When the Owner Participation Agreement is signed, you will also sign the Avigation Easement. It will be held by the Port and not recorded until after the Scope of Work Acceptance is signed.
If a Subordination Agreement is needed, a Program consultant will work with you to facilitate the process of obtaining it. For privacy reasons, lenders generally will not discuss your mortgage loan with anyone other than you unless you authorize it. You will be provided with a lender specific, third-party consent form that will allow the Program consultant to communicate with your lender. Mortgage lenders or mortgage loan servicers typically need to approve Subordination Agreements and they may require you to provide additional information or documentation as part of that approval process.
PLEASE NOTE: Getting the Subordination Agreement signed is a vital step in this process. Failure to obtain this agreement from lienholders on your property may prevent you from participating in the Program or the Port from installing the noise insulation improvements.
