender Indebtedness\"); and any and all Liens now or hereafter held by [SPECIFY] for [SPECIFY] Indebtedness or any part thereof (all of which present and future Liens being herein collectively called \"[SPECIFY] Liens\"), as well as all rights, remedies and recourses which now are or may hereafter be granted by the Borrower to [SPECIFY], whether directly or indirectly, under the terms of the [SPECIFY] Liens are hereby and shall hereafter be subject, postponed, and fully and completely subordinated to any and all Liens now or hereafter held by the Lender for Lender Indebtedness or any part thereof including, without limitation, the Liens constituted pursuant to the Security Documents to which the Borrower is a party (all of which present and future Liens being herein collectively called \"Lender Liens\"), notwithstanding any priorities that might otherwise be established by [YOUR COUNTRY LAW] and resulting either from the nature of the Lien which now is or may hereafter be created under the [SPECIFY] Liens, or from the date of execution, issue, delivery, registration, notification, publication or perfection of any deed, document, instrument or notice, or otherwise howsoever. In order to effectuate this Agreement, subject to Section [NUMBER], [SPECIFY] hereby assigns, transfers and makes over to the Lender any and all [SPECIFY] Indebtedness; and [SPECIFY] hereby authorizes the Lender to collect and receive any dividends, distributions or payments which may be payable to [SPECIFY] in the course of any receivership, bankruptcy, liquidation or winding-up of the Borrower or upon realization of any [SPECIFY] Liens, and in the event of the amount of Lender Indebtedness at such time not being paid in full (in principal, interest, costs and accessories), [SPECIFY] hereby authorizes the Lender to apply the amount of the dividends, distributions or payments so collected by the Lender in payment of the balance of the Lender Indebtedness, the surplus, if any, to be paid to [SPECIFY]. [SPECIFY] shall, upon demand of the Lender, execute all sworn statements of claim, assignments and other documents and do all matters and things which may be necessary or advisable in the opinion of the Lender, acting reasonably, to give effect to this Agreement. Subject to Section [NUMBER], moneys owing and which may hereafter become owing by the Borrower to [SPECIFY] shall not be paid to or withdrawn by [SPECIFY], but shall hereafter either remain on the books of the Borrower or be paid to the Lender pursuant to this Agreement, unless the Lender's prior written consent is obtained. Any moneys received by [SPECIFY] or by any agent of [SPECIFY] on account of any [SPECIFY] Indebtedness without the prior written consent of the Lender shall be held as agent for the Lender and shall forthwith be paid to the Lender upon demand. Notwithstanding any provision to the contrary herein contained, unless an Event of Default shall have occurred and be continuing, the Borrower may pay to [SPECIFY], without the prior written consent of the Lender:",null,"Subordination Agreement","4",55,"doc","https://templates.business-in-a-box.com/imgs/1000px/subordination-agreement-D423.png","https://templates.business-in-a-box.com/imgs/250px/423.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#423.xml",{"title":6,"description":6},[16,19,22],{"label":17,"url":18},"Finance & Accounting","/templates/finance-accounting/",{"label":20,"url":21},"Business Loans","/templates/business-loan/",{"label":20,"url":21},"subordination agreement","Subordination Agreement Template","https://templates.business-in-a-box.com/imgs/400px/423.png","https://templates.business-in-a-box.com/imgs/600px/423.png","\u003Ch4>Understanding a Subordination Agreement Template\u003C/h4>\n\u003Cp>Get a subordination agreement template that establishes one debt positioned behind another in priority for collecting repayment from a debtor.\u003C/p>\n\u003Ch5>What is a Subordination Agreement?\u003C/h5>\n\u003Cp>A subordination agreement is a type of financial document that has to do with the priority of debt payments. It has very broad uses in the world of mortgages and the lending of money to individuals, but it also has some applications in the business world, and as we will see, it is very important for businesses to understand to put it in practice.\u003C/p>\n\u003Cp>To understand what subordination agreement templates do, we need to first understand how loans work. Let’s first explain the case of a mortgage refinancing. Let’s say that Bank 1 lends $150K to a person to buy their home, and finances it at a certain rate. For some reason, it is convenient for the person to refinance the mortgage with Bank 2, who agrees to do so, but only if Bank 1 signs a subordination agreement.\u003C/p>\n\u003Cp>Why is this the case? A subordination agreement serves the purpose of changing the priority of the lien between the lenders. The lien is the right to sell the asset, in this case, the house of the person that took the mortgage, in case they are not able to meet the obligations of the loan contract.\u003C/p>\n\u003Cp>This is the case for the mortgage, but in companies and businesses, a subordination agreement template is required when you, as a borrower, need to refinance your debt for any reason (usually interest rates being better, after taking out a fixed-rate loan), and you need to have this subordination agreement signed by the two lending parties for you to take advantage of refinancing. Having this agreement ready under your belt can speed up the process for you to reap the benefits and improve your debt situation with a simple refinancing deal.\u003C/p>\n\u003Ch5>In Which Cases Do You Need a Subordination Agreement?\u003C/h5>\n\u003Cp>This question is like asking: when do you need to refinance your debt? Because, in the case of a company seeking leverage for a new project to create value, any chance you take to get better conditions in your debt has direct impacts in your profit/loss statements and will generate better financial results over time.\u003C/p>\n\u003Cp>The cases in which you would need to refinance your debt are when interest rates favor a refinancing. These interest rates fluctuate regularly, but macroeconomic factors can impact the rates very substantially, and in some cases, the interest rates may go down to a point where the interest you pay on your loan will be substantially less, in which case, a subordination agreement template would be necessary to have your banks sign to refinance your debt.\u003C/p>\n\u003Cp>Additionally, if you feel that any bank has practices that you do not like, or simply want to take your business to a single lender for convenience or any other situations, a subordination agreement is very necessary to have your debt transferred to your preferred financial institution.\u003C/p>\n\u003Ch5>Subordination Agreement Template Overview\u003C/h5>\n\u003Cp>Using a subordination agreement is complex, because the financial aspects of it, and the involvement of the distinct parties involved is quite difficult to understand and effectively use without a knowledgeable legal team. The business and legal templates within Business-in-a-box can bring a robust understanding of the legal and financial environments and give you simple to use templates for all the paperwork you require.\u003C/p>\n\u003Cp>Whether you need to refinance debt due to a favorable change in interest rates, a better relationship with a bank, or due to any other reason that may show up in your business, in the following sections, we will show you the key parts of subordination agreement templates, so that you are more familiar with what you need, and you can pick the best option out of our multiple subordination agreement templates.\u003C/p>\n\u003Ch5>How to Write a Subordination Agreement\u003C/h5>\n\u003Cp>In the next section of this article, we will show and explain the sections and clauses of a subordination agreement template so that you can better understand the legal details of this particularly useful finance document, that surprisingly, not many people know of.\u003C/p>\n\u003Cp>Keep in mind that the whole purpose, summed up in quite simple terms, is just a contract like that issued to an employee, only that this is shorter term, and is pertinent to a specific task. This sort of financial technical paperwork that involves debt, collaterals, liens, and other concepts can get a little complex, and you can quickly get stuck up in the details if you do not have a template made for you beforehand.\u003C/p>\n\u003Cp>A useful thing to keep in mind is that the whole purpose of a subordination agreement is to transfer the “first in line right” from your original lender to a new one if anything goes wrong with the fulfillment of the obligations of the debt contract. It passes the priority of receiving the funds in case of an asset liquidation to the next lender that has a specific characteristic that makes you want to transfer your debt.\u003C/p>\n\u003Cp>In the following section, we will explain the subordination agreement template sample parts in a detailed fashion, so that you understand the most important clauses and sections.\u003C/p>\n\u003Ch5>Subordination Agreement Template Sample\u003C/h5>\n\u003Ch6>1. Definition\u003C/h6>\n\u003Cp>Just like with any other contract, yours should start with the definitions. Here you will need to include all the terminology used throughout the rest of the document, this will allow you to clarify any uncertainty that might arise when you refer to the “Holders” or the “Obligors”. Be clear but concise, this will help you to easily address your points without the need for backtracking for explanations.\u003C/p>\n\u003Cp>Even if it seems simple, it is one of the most difficult parts of writing an agreement due to the extensive amount of terminology and knowledge needed to correctly identify and describe each actor and their role.\u003C/p>\n\u003Ch6>2. Agreement to Subordinate\u003C/h6>\n\u003Cp>This clause is the central part of the agreement, in short, here you will describe the subordinated obligations that are set upon the initial lender to the obligor while talking about the initial payment, and how you as the borrower will then guarantee the payment of said loans to the new party for the refinancing. In other words, here you will ensure that both parties are bound by the agreement by surrendering the default of the loan if you, as the borrower, are not capable of its repayment.\u003C/p>\n\u003Cp>It is one of the more complex clauses since it involves a multitude of parties and the description of how they are intertwined with one another. All of this while ensuring that both the lender and the obligor are compensated and that you, as the borrower, are still bound to a new loan agreement.\u003C/p>\n\u003Ch6>3. Reorganization\u003C/h6>\n\u003Cp>The reorganization clause focuses on the hypotheticals, it details the protocol that should be followed should the borrowing party change ownership or in the case of a financial restructuring. It aims to protect the lenders, so that their right to their initial investment, along with the interest rate, is still their own even if any restructuring should occur on the other party’s end.\u003C/p>\n\u003Cul>\n\u003Cli>Bounds the borrowing party to fulfill the full payment.\u003C/li>\n\u003Cli>The subordinated creditors may issue a payment request. This may vary, as it is also common for the creditors to be able to collect the deliverable payments.\u003C/li>\n\u003C/ul>\n\u003Ch6>4. Restrictions on Payments and Actions\u003C/h6>\n\u003Cp>The Restrictions on Payments and Actions clause is all about defaulting or inability to fulfill the borrower's subordinated obligations in respect of the initial agreement. In this clause, the parties will agree on the steps that should be taken in case of default as well as what the compensations are in several different cases depending on the extent of the effects.\u003C/p>\n\u003Ch6>5.  Negative Covenants of the Subordinated Creditors\u003C/h6>\n\u003Cp>As for the Negative Covenants of the Subordinated Creditors section, if the payment has not been fully covered, it prevents the creditors from cashing on a variety of benefits, which may include:\u003C/p>\n\u003Cul>\n\u003Cli>Receive any benefits of any lien in order concerning the subordinated obligations.\u003C/li>\n\u003Cli>Receive any benefits of any guarantee to secure any subordinated obligations.\u003C/li>\n\u003Cli>Subordinate an additional security interest.\u003C/li>\n\u003C/ul>\n\u003Ch6>7. Unconditional Obligations\u003C/h6>\n\u003Cp>As its name suggests, this section highlights the unconditional obligations of both the Subordinated Creditors and the Obligors legally bound to the agreement. It discusses matters from what is expected when talking about the term, manner, and place of the payment, as well as a notification system, should any of the established mechanisms change. Any protection requirements as well as all other notices are represented and clarified to maintain a fruitful relationship between parties.\u003C/p>\n\u003Ch6>8. Subrogation\u003C/h6>\n\u003Cp>This section describes the right that the lender reserves to legally pursue the borrower should an insurance loss be insured. This way the leading party is legally bound to have a way to claim on their investment should the senior obligations not have yet been fully paid.\u003C/p>\n\u003Cp>It is an optional clause that is used most when talking about property and to ensure that settlements under insurance policy go without issue.\u003C/p>\n\u003Ch6>9. Severability\u003C/h6>\n\u003Cp>The severability clause is not brief and simple and is one of the few that is not specific to subordination agreement templates but instead is usually included in most legally binding documents. What it does, is it states that each clause is separate from the whole and that if an external entity, usually a jury, deems a particular section invalid that the rest of the contract, by this clause of severability, still stands functional and legally binding until the term is reached or if it is absolved in any other way. This section is not difficult to implement, but due to its importance, it must be professionally written and structured to ensure your legal security.\u003C/p>\n\u003Ch6>10. Jurisdiction\u003C/h6>\n\u003Cp>This last component is also optional but can also be useful. The jurisdiction section binds this agreement to a single state/country, this is commonly referred to as an exclusive jurisdiction clause, where both parties agree to choose their jurisdiction, most of the time due to preferred judicial system or the specific method of law enforcement.\u003C/p>\n\u003Cp>Business-in-a-Box has a collection of over 2,000 high quality legal document templates, such as this subordination agreement template. \u003Ca href=\"https://app.business-in-a-box.com/account/create?CreationPage=%2Ftemplate%2Fsubordination-agreement-D423\">Sign up\u003C/a> to get full access to the documents that will kickstart your business.\u003C/p>\n",[29,16,19,22],{"label":30,"url":31},"Templates","/templates/",[33,34,37],{"label":30,"url":31},{"label":35,"url":36},"Legal Agreements","/templates/business-legal-agreements/",{"label":38,"url":39},"Loans & Promissory Notes","/templates/loans-and-promissory-notes/",[41,45,49,53,57,61,65,69,73,77,81,85,89,106,122,140,153,167],{"label":42,"url":43,"thumb":44,"extension":10},"Subordination Agreement to Secured Debt","/template/subordination-agreement-to-secured-debt-D410","https://templates.business-in-a-box.com/imgs/250px/410.png",{"label":46,"url":47,"thumb":48,"extension":10},"Subordination Agreement Long Form","/template/subordination-agreement-long-form-D424","https://templates.business-in-a-box.com/imgs/250px/424.png",{"label":50,"url":51,"thumb":52,"extension":10},"Subordination Agreement Private Companies","/template/subordination-agreement-private-companies-D425","https://templates.business-in-a-box.com/imgs/250px/425.png",{"label":54,"url":55,"thumb":56,"extension":10},"Credit Agreement","/template/credit-agreement-D416","https://templates.business-in-a-box.com/imgs/250px/416.png",{"label":58,"url":59,"thumb":60,"extension":10},"Loan Agreement","/template/loan-agreement-D417","https://templates.business-in-a-box.com/imgs/250px/417.png",{"label":62,"url":63,"thumb":64,"extension":10},"Line Of Credit Agreement","/template/line-of-credit-agreement-D14003","https://templates.business-in-a-box.com/imgs/250px/14003.png",{"label":66,"url":67,"thumb":68,"extension":10},"Revolving Credit Agreement","/template/revolving-credit-agreement-D14051","https://templates.business-in-a-box.com/imgs/250px/14051.png",{"label":70,"url":71,"thumb":72,"extension":10},"Shareholder Loan Agreement","/template/shareholder-loan-agreement-D13239","https://templates.business-in-a-box.com/imgs/250px/13239.png",{"label":74,"url":75,"thumb":76,"extension":10},"Subordinated Loan Agreement","/template/subordinated-loan-agreement-D12877","https://templates.business-in-a-box.com/imgs/250px/12877.png",{"label":78,"url":79,"thumb":80,"extension":10},"Promissory Note","/template/promissory-note-D434","https://templates.business-in-a-box.com/imgs/250px/434.png",{"label":82,"url":83,"thumb":84,"extension":10},"Stock Lending Agreement","/template/stock-lending-agreement-D14067","https://templates.business-in-a-box.com/imgs/250px/14067.png",{"label":86,"url":87,"thumb":88,"extension":10},"Credit Note","/template/credit-note-D13639","https://templates.business-in-a-box.com/imgs/250px/13639.png",{"description":90,"descriptionCustom":6,"label":91,"pages":8,"size":92,"extension":10,"preview":93,"thumb":94,"svgFrame":95,"seoMetadata":96,"parents":98,"keywords":104,"url":105},"NON-PROFIT PARTNERSHIP AGREEMENT This Non-Profit Partnership Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [NON-PROFIT ORGANIZATION 1 NAME] (the \"First Partner\"), a non-profit organization organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its principal place of business located at: [YOUR COMPLETE ADDRESS] AND: [NON-PROFIT ORGANIZATION 2 NAME] (the \"Second Partner\"), a non-profit organization organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its principal place of business located at: [COMPLETE ADDRESS] RECITALS: WHEREAS, the First Partner and the Second Partner share a mutual commitment to [COMMON MISSION OR GOAL], and wish to collaborate to achieve greater impact in [SPECIFIC AREA OF FOCUS]; WHEREAS, the First Partner and the Second Partner have determined that entering into a partnership agreement is the most advantageous form of collaboration for their mutual purposes; WHEREAS, the First Partner and the Second Partner agree to form a non-profit partnership (the \"Partnership\") under [LAW, CODE, OR ACT]; NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the Parties hereto agree as follows: NAME AND DOMICILE Name: The name of the Partnership shall be [PARTNERSHIP NAME]. Principal Place of Business: The principal place of business shall be at [ADDRESS], [CITY], [STATE/PROVINCE], unless relocated by consent of the partners. PURPOSES 2.1 Purpose: The purposes of the Partnership are to engage in the activities of [DESCRIBE NON-PROFIT ACTIVITIES] and to conduct other activities as may be necessary or incidental to or desirable in connection with the foregoing. DURATION OF AGREEMENT 3.1 Term: The term of this Agreement shall be for [NUMBER OF YEARS] years, commencing on [START DATE] and terminating on [END DATE], unless sooner terminated by mutual consent of the Parties or by operation of the provisions of this Agreement. ROLES AND RESPONSIBILITIES 4.1 Classification of Partners: Partners shall be classified as active partners, advisory partners, or honorary partners. 4.2 Performance by Partners: Each active partner shall apply all of their experience, training, and ability in discharging their assigned functions within the Partnership and in performing all work necessary or advantageous to further the non-profit goals of the Partnership. CONTRIBUTIONS 5.1 Financial Contributions: Each partner shall contribute [AMOUNT] on or before [DATE], to be used by the Partnership to establish its financial base. Any additional contributions required shall be determined and agreed upon in accordance with the Partnership's mission. 5.2 Non-Financial Contributions: Each partner shall also contribute non-financial resources, including but not limited to time, expertise, and access to networks, as necessary to achieve the Partnership's objectives MANAGEMENT OF THE PARTNERSHIP 6.1 Management Structure: The Partnership shall be managed by [SPECIFY MANAGEMENT BODY OR INDIVIDUALS]. Subject to the limitations specifically contained in this Agreement, the managing body shall have the full, exclusive, and absolute right, power, and authority to manage and control the Partnership and its activities. 6.2 Powers of Management: Without limiting the generality of the foregoing, the managing body shall have the power to: a) Develop and implement strategic plans to achieve the Partnership's goals. b) Oversee the day-to-day operations of the Partnership. c) Manage the Partnership's financial resources. d) Engage in fundraising activities. e) Enter into contracts and agreements on behalf of the Partnership. f) Perform any other acts deemed necessary or appropriate for the Partnership's success. TRANSFER OF PARTNERSHIP INTERESTS 7.1 Restrictions on Transfer: Since the Partnership operates as a non-profit entity, no partner may transfer, assign, or sell any ownership interest in the Partnership, as there is no equity ownership in a non-profit. Any transfer of responsibilities or roles within the Partnership must be mutually agreed upon by all partners in writing. New partners or organizations may only be admitted into the Partnership with the unanimous consent of the existing partners. 7.2 No Equity Rights: As this Partnership is non-profit in nature, partners do not have any right to financial interest or equity in the Partnership. Any funds or assets contributed to the Partnership are considered charitable contributions to further the Partnership's mission and cannot be reclaimed upon withdrawal or termination of a partner's involvement. DISSOLUTION AND TERMINATION OF THE PARTNERSHIP 8.1 Dissolution Events: The Partnership shall be dissolved and its affairs wound up upon the happening of any of the following: a) Mutual agreement of the partners. b) Completion of the Partnership's purpose. c) [OTHER REASONS]. BUSINESS EXPENSES 9.1 Expenses: All expenses incurred in furtherance of the Partnership's objectives, including operational costs, program expenses, and any other relevant costs, shall be paid out of the Partnership's funds. MEETINGS 10.1 Place of Meetings: Meetings of the partners may be held at any place within or without [STATE/PROVINCE], as determined by the partners, but will generally be held at [LOCATION]. 10","Non-Profit Partnership Agreement",513,"https://templates.business-in-a-box.com/imgs/1000px/non-profit-partnership-agreement-D14023.png","https://templates.business-in-a-box.com/imgs/250px/14023.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#14023.xml",{"title":97,"description":6},"non-profit partnership agreement",[99,101],{"label":35,"url":100},"business-legal-agreements",{"label":102,"url":103},"Partnership Agreements","partnership-agreement","non profit partnership agreement","/template/non-profit-partnership-agreement-D14023",{"description":107,"descriptionCustom":6,"label":108,"pages":109,"size":110,"extension":10,"preview":111,"thumb":112,"svgFrame":113,"seoMetadata":114,"parents":115,"keywords":120,"url":121},"ASSIGNMENT OF DEED OF TRUST This Assignment of Deed of Trust (the \"Assignment\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Trustor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [TRUSTEE NAME] (the \"Trustee\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] TERMS","Assignment of Deed of Trust","1",28,"https://templates.business-in-a-box.com/imgs/1000px/assignment-of-deed-of-trust-D975.png","https://templates.business-in-a-box.com/imgs/250px/975.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#975.xml",{"title":6,"description":6},[116,117],{"label":35,"url":100},{"label":118,"url":119},"Deeds","deed","assignment deed trust","/template/assignment-of-deed-of-trust-D975",{"description":123,"descriptionCustom":6,"label":124,"pages":125,"size":126,"extension":10,"preview":127,"thumb":128,"svgFrame":129,"seoMetadata":130,"parents":131,"keywords":138,"url":139},"COMMERCIAL LEASE AGREEMENT This Lease Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Landlord\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [TENANT NAME] (the \"Tenant\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] DESCRIPTION OF PREMISES Landlord leases to Tenant the premises located at [address], [city], [state], and described more particularly as follows: [insert legal description]. GRANT OF LEASE Landlord, in consideration of the rents to be paid and the covenants and agreements to be performed and observed by the Tenant, does hereby lease to the Tenant and the Tenant does hereby lease and take from the Landlord the property described in Exhibit \"A\" attached hereto and by reference made a part hereof (the \"Leased Premises\"), together with, as part of the parcel, all improvements located thereon. LEASE TERM Total Term of Lease: The term of this Lease shall begin on the commencement date, as defined in Section b) of this Article 3, and shall terminate on [DATE]. Commencement Date: The \"Commencement Date\" shall mean the date on which the Tenant shall commence to conduct business on the Leased Premised, so long as such date is not in excess of [NUMBER] days subsequent to execution hereof. EXTENSIONS The parties hereto may elect to extend this Agreement upon such terms and conditions as may be agreed upon in writing and signed by the parties at the time of any such extension. DETERMINATION OF RENT The Tenant agrees to pay the Landlord and the Landlord agrees to accept, during the term hereof, at such place as the Landlord shall from time to time direct by notice to the Tenant, rent at the following rates and times: Annual Rent: Annual rent for the term of the Lease shall be [AMOUNT], plus applicable sales tax. Payment of Yearly Rent: The annual rent shall be payable in advance in equal monthly installments of one-twelfth (1/12th) of the total yearly rent, which shall be [AMOUNT], on the first day of each and every calendar month during the term hereof, and prorata for the fractional portion of any month, except that on the first day of the calendar month immediately following the Commencement Date, the Tenant shall also pay to the Landlord rent at the said rate for any portion of the preceding calendar month included in the term of this Lease. Reference to yearly rent hereunder shall not be implied or construed to the effect that this Lease or the obligation to pay rent hereunder is from year to year, or for any term shorter than the existing Lease term, plus any extensions as may be agreed upon. A late fee in the amount of [AMOUNT] shall be assessed if payment is not postmarked or received by Landlord on or before the tenth day of each month. USE OF PROPERTY BY TENANT The Leased Premises may be occupied and used by Tenant exclusively as a [DESCRIBE], to be known as a [DESCRIBE]. Nothing herein shall give Tenant the right to use the property for any other purpose or to sublease, assign, or license the use of the property to any Sub-Tenant, assignee, or licensee, which or who shall use the property for any other use. RESTRICTIONS ON USE Tenant shall not use the demised premises in any manner that will increase risks covered by insurance on the demised premises and result in an increase in the rate of insurance or a cancellation of any insurance policy, even if such use may be in furtherance of Tenant's business purposes. Tenant shall not keep, use, or sell anything prohibited by any policy of fire insurance covering the demised premises, and shall comply with all requirements of the insurers applicable to the demised premises necessary to keep in force the fire and liability insurance. WASTE, NUISANCE, OR UNLAWFUL ACTIVITY Tenant shall not allow any waste or nuisance on the demised premises, or use or allow the demised premises to be used for any unlawful purpose. DELAY IN DELIVERING POSSESSION This lease agreement shall not be rendered void or voidable by the inability of Landlord to deliver possession to Tenant on the date set forth in Section 3. Landlord shall not be liable to Tenant for any loss or damage suffered by reason of such a delay; provided, however, that Landlord does deliver possession no later than [date]. In the event of a delay in delivering possession, the rent for the period of such delay will be deducted from the total rent due under this lease agreement. No extension of this lease agreement shall result from a delay in delivering possession. SECURITY DEPOSIT The Tenant has deposited with the Landlord the sum of [AMOUNT] as security for the full and faithful performance by the Tenant of all the terms of this lease required to be performed by the Tenant. Such sum shall be returned to the Tenant after the expiration of this lease, provided the Tenant has fully and faithfully carried out all of its terms. In the event of a bona fide sale of the property of which the leased premises are a part, the Landlord shall have the right to transfer the security to the purchaser to be held under the terms of this lease, and the Landlord shall be released from all liability for the return of such security to the Tenant. TAXES Property Taxes: The Tenant shall be liable for all taxes levied against any leasehold interest of the Tenant or personal property and trade fixtures owned or placed by the Tenant in the Leased Premises. Real Estate Taxes: During the continuance of this lease Landlord shall deliver to Tenant a copy of any real estate taxes and assessments against the Leased Property. From and after the Commencement Date, the Tenant shall pay to Landlord not later than [NUMBER] days after the day on which the same may become initially due, all real estate taxes and assessments applicable to the Leased Premises, together with any interest and penalties lawfully imposed thereon as a result of Tenant's late payment thereof, which shall be levied upon the Leased Premises during the term of this Lease. Contest of Taxes: The Tenant, at its own cost and expense, may, if it shall in good faith so desire, contest by appropriate proceedings the amount of any personal or real property tax. The Tenant may, if it shall so desire, endeavor at any time or times, by appropriate proceedings, to obtain a reduction in the assessed valuation of the Leased Premises for tax purposes. In any such event, if the Landlord agrees, at the request of the Tenant, to join with the Tenant at Tenant's expense in said proceedings and the Landlord agrees to sign and deliver such papers and instruments as may be necessary to prosecute such proceedings, the Tenant shall have the right to contest the amount of any such tax and the Tenant shall have the right to withhold payment of any such tax, if the statute under which the Tenant is contesting such tax so permits. Payment of Ordinary Assessments: The Tenant shall pay all assessments, ordinary and extraordinary, attributable to or against the Leased Premises not later than [NUMBER] days after the day on which the same became initially due. The Tenant may take the benefit of any law allowing assessments to be paid in installments and in such event the Tenant shall only be liable for such installments of assessments due during the term hereof. ","Commercial Lease Agreement","19",145,"https://templates.business-in-a-box.com/imgs/1000px/lease-agreement-D1179.png","https://templates.business-in-a-box.com/imgs/250px/1179.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1179.xml",{"title":6,"description":6},[132,135],{"label":133,"url":134},"Real Estate","real-estate-business",{"label":136,"url":137},"Business Checklists","business-checklists","lease agreement","/template/lease-agreement-D1179",{"description":141,"descriptionCustom":6,"label":142,"pages":8,"size":143,"extension":10,"preview":144,"thumb":145,"svgFrame":146,"seoMetadata":147,"parents":148,"keywords":151,"url":152},"MORTGAGE This Mortgage (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Mortgagor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [MORTGAGEE NAME] (the \"Mortgagee\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS WHEREAS, Mortgagor is justly indebted to Mortgagee in the sum of [AMOUNT] in lawful money of [COUNTRY], and has agreed to pay the same, with interest thereon, according to the terms of a certain note (the \"Note\") given by Mortgagor to Mortgagee, bearing even date herewith. DESCRIPTION OF PROPERTY SUBJECT TO LIEN: \"PREMISES\" NOW, THEREFORE, in consideration of the premises and the sum hereinabove set forth, and to secure the payment of the Secured Indebtedness as defined herein, Mortgagor has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell and convey unto Mortgagee property situated in [CITY, STATE/PROVINCE] more particularly described in Exhibit\" A\" attached hereto and by this reference made a part hereof; TOGETHER with all buildings, structures and other improvements now or hereafter located on, above or below the surface of the property herein before described, or any part and parcel thereof; and, TOGETHER with all and singular the tenements, easements, riparian and littoral rights, and appurtenances thereunto belonging or in anywise appertaining, whether now owned or hereafter acquired by Mortgagor, and including all rights of ingress and egress to and from adjoining property (whether such rights now exist or subsequently arise) together with the reversion or reversions, remainder and remainders, rents, issues and profits thereof; and also all the estate, right, title, interest, claim and demand whatsoever of Mortgagor of, in and to the same and of, in and to every part and parcel thereof; and, TOGETHER with all machinery, apparatus, equipment, fittings, fixtures, whether actually or constructively attached to said property and including all trade, domestic and ornamental fixtures, and articles of personal property of every kind and nature whatsoever (hereinafter collectively called \"Equipment\"), now or hereafter located in, upon or under said property or any part thereof and used or usable in connection with any present or future operation of said property and now owned or hereafter acquired by Mortgagor; and, TOGETHER with all the common elements appurtenant to any parcel, unit or lot which is all or part of the Premises; and, ALL the foregoing encumbered by this Mortgage being collectively referred to herein as the \"Premises\"; TO HAVE AND TO HOLD the Premises hereby granted to the use, benefit and behalf of the Mortgagee, forever. EQUITY OF REDEMPTION Conditioned, however, that if Mortgagor shall promptly pay or cause to be paid to Mortgagee, at its address listed in the Note, or at such other place which may hereafter be designated by Mortgagee, its or their successors or assigns, with interest, the principal sum of [AMOUNT] with final maturity, if not sooner paid, as stated in said Note unless amended or extended according to the terms of the Note executed by Mortgagor and payable to the order of Mortgagee, then these presents shall cease and be void, otherwise these presents shall remain in full force and effect. COVENANTS OF MORTGAGOR Mortgagor covenants and agrees with Mortgagee as follows: Secured Indebtedness: This Mortgage is given as security for the Note and also as security for any and all other sums, indebtedness, obligations and liabilities of any and every kind arising, under the Note or this Mortgage, as amended or modified or supplemented from time to time, and any and all renewals, modifications or extensions of any or all of the foregoing (all of which are collectively referred to herein as the \"Secured Indebtedness\"), the entire Secured Indebtedness being equally secured with and having the same priority as any amounts owed at the date hereof. Performance of Note, Mortgage: Mortgagor shall perform, observe and comply with all provisions hereof and of the Note and shall promptly pay, in lawful money of [COUNTRY], to Mortgagee the Secured Indebtedness with interest thereon as provided in the Note, this Mortgage and all other documents constituting the Secured Indebtedness. Extent Of Payment Other Than Principal And Interest: Mortgagor shall pay, when due and payable, (1) all taxes, assessments, general or special, and other charges levied on, or assessed, placed or made against the Premises, this instrument or the Secured Indebtedness or any interest of the Mortgagee in the Premises or the obligations secured hereby; (2) premiums on policies of fire and other hazard insurance covering the Premises, as required herein; (3) ground rents or other lease rentals; and (4) other sums related to the Premises or the indebtedness secured hereby, if any, payable by Mortgagor. Insurance: Mortgagor shall, at its sole cost and expense, keep the Premises insured against all hazards as is customary and reasonable for properties of similar type and nature located in [CITY, STATE/PROVINCE]. Care of Property: Mortgagor shall maintain the Premises in good condition and repair and shall not commit or suffer any material waste to the Premises. ","Mortgage",50,"https://templates.business-in-a-box.com/imgs/1000px/mortgage-D1183.png","https://templates.business-in-a-box.com/imgs/250px/1183.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1183.xml",{"title":6,"description":6},[149,150],{"label":133,"url":134},{"label":136,"url":137},"mortgage","/template/mortgage-D1183",{"description":154,"descriptionCustom":6,"label":155,"pages":156,"size":157,"extension":10,"preview":158,"thumb":159,"svgFrame":160,"seoMetadata":161,"parents":162,"keywords":165,"url":166},"SECURITY AGREEMENT This Security Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [SECURED PARTY NAME] (the \" Secured Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Debtor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] For value received, the undersigned Debtor, promises to pay to the order of [name], together with any other holder of this note (\"Secured Party\"), [amount], with interest at the rate of [%] per annum. Payment shall be made in successive equal monthly installments of [amount]. Each such Installment is payable on the [day] of each month, commencing on [date]. Recitals WHEREAS, the Secured Party has extended to the Debtor a certain loan as evidenced by a certain promissory note, in the original principal amount equal to [amount] dated on even date herewith (the \"Note\"); and WHEREAS, the Debtor wishes to grant a first priority security interest in and to all of the Debtor's tangible and intangible personal property pursuant to the terms hereof; NOW, THEREFORE, for and in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto covenant and agree as follows: DEFINITIONS The following terms shall have the meanings herein specified unless the context otherwise requires. Such definitions shall be equally applicable to the singular and plural forms of the terms defined: \"Contracts\" shall mean all contracts between the Debtor and one or more additional parties. \"Contract Rights\" shall mean all rights of the Debtor (including, without limitation, all rights to payment) under each Contract. \"Copyrights\" shall mean any [country] copyright to which the Debtor now or hereafter has title, as well as any application for a [country] copyright hereafter made by the Debtor. \"Equipment\" shall mean any \"equipment,\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, fixtures and vehicles now or hereafter owned by the Debtor and any and all additions, substitutions and replacements of, any of the foregoing, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. \"General Intangibles\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Goods\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Inventory\" shall mean all raw materials, workinprocess, and finished inventory of the Debtor of every type or description and all documents of title covering such inventory, and shall specifically include all \"inventory\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by the Debtor. \"Marks\" shall mean any trademarks and service marks now held or hereafter acquired by the Debtor, which are registered in the [country] Patent and Trademark Office, as well as any unregistered marks used by the Debtor in the [COUNTRY] and trade dress, including logos and/or designs, in connection with which any of these registered or unregistered marks are used. \"Obligations\" shall mean: (i) all indebtedness, obligations and liabilities (including, without limitation, guarantees and other contingent liabilities) of the Debtor to the Secured Party, including but not limited to the Note; (ii) any and all sums advanced by the Secured Party in order to preserve the Collateral or preserve its security interest in the Collateral; and (iii) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Debtor referred to in clause (i), after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing or realizing on the Collateral, or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys' fees and court costs. \"Patents\" shall mean any [country] patent to which the Debtor now or hereafter has title, as well as any application for a [country] patent now or hereafter made by Debtor. \"Proceeds\" shall have the meaning assigned that term under the [law or code] as in effect in the State of [state/province] on the date hereof or under other relevant law and, in any event, shall include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Secured Party or the Debtor from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to the Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. \"Receivables\" shall mean any \"account\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [STATE/PROVINCE], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all of the Debtor's rights to payment for goods sold or leased or services performed by the Debtor, whether now in existence or arising from time to time hereafter, including, without limitation, rights evidenced by an account, note, contract, security agreement, or other evidence of indebtedness or security, together with (i) all security pledged, assigned, hypothecated or granted to or held by the Debtor to secure the foregoing; (ii) all of the Debtor's right, title and interest in and to any goods, the sale of which gave rise thereto; (iii) all guarantees, endorsements and indemnifications on, or of, any of the foregoing; (iv) all powers of attorney for the execution of any evidence of indebtedness or security or other writing in connection therewith; (v) all books, records, ledger cards and invoices relating thereto; (vi) all evidences of the filing of financing statements and other statements and the registration of other instruments in connection therewith and amendments thereto, notices to other creditors or secured parties, and certificates from filing or other registration officers; (vii) all credit information, reports and memoranda relating thereto and (viii) all other writings related in any way to the foregoing. GRANT OF SECURITY INTEREST The Debtor does hereby grant to the Secured Party a continuing security interest of first priority in all of the right, title and interest of the Debtor in, to and under all of the following property whether now existing or hereafter created or arising: ","Security Agreement","10",96,"https://templates.business-in-a-box.com/imgs/1000px/security-agreement-D915.png","https://templates.business-in-a-box.com/imgs/250px/915.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#915.xml",{"title":6,"description":6},[163,164],{"label":35,"url":100},{"label":35,"url":100},"security agreement","/template/security-agreement-D915",{"description":168,"descriptionCustom":6,"label":169,"pages":170,"size":171,"extension":10,"preview":172,"thumb":173,"svgFrame":174,"seoMetadata":175,"parents":176,"keywords":179,"url":180},"ASSIGNMENT OF MORTGAGE This Assignment of Mortgage (the \"Assignment\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Assignor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [ASSIGNEE NAME] (the \"Assignee\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] ","Assignment of Mortgage","2",32,"https://templates.business-in-a-box.com/imgs/1000px/assignment-of-mortgage-D1156.png","https://templates.business-in-a-box.com/imgs/250px/1156.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1156.xml",{"title":6,"description":6},[177,178],{"label":133,"url":134},{"label":35,"url":100},"assignment mortgage","/template/assignment-of-mortgage-D1156",true,{"seo":183,"reviewer":196,"legal_disclaimer":181,"quick_facts":200,"at_a_glance":202,"personas":206,"variants":231,"glossary":258,"clauses":291,"how_to_fill":341,"common_mistakes":382,"faqs":407,"industries":435,"comparisons":451,"diy_vs_lawyer":465,"jurisdictions":478,"related_template_ids_curated":499,"schema":510,"classification":511},{"meta_title":184,"meta_description":185,"primary_keyword":186,"secondary_keywords":187,"family":186,"is_canonical":195},"Subordination Agreement Template (Free Word)","Free subordination agreement template for lenders, borrowers, and property owners. Trusted by companies in USA, Canada, UK, Australia, and 190+ countries. Free Word and PDF download.","subordination agreement template",[188,189,190,191,192,193,194],"subordination agreement form","subordination agreement real estate","subordination agreement mortgage","subordination non-disturbance and attornment agreement","loan subordination agreement template","subordination agreement free download","lien subordination agreement",false,{"name":197,"credential":198,"reviewed_date":199},"Bruno Goulet","CEO, Business in a Box","2026-05-02",{"difficulty":201,"legal_review_recommended":181,"signature_required":181,"notarization_required":181},"advanced",{"what_it_is":203,"when_you_need_it":204,"whats_inside":205},"A Subordination Agreement is a legally binding document in which one creditor agrees to place its debt or lien in a lower-priority position relative to another creditor's claim against the same borrower or property. This free Word download gives you a professionally structured template you can edit online, adapt to your transaction, and export as PDF for execution and recording with the appropriate registry.\n","Use it when a senior lender requires an existing junior creditor to formally defer its claim — most commonly when refinancing a mortgage, adding a second lien, or restructuring business debt with multiple creditors. It is also required when a commercial tenant's lease must be subordinated to a landlord's financing.\n","Party identification and recitals, description of the senior and junior debt instruments, the subordination covenant, non-disturbance and attornment provisions where applicable, representations and warranties, default and cure rights, recording instructions, and governing law.\n",[207,211,215,219,223,227],{"title":208,"use_case":209,"icon_asset_id":210},"Commercial lenders and banks","Requiring junior creditors to subordinate before funding a refinance or new senior loan","persona-lender",{"title":212,"use_case":213,"icon_asset_id":214},"Real estate investors and property owners","Satisfying a first-mortgage lender's subordination requirement when adding a second lien","persona-real-estate-investor",{"title":216,"use_case":217,"icon_asset_id":218},"Business owners refinancing debt","Obtaining a senior lender's approval by subordinating an existing mezzanine or seller note","persona-small-business-owner",{"title":220,"use_case":221,"icon_asset_id":222},"Commercial landlords","Subordinating tenant leases to a lender's deed of trust as a condition of financing","persona-landlord",{"title":224,"use_case":225,"icon_asset_id":226},"Private equity and mezzanine lenders","Documenting the agreed priority stack between senior and junior tranches in a capital structure","persona-investor",{"title":228,"use_case":229,"icon_asset_id":230},"Corporate attorneys and paralegals","Drafting and recording subordination agreements as part of a multi-lender closing package","persona-attorney",[232,236,240,244,248,251,254],{"situation":233,"recommended_template":234,"slug":235},"Subordinating a second mortgage to a refinanced first mortgage","Mortgage Subordination Agreement","subordination-agreement-D423",{"situation":237,"recommended_template":238,"slug":239},"Subordinating a commercial lease to a landlord's lender","Subordination, Non-Disturbance and Attornment Agreement (SNDA)","non-disturbance-agreement-D5213",{"situation":241,"recommended_template":242,"slug":243},"Subordinating a seller carry-back note to a new senior lender","Seller Note Subordination Agreement","note-purchase-agreement-D433",{"situation":245,"recommended_template":246,"slug":247},"Ranking multiple unsecured creditors in a business debt restructuring","Intercreditor Agreement","non-profit-partnership-agreement-D14023",{"situation":249,"recommended_template":250,"slug":235},"Documenting priority between a senior lender and mezzanine lender","Intercreditor and Subordination Agreement",{"situation":252,"recommended_template":253,"slug":235},"Subordinating a UCC lien to a new equipment or working capital lender","UCC Lien Subordination Agreement",{"situation":255,"recommended_template":256,"slug":257},"Modifying an existing subordination agreement after a loan amendment","Amendment to Subordination Agreement","amendment-agreement-D13872",[259,262,265,268,271,274,277,279,282,285,288],{"term":260,"definition":261},"Senior Lender","The creditor whose claim has first-priority rights against the borrower's assets or collateral — paid before any junior creditor in a default or liquidation.",{"term":263,"definition":264},"Junior Creditor","The creditor who agrees to take a lower-priority position, accepting that the senior lender is paid in full before any recovery flows to them.",{"term":266,"definition":267},"Lien Priority","The legal ranking that determines the order in which creditors are paid from collateral proceeds — typically established by recording date unless altered by a subordination agreement.",{"term":269,"definition":270},"Subordination Covenant","The specific contractual promise by the junior creditor to defer its rights and claims until the senior debt is fully satisfied.",{"term":272,"definition":273},"Non-Disturbance Clause","A provision in an SNDA agreement protecting a tenant from eviction by a lender if the landlord defaults, provided the tenant is not in breach of the lease.",{"term":275,"definition":276},"Attornment","A tenant's agreement to recognize a new landlord — typically the lender who acquired the property through foreclosure — as the landlord under the existing lease.",{"term":246,"definition":278},"A broader agreement between two or more lenders that governs not only priority but also enforcement rights, cure periods, and proceeds distribution across multiple debt layers.",{"term":280,"definition":281},"Deed of Trust","A security instrument used in many US states in which the borrower transfers legal title to a trustee to secure a loan, equivalent in function to a mortgage.",{"term":283,"definition":284},"Standstill Provision","A clause preventing the junior creditor from taking enforcement action — such as filing suit or initiating foreclosure — for a defined period, giving the senior lender time to act.",{"term":286,"definition":287},"Recording","The process of filing a signed and notarized subordination agreement with the county recorder, land registry, or applicable government office to give public notice of the priority arrangement.",{"term":289,"definition":290},"Deficiency Judgment","A court order requiring a borrower to pay the remaining balance owed after collateral is sold for less than the outstanding debt — relevant to the junior creditor's residual exposure.",[292,297,302,307,311,316,321,326,331,336],{"name":293,"plain_english":294,"sample_language":295,"common_mistake":296},"Parties and Recitals","Identifies the senior lender, junior creditor, and borrower by legal name, and summarizes the background — what debt each party holds and why subordination is being granted.","This Subordination Agreement ('Agreement') is entered into as of [DATE] among [SENIOR LENDER LEGAL NAME] ('Senior Lender'), [JUNIOR CREDITOR LEGAL NAME] ('Junior Creditor'), and [BORROWER LEGAL NAME] ('Borrower').","Using trade names or abbreviated party names instead of full legal entity names as they appear in the underlying loan documents — a mismatch creates a gap in the lien chain that title companies flag and require corrective instruments to fix.",{"name":298,"plain_english":299,"sample_language":300,"common_mistake":301},"Description of Senior Debt","Describes the senior loan in full — original principal amount, lender, borrower, date, and the security instrument securing it — so there is no ambiguity about which debt holds first priority.","Senior Lender holds a promissory note dated [DATE] in the original principal amount of $[AMOUNT], secured by a Deed of Trust recorded on [DATE] as Instrument No. [NUMBER] in [COUNTY], [STATE].","Referencing the senior loan by amount alone without including the recording reference or instrument number — making it impossible for a title examiner to confirm which instrument is being prioritized.",{"name":303,"plain_english":304,"sample_language":305,"common_mistake":306},"Description of Junior Debt","Identifies the junior creditor's existing note or lien with the same level of specificity — recording date, instrument number, and outstanding balance — so the subordinated instrument is unambiguously identified.","Junior Creditor holds a promissory note dated [DATE] in the original principal amount of $[AMOUNT], secured by a Deed of Trust / Mortgage recorded on [DATE] as Instrument No. [NUMBER] in [COUNTY], [STATE], with a current outstanding balance of approximately $[BALANCE].","Omitting the current outstanding balance, which matters if the agreement is later challenged — courts and title companies want to confirm the junior creditor understood the full exposure it was subordinating.",{"name":269,"plain_english":308,"sample_language":309,"common_mistake":310},"The operative clause: the junior creditor expressly agrees that its lien, note, and all rights under its security instrument are and shall remain subordinate in priority to the senior debt.","Junior Creditor hereby subordinates the Junior Lien, the Junior Note, and all rights and remedies thereunder to the Senior Lien and the Senior Loan Documents, such that the Senior Lien shall at all times be and remain prior and superior in lien priority to the Junior Lien.","Subordinating only the lien without expressly subordinating the underlying note and all ancillary rights — a gap that allows the junior creditor to argue its note-based remedies (such as acceleration) remain senior.",{"name":312,"plain_english":313,"sample_language":314,"common_mistake":315},"Standstill and Enforcement Restrictions","Prevents the junior creditor from declaring a default, accelerating its note, or pursuing foreclosure or other enforcement remedies for a defined standstill period after a borrower default, giving the senior lender time to cure or enforce first.","Junior Creditor shall not exercise any enforcement rights or remedies under the Junior Loan Documents, including acceleration, foreclosure, or appointment of a receiver, for a period of [90] days following written notice of a default under the Junior Loan Documents to Senior Lender.","Setting a standstill period that is shorter than the senior lender's own cure and foreclosure timeline — rendering the protection commercially meaningless because the junior creditor can still act before the senior lender completes enforcement.",{"name":317,"plain_english":318,"sample_language":319,"common_mistake":320},"Senior Lender's Cure Rights","Grants the senior lender the right — but not the obligation — to cure a default under the junior loan to prevent the junior creditor from triggering enforcement that could disrupt the senior lender's collateral.","Senior Lender shall have the right, but not the obligation, to cure any default under the Junior Loan Documents within [30] days of the expiration of any applicable cure period available to Borrower.","Granting cure rights without specifying whether amounts advanced by the senior lender to cure the junior default are added to the senior loan balance and secured by the senior lien — leaving the senior lender's reimbursement right uncertain.",{"name":322,"plain_english":323,"sample_language":324,"common_mistake":325},"Non-Disturbance and Attornment (SNDA)","In lease subordination contexts, the senior lender agrees not to disturb the tenant's possession if the landlord defaults, and the tenant agrees to attorn to the lender or any successor landlord acquiring the property through foreclosure.","Provided Tenant is not in default under the Lease beyond applicable notice and cure periods, Senior Lender agrees not to disturb Tenant's possession. Tenant agrees to attorn to Senior Lender or any purchaser at foreclosure as landlord under the Lease.","Including the subordination covenant but omitting the non-disturbance clause — leaving the tenant unprotected against eviction by a foreclosing lender, which sophisticated tenants will refuse to sign and their own lenders will object to.",{"name":327,"plain_english":328,"sample_language":329,"common_mistake":330},"Representations and Warranties","Each party confirms it has authority to enter the agreement, the debt descriptions are accurate, no prior assignments of the junior lien exist, and no defaults are currently outstanding that would affect enforceability.","Each party represents that: (a) it has full authority to execute this Agreement; (b) the instruments described herein are in full force and effect; (c) no default exists under the described debt as of the date hereof; and (d) no prior assignment of the Junior Lien has been made.","Skipping representations entirely on the assumption that the underlying loan documents cover them — if the subordination agreement is challenged independently, absent reps leave no factual record that the parties understood what they were subordinating.",{"name":332,"plain_english":333,"sample_language":334,"common_mistake":335},"Recording and Notice","Directs which party is responsible for recording the agreement, which recording office is used, and how notices between parties must be delivered — address, method, and deemed-receipt timing.","This Agreement shall be recorded in the Official Records of [COUNTY], [STATE]. Borrower shall be responsible for all recording fees. Notices shall be in writing and delivered by overnight courier or certified mail to the addresses set forth in Schedule A, deemed received [2] business days after deposit.","Failing to specify which party bears recording costs and timeline — in contested closings, this ambiguity delays recording past the funding date and creates a window where the priority arrangement is not publicly effective.",{"name":337,"plain_english":338,"sample_language":339,"common_mistake":340},"Governing Law and Entire Agreement","Specifies which jurisdiction's law governs the agreement and confirms that this document, together with the referenced loan instruments, constitutes the complete understanding between the parties on priority.","This Agreement shall be governed by and construed in accordance with the laws of the State of [STATE], without regard to conflict of laws principles. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior negotiations.","Choosing a governing law state that differs from where the property or collateral is located — courts in the collateral's jurisdiction often apply local property and lien law regardless of the contractual choice, creating uncertainty on enforcement.",[342,347,352,357,362,367,372,377],{"step":343,"title":344,"description":345,"tip":346},1,"Identify all parties with full legal entity names","Enter the senior lender, junior creditor, and borrower using their exact legal names as they appear in the underlying loan and security documents. For individuals, use full legal name as on government-issued ID.","Cross-reference the title commitment or UCC lien search to confirm the junior creditor's name is identical to how it appears in the recorded instrument — a name mismatch requires a corrective affidavit.",{"step":348,"title":349,"description":350,"tip":351},2,"Describe the senior debt with full recording references","Enter the senior loan's original principal amount, date, and the full recording citation — county, state, recording date, and instrument or document number — for the deed of trust or mortgage securing it.","Pull the recording information directly from the title commitment or title search rather than from the lender's internal files, which may contain errors.",{"step":353,"title":354,"description":355,"tip":356},3,"Describe the junior debt with equal specificity","Complete the junior lien description with the same recording data, plus the current outstanding balance. If the junior instrument has been assigned, identify the current holder and the assignment recording reference.","Request a payoff or balance statement from the junior creditor dated within 30 days of closing — using a stale balance creates a factual discrepancy if the agreement is later challenged.",{"step":358,"title":359,"description":360,"tip":361},4,"Set the standstill period and cure rights","Enter the standstill period in days — typically 90 to 180 days for real estate transactions — and the senior lender's cure period. Confirm these are acceptable to both lenders before circulating the final draft.","Standard market standstill periods run 90 days for residential and 180 days for commercial — using a period shorter than market norm will trigger negotiation and delay closing.",{"step":363,"title":364,"description":365,"tip":366},5,"Add non-disturbance language if the collateral includes leases","If subordinating a commercial lease, activate the SNDA section and confirm the tenant's lease terms — rent, term, renewal options — are accurately described. Have the tenant's counsel review the non-disturbance language.","Institutional tenants such as national retailers and government agencies will not sign subordination agreements without a non-disturbance clause — omitting it will stall their signature and potentially the whole transaction.",{"step":368,"title":369,"description":370,"tip":371},6,"Complete the notice addresses and recording instructions","Fill in the current mailing address, email, and designated contact for each party in Schedule A. Specify the county recorder or land registry office where the agreement will be filed and assign recording-fee responsibility.","Confirm the recorder's current requirements for notarization, acknowledgment format, and page fees before execution — requirements vary by county and a non-conforming document will be rejected and require re-execution.",{"step":373,"title":374,"description":375,"tip":376},7,"Obtain notarized signatures from all parties","All parties — senior lender, junior creditor, and borrower — must sign before a notary public. For entities, the signatory must have documented authority such as a resolution, certificate of incumbency, or operating agreement.","Record the agreement the same day as the senior loan closing, or at minimum within 24 hours — any gap creates a window where an intervening lien could theoretically jump priority.",{"step":378,"title":379,"description":380,"tip":381},8,"Record and distribute fully executed copies","File the notarized original with the applicable county recorder or land registry and distribute certified copies to all parties and their title companies. Retain the original recording confirmation in the loan file.","Ask the recorder for a file-stamped copy at submission — this provides immediate evidence of recording date and priority even before the official recorded copy is returned.",[383,387,391,395,399,403],{"mistake":384,"why_it_matters":385,"fix":386},"Subordinating only the lien, not the note","A junior creditor whose lien is subordinated but whose note rights are not can still accelerate the debt and pursue a judgment against the borrower, potentially forcing a sale or receivership that disrupts the senior lender's collateral position.","Draft the subordination covenant to expressly cover the junior note, all security instruments, and all ancillary rights and remedies — not just the recorded lien.",{"mistake":388,"why_it_matters":389,"fix":390},"Recording after the senior loan closes","In most jurisdictions, lien priority is determined by recording date. A subordination agreement recorded days after the senior deed of trust may be argued to be ineffective against intervening interests recorded in that gap period.","Coordinate closing so the subordination agreement is recorded simultaneously with — or immediately before — the senior loan instruments on the same business day.",{"mistake":392,"why_it_matters":393,"fix":394},"Using a governing law state that differs from the collateral's location","Property and lien priority law is territorial — courts in the jurisdiction where the collateral is located apply local law regardless of a contractual choice-of-law clause, creating uncertainty about which state's foreclosure and priority rules control.","Set the governing law to the state or province where the collateral is physically located unless counsel confirms a specific reason to do otherwise.",{"mistake":396,"why_it_matters":397,"fix":398},"Omitting the standstill period entirely","Without a standstill, the junior creditor can declare a default and initiate foreclosure the day after the borrower misses a junior loan payment — potentially forcing a distressed sale that wipes out the senior lender's anticipated cure window.","Always include a standstill period of at least 90 days and pair it with an explicit written-notice requirement before the standstill clock starts running.",{"mistake":400,"why_it_matters":401,"fix":402},"Failing to get all three parties to sign","A subordination agreement signed only by the junior creditor and the senior lender, without the borrower's signature, may be unenforceable in jurisdictions that require the obligor's consent to modify lien priority arrangements affecting their debt.","Require signatures from the senior lender, the junior creditor, and the borrower — and in SNDA contexts, the tenant as well — before submitting for recording.",{"mistake":404,"why_it_matters":405,"fix":406},"Not verifying the junior creditor's current authority to sign","If the junior loan has been sold, assigned, or securitized since origination, the original lender may no longer have authority to subordinate it — resulting in a void agreement discovered only at a later closing or foreclosure.","Run a UCC and title search immediately before execution and require the junior creditor to provide a chain-of-title opinion or assignment history confirming it holds the note and lien being subordinated.",[408,411,414,417,420,423,426,429,432],{"question":409,"answer":410},"What is a subordination agreement?","A subordination agreement is a legal contract in which one creditor — the junior creditor — agrees that its lien or debt claim ranks below another creditor's — the senior lender's — in priority against the same borrower or collateral. Without it, lien priority defaults to recording order, which may not reflect the parties' intended capital structure. It is most commonly required in real estate refinancing, commercial lending, and multi-lender business transactions.\n",{"question":412,"answer":413},"When is a subordination agreement required?","A subordination agreement is typically required when a borrower refinances a first mortgage and has an existing second mortgage or home equity line that would otherwise jump to first position after the refinance. It is also required when a commercial lender makes a new senior loan against property encumbered by an existing junior lien, when a landlord's lender requires tenant leases to be subordinated, and when mezzanine and senior lenders are structuring a multi-tranche capital stack.\n",{"question":415,"answer":416},"Does a subordination agreement need to be recorded?","Yes, in virtually all real estate and secured lending contexts the subordination agreement must be recorded in the public land records — typically the county recorder's office — to be effective against third parties. An unrecorded subordination agreement may be enforceable between the signing parties but provides no protection against subsequent lien holders or a trustee in bankruptcy who has no constructive notice of the priority arrangement.\n",{"question":418,"answer":419},"What is the difference between a subordination agreement and an intercreditor agreement?","A subordination agreement addresses one specific issue: the relative priority of two creditors' claims. An intercreditor agreement is broader — it governs not only priority but also enforcement rights, notification obligations, cure periods, allocation of collateral proceeds, and the conditions under which each lender may take action. Multi-lender commercial transactions typically use an intercreditor agreement; a subordination agreement is often sufficient for simpler two-party priority adjustments.\n",{"question":421,"answer":422},"What is an SNDA agreement and how does it relate to subordination?","An SNDA — Subordination, Non-Disturbance and Attornment — agreement combines three related commitments: the tenant subordinates its lease to the lender's mortgage; the lender agrees not to disturb the tenant's possession if the landlord defaults (non-disturbance); and the tenant agrees to recognize a foreclosing lender or purchaser as the new landlord (attornment). Most institutional lenders require SNDAs from all commercial tenants before funding a loan secured by occupied commercial property.\n",{"question":424,"answer":425},"Can a junior creditor refuse to sign a subordination agreement?","A junior creditor has no general legal obligation to subordinate its lien unless the original loan documents contain a subordination clause requiring it. In practice, many second mortgage and seller carry-back note agreements include automatic subordination clauses. If no such clause exists, the junior creditor can refuse — or demand consideration such as an interest rate increase, partial paydown, or cross-default protection in exchange for consenting.\n",{"question":427,"answer":428},"Does a subordination agreement require notarization?","Yes, in virtually all US states and most other common-law jurisdictions, a subordination agreement affecting real property must be notarized — and often must include a formal acknowledgment — before it can be recorded. Requirements vary by county and state, including specific acknowledgment language, notary seal format, and margin and font requirements. Submitting a non-conforming document will result in rejection by the recorder's office.\n",{"question":430,"answer":431},"What happens to a subordination agreement if the senior loan is paid off?","When the senior loan is paid off and the senior lien is released or reconveyed, the subordination agreement becomes functionally moot — the junior creditor's lien automatically becomes the senior encumbrance by operation of law once no senior lien exists. No formal termination of the subordination agreement is typically required, though best practice is to confirm the senior lien release is recorded before treating the junior lien as senior.\n",{"question":433,"answer":434},"Do I need a lawyer to prepare a subordination agreement?","For straightforward residential refinancing situations where the junior lender provides a standard form, a template is often sufficient as a starting point. However, for commercial transactions, multi-lender capital structures, SNDA agreements with institutional tenants, or any situation where the amounts involved are material, legal review is strongly recommended. Errors in lien priority documentation are expensive to correct — a corrective instrument often requires all parties to re-execute and re-record, which is not always achievable after closing.\n",[436,439,443,447],{"industry":133,"icon_asset_id":437,"specifics":438},"industry-real-estate","First and second mortgage subordination on refinancing, SNDA agreements for commercial tenants, and construction loan priority arrangements involving multiple lien holders.",{"industry":440,"icon_asset_id":441,"specifics":442},"Commercial Banking and Lending","industry-fintech","Senior secured lenders require subordination agreements from all junior creditors — including seller notes, mezzanine lenders, and existing lines of credit — before funding acquisition or refinancing loans.",{"industry":444,"icon_asset_id":445,"specifics":446},"Private Equity and Structured Finance","industry-investor","Multi-tranche capital structures with senior, mezzanine, and subordinated debt layers require precisely drafted subordination and intercreditor agreements to define enforcement rights and waterfall distributions.",{"industry":448,"icon_asset_id":449,"specifics":450},"Small Business and SBA Lending","industry-small-business","SBA lenders routinely require existing creditors — including seller carry-back note holders and equipment lenders — to execute subordination agreements before the SBA loan can be approved and funded.",[452,455,458,462],{"vs":246,"vs_template_id":453,"summary":454},"intercreditor-agreement-D424","An intercreditor agreement is a comprehensive multi-lender document covering payment priority, enforcement rights, standstill periods, cure obligations, and proceeds allocation across all layers of a capital structure. A subordination agreement is narrower — it establishes lien priority between two creditors without necessarily addressing enforcement mechanics. Use a subordination agreement for simple two-party priority adjustments; use an intercreditor agreement when two or more lenders need to govern their full relationship.",{"vs":280,"vs_template_id":456,"summary":457},"D{DEED_OF_TRUST_ID}","A deed of trust is the security instrument that creates a lien on real property in favor of a lender. A subordination agreement does not create a new lien — it re-ranks an already-existing lien relative to another. Both documents are typically recorded, but they serve entirely different functions in the lien chain.",{"vs":459,"vs_template_id":460,"summary":461},"Mortgage Modification Agreement","D{MORTGAGE_MODIFICATION_ID}","A mortgage modification agreement changes the terms of an existing loan — interest rate, payment schedule, or maturity date. A subordination agreement changes the priority ranking of the lien but does not alter the loan terms. A refinancing transaction often requires both: a modification of the existing senior loan and a subordination of the junior lien.",{"vs":169,"vs_template_id":463,"summary":464},"D{ASSIGNMENT_OF_MORTGAGE_ID}","An assignment of mortgage transfers ownership of a loan and its securing lien from one creditor to another — it does not change lien priority. A subordination agreement changes the priority of an existing lien without transferring it. Both are typically recorded documents, but they address completely different aspects of the creditor relationship.",{"use_template":466,"template_plus_review":470,"custom_drafted":474},{"best_for":467,"cost":468,"time":469},"Straightforward residential second mortgage subordination where the junior lender provides a standard form and amounts are under $500K","Free","30–60 minutes",{"best_for":471,"cost":472,"time":473},"Commercial real estate subordination, SNDA agreements with tenants, or seller note subordination in business acquisitions","$500–$1,500 for attorney review and recording coordination","2–5 business days",{"best_for":475,"cost":476,"time":477},"Multi-lender capital structures, mezzanine financing, institutional SNDA agreements, or transactions above $2M with enforcement provisions","$2,000–$7,500+","1–3 weeks",[479,484,489,494],{"code":480,"name":481,"flag_asset_id":482,"note":483},"us","United States","flag-us","Lien priority in the US is governed by state law and generally follows the 'first in time, first in right' recording rule. Subordination agreements must be notarized and recorded in the county where the property is located to be effective against third parties. Requirements for acknowledgment language, margin sizes, and notary seals vary by state — California, Texas, Florida, and New York each have specific statutory forms. In some states, a subordination agreement affecting a homestead may require additional disclosures or spouse consent.",{"code":485,"name":486,"flag_asset_id":487,"note":488},"ca","Canada","flag-ca","In Canada, mortgage priority is governed by provincial land title and registry legislation. In common-law provinces such as Ontario and British Columbia, the Land Titles Act governs registration and priority, and subordination agreements must be registered at the applicable land registry office to bind subsequent interest holders. Quebec operates under a civil law system where hypothec priority follows the date of publication in the Register of Real Rights — subordination agreements must comply with the specific form requirements of the Civil Code of Quebec and be published accordingly.",{"code":490,"name":491,"flag_asset_id":492,"note":493},"uk","United Kingdom","flag-uk","In England and Wales, charges over land must be registered at HM Land Registry to take priority over later-registered interests. A deed of priority — the UK equivalent of a subordination agreement — must itself be registered as a notice against the title to bind third parties. The document must be executed as a deed, meaning it requires witnessing in addition to signing. In Scotland, security instruments are registered in the Land Register of Scotland and priority deeds follow separate requirements under Scots property law.",{"code":495,"name":496,"flag_asset_id":497,"note":498},"eu","European Union","flag-eu","There is no single EU-wide framework for lien priority — real property and security interest law remains a member-state competence. In Germany, mortgage (Grundschuld) priority follows registration in the Grundbuch (land register), and Nachrangigkeitsvereinbarungen (subordination agreements) must be registered to affect third parties. In France, hypothec priority follows publication in the bureau des hypothèques or the land publicity service, and subordination requires a notarial act. Cross-border lending within the EU must account for the Rome I Regulation on governing law, though courts generally apply the lex situs (law of the country where the property is located) for property rights.",[247,500,501,502,503,504,505,506,507,508,257,509],"assignment-of-deed-of-trust-D975","promissory-note-D434","lease-agreement-D1179","loan-agreement-D417","mortgage-D1183","security-agreement-D915","assignment-of-mortgage-D1156","guarantee-agreement-D5194","secured-lumpsum-promissory-note-agreement-D13041","release-of-lien-D12665",{"emit_how_to":181,"emit_defined_term":181},{"primary_folder":100,"secondary_folder":512,"document_type":513,"industry":514,"business_stage":515,"tags":516,"confidence":522},"loans-and-promissory-notes","agreement","general","all-stages",[517,518,519,520,521],"legal","subordination-agreement","debt-priority","lien","creditor",0.92,"\u003Ch2>What is a Subordination Agreement?\u003C/h2>\n\u003Cp>A \u003Cstrong>Subordination Agreement\u003C/strong> is a legally binding contract in which one creditor — the junior creditor — voluntarily agrees to place its existing lien or debt claim in a lower-priority position relative to another creditor's — the senior lender's — against the same borrower or collateral. Without such an agreement, lien priority defaults to recording order under the "first in time, first in right" principle recognized in most jurisdictions, which may not reflect the parties' intended capital structure. By formally altering that default ranking, a subordination agreement determines who gets paid first in the event of default, foreclosure, or liquidation — a distinction that can mean the difference between full recovery and a total loss for the junior creditor.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Without a properly executed and recorded subordination agreement, a refinancing transaction cannot close, an SBA loan cannot be funded, and a commercial lease cannot satisfy a lender's pre-funding requirements. The consequences of proceeding without one are immediate and concrete: title companies will not insure the senior lender's first-lien position, lenders will not disburse funds, and any recovery waterfall in a default scenario remains governed by raw recording dates rather than the agreed capital structure. Beyond the closing requirement, a subordination agreement protects the senior lender's collateral position throughout the loan term by restricting the junior creditor's ability to enforce its own remedies without notice or a standstill period. This template gives you a professionally structured starting point that covers all material provisions — from the subordination covenant and standstill period to recording instructions and governing law — reducing drafting time and the risk of omitting a clause that a title company or opposing counsel will flag at the worst possible moment.\u003C/p>\n",1781186015813]