Agreement subordinating vendors lien

Agreement subordinating vendor's lien to mechanic's lien. Take notice that on _________[date], _________[name of corporation], a corporation, executed and delivered a certain warranty deed of that date, by which it conveyed to _________, the following described property, namely: _________[legal description of property]. The warranty deed was filed in the office of the county clerk of _________ County, _________[state], reference to which is made here; and The warranty deed retained a vendor's lien to secure the payment of one certain promissory note in the sum of $_____ payable in monthly installments of $_____ each, the first installment being due and payable on _________[date], and subsequent installments due on the _________ day of each successive month thereafter until the entire note is paid, the note bearing _____% interest from date until paid, interest payable monthly as it accrues; and, It is the desire of _________[name of corporation] to stimulate and encourage development and the building of homes in that addition; and, It is the desire of _________ to erect a residence on the property above described and to give a mechanic's lien on that property superior in every respect to the vendor's lien note above described: Now, therefore, in consideration of the premises and of $_____ paid to _________[name of corporation] by _________, the receipt of which is acknowledged, _________[name of corporation] by this instrument subordinates the vendor's lien held by it to a mechanic's lien to be created later in favor of _________ at _________ in an amount not exceeding $_____, so as to make the mechanic's lien superior in every respect to the vendor's lien which will likewise be inferior and subordinate to any renewal and extension of the mechanic's lien. In testimony whereof, etc.