Definition: a clause in which the holder of a mortgage permits a subsequent mortgage to take priority
Pronunciation: \sə-ˈbȯr-də-ˈnā-shən\ \ˈklȯz\
Used in a Sentence: This clause provides that if a prior mortgage is paid off or renewed, the junior mortgage will continue in its subordinate position and will not automatically become higher or first mortgage.
Florida Real Estate License, Easy as 1,2,3! Join us for an informative livestream session as we delve into the essential steps to obtain your real estate license in Florida. Whether...
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