A junior lien, also known as a junior mortgage, is a type of lien or security interest that is registered on a property after a primary, or senior, lien. These liens are subordinate to the senior lien in terms of priority and repayment during foreclosure.
A subordinated ground lease is a lease agreement wherein the mortgage on the property holds priority over the ground lease. This structure can affect the leaseholder's rights, particularly in cases of foreclosure.
A financial agreement that changes the priority of claims on a property, such as converting a first mortgage to a second mortgage.
A subordination clause is a legal arrangement that establishes the order of priority for multiple lenders' claims on a property in case of default.
