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subordination agreement

n. a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). The agreement must be acknowledged by a notary so it can be recorded in the official county records.

See also: subordination 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications