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Contract Provision Of Lien
CONTRACT PROVISION OF LIEN
Despite the fact that this agreement provides for a lien by [Person performing services] for services and materials used in connection with [Repairing or storage of] [Description of property] of [Owner of property], this agreement shall not be considered a waiver by the lienholder of the right to assert any lien that may be available to lienholder.
RECITALS
By reason of [The work or the materials] lienholder [Performed or furnished] on [Date of performance], in servicing [Description of property] of [Owner of property] of [Address of Owner of property], referred to as owner, lienholder has a lien in the amount of $ [Amount of Lien] on the property, pursuant to [Name of Statute].
The owner wishes to negotiate [a loan or present future loans] from lender, and lienholder recognizes that [the loan is or the loans are] in lienholders best business interest.
The lender is willing to loan money if the lienholder will subordinate lienholders present [if appropriate add: and future] liens against the above mentioned property of owner.
For the reasons described above, lienholder and lender agree:
PART I.
SUBORDINATION OF LIEN
The lien of lienholder against the property of the owner shall be second only to the claim of the lender under the personal property security agreement of, dated and recorded on [Date of Agreement], in Volume [Volume Number], page [Page Number], of the official records of County, [State of Records]. Future loans made by lender to owner shall [also or not] be subordinate to the claims of the lienholder.
PART II.
ASSIGNMENT OF SUMS DUE
Lienholder shall assign to lender any amount currently due from owner until the described [loan or loans] of lender [is or are] paid in full. The lienholder shall fulfill any such assignments that the lender may require to give effect to this agreement. The lienholder either shall endorse and deposit with the lender any notes pertaining to the claims of lienholder, to be held by lender until [the loan or loans] of lender are paid in full.
In witness whereof, the parties have executed this agreement at [Place of execution] on the day and year first above written.
Signature Date
Signature Date