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A Subordinate Agreement is used by financial lenders or lienholders. This document is a legal agreement that will grant a certain party the first lien status. This party will not typically have the rights to the first lien, but the subordinate agreement will give them priority. These rights must be given by the party who originally has the first lien rights. Otherwise, the lender cannot move forward.
A Subordinate Agreement may be used in the case of mortgages. If a person has a first and second mortgage, their second mortgage typically has rights to the first lien. However, an agreement can give the first mortgage these rights, meaning that loan can be refinanced instead. This same situation can apply to certain other loans as well, meaning a subordinate agreement can be used.
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