GA Subordination Agreement

SUBORDINATION AGREEMENT

            This Agreement is executed by the undersigned, ____________________________being the _________________ of                                                (herein called the “Subcontractor”).

            Subcontractor has been advised by ______________________ (herein called the “Contractor”) that it has entered a contract (herein called the “Contract”) with ________________ (herein called the “Owner”) dated ________, ___, 2020 to provide labor, materials, services and/or the construction of improvements with respect to or on the parcel of land (herein called the “Property”) which is described as follows:

            Subcontractor and Contractor entered into a contract dated ______, __ 2020 (herein called the “Subcontract”) for the providing of labor, materials or services with respect to or on the Property.

            Subcontractor has been advised by Contractor that the Owner has or will obtain a loan from                                 (herein called the “Lender”) to provide funds for the construction of the improvements to be made with respect to the Property the security for which will be, in part, the security title in the Property which the Owner shall grant to Lender under a Deed to Secure a Debt and Security Agreement (herein called the “Security Deed”) to be recorded in                  County, Georgia records.

            Lender requires that the Security Deed have priority over any lien or claim of lien that Subcontractor may have on the Property with respect to labor, material or services provided by Subcontractor under the Subcontract.

            NOW THEREFORE IN CONSIDERATION of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Subcontractor hereby subordinates any and all liens or claims of lien it has under the Subcontract to the security title and priority of the Lender created under and by virtue of the Security Deed.

            IN WITNESS WHEREOF, the undersigned, by and through its duly authorized and appointed officers, has caused this Subordination Agreement to be executed, its seal affixed hereto, and delivered on this ___ day of __________, 2020.