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| Subletting
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Process by which a lessee leases he property to another lessee. |
| Submarket
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Accumulation of housing units deemed substitutable by homogeneous households, such as those having comparable attractiveness and usefulness. |
| Submergence
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The distance the ejector, foot valve or submersible pump is installed below the pumping level. |
| Subordinate
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To reduce the priority of payment of a debt or lien as when a first lien becomes a second lien because it allowed another debt to become a first lien in its place. |
| Subordinate ground lease
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A lease where the mortgage has priority over the ground lease. |
| Subordinate loan
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A second or third mortgage on a piece of property, which already has a first mortgage. |
| Subordinate mortgage
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One having a lower priority than another; the subordinate mortgage has a claim in foreclosure only after satisfaction of mortgages with priority. |
| Subordination
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Moving to a lower priority, as a lien would if it changes from a first mortgage to a second mortgage. |
| Subordination agreement
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An agreement by which a mortgage is made subject (junior) to a junior mortgage. |
| Subordination clause
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Clause or document that permits a mortgage recorded at a later date to take priority over an existing mortgage. |
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