WA Subordination Agreement 1

WHEN RECORDED RETURN TO:

Name: __________________________

Address: ________________________

City, State, Zip ___________________

Stewart Title Guaranty Company

LPB No. 35

SUBORDINATION AGREEMENT

NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.

The undersigned subordinator and owner agrees as follows:

1. ____________________________________________________ referred to herein as "subordinator", is the owner and holder of a mortgage dated ____________, ________, which is recorded in volume _____________________ of Mortgages, page _________, under auditor's file No. ___________________ records of ________________ County.

2. ____________________________________________________ referred to herein as "lender" is the owner and holder of the mortgage dated ______________, _________, executed by __________________________ (which is recorded in volume ________ of Mortgages, page __________, under auditor's file No. __________________, records of ________________________ County) (which is to be recorded concurrently herewith).

3. _____________________________________________________ referred to herein as "owner", is the owner of all the real property described in the mortgage identified above in Paragraph 2.

4. In consideration of benefits to "subordinator" from "owner", receipt and sufficiency of which is hereby acknowledged, and to induce "lender" to advance funds under its mortgage and all agreements in connection therewith, the "subordinator" does hereby unconditionally subordinate the lien of his mortgage identified in Paragraph 1 above to the lien of "lender's" mortgage, identified in Paragraph 2 above, and all advances or charges made or accruing thereunder, including any extension or renewal thereof.

5. "Subordinator" acknowledges that, prior to the execution hereof, he has had the opportunity to examine the terms of "lender's" mortgage, note and agreements relating thereto, consents to and approves same, and recognizes that "lender" has no obligation to "subordinator" to advance any funds under its mortgage or see to the application of "lender's" mortgage funds, and any application or use of such funds for purposes other than those provided for in such mortgage, note or agreements shall not defeat the subordination herein made in whole or in part.

6. It is understood by the parties hereto that "lender" would not make the loan secured by the mortgage in Paragraph 2 without this agreement.

7. This agreement shall be the whole and only agreement between the parties hereto with regard to the subordination of the lien or charge of the mortgage first above mentioned to the lien or charge of the mortgage in favor of "lender" above referred to and shall supersede and cancel any prior agreements as to such, or any, subordination including, but not limited to, those provisions, if any, contained in the mortgage first above mentioned, which provide for the subordination of the lien or charge thereof to a mortgage or mortgages to be thereafter executed.

8. The heirs, administrators, assigns and successors in interest of the "subordinator" shall be bound by this agreement. Where the word "mortgage" appears herein it shall be considered as "deed of trust", and gender and number of pronouns considered to conform to undersigned.

Executed this _____________________ day of _________________, ______________

NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.

____________________________________ ______________________________

____________________________________ ______________________________

STATE OF WASHINGTON )

ss.

COUNTY OF _________________ )

On this _____________ day of ___________________, ________ before me, the undersigned, a notary public in and for the State of Washington, duly commissioned and sworn, personally appeared ________________________________________ known to me to be the individual(s) described in and who executed the within instrument and acknowledged that _______ signed and sealed the same as _______ free and voluntary act and deed, for the uses and purposes herein mentioned.

____________________________________

Notary Public

Printed Name: ___________________

My appointment expires: ____________

Individual Capacity

STATE OF WASHINGTON )

ss.

COUNTY OF _________________ )

I certify that I know or have satisfactory evidence that _____________________________ is the person who appeared before me, and said person acknowledged that _____ signed this instrument, on oath stated that _____ was authorized to execute the instrument and acknowledged it as _______________________ of ___________________________________________ to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument.

Dated: _________________________

____________________________________

Notary Public

Printed Name: ___________________

My appointment expires: ____________

Representative Capacity

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