Common use of SUBORDINATE MORTGAGE Clause in Contracts

SUBORDINATE MORTGAGE. Permanent Lender and Borrower acknowledge and agree that this Mortgage is subordinate in all respects including without limitation lien and priority of payment to the lien and right of payment of the Construction Mortgage and Permanent Mortgage, as the same may be modified, renewed, amended or extended. Permanent Lender agrees to execute such Subordination Agreement as the Construction or Permanent Permanent Lender may reasonably request.

SUBORDINATE MORTGAGE. Permanent Lender and Borrower ▇▇▇▇▇▇▇▇ acknowledge and agree that this Mortgage is subordinate in all respects including without limitation lien and priority of payment to the lien and right of payment of the Construction Mortgage and Permanent Mortgage, as the same may be modified, renewed, amended or extended. Permanent Lender ▇▇▇▇▇▇ agrees to execute such Subordination Agreement as the Construction or Permanent Permanent Lender may reasonably request.