Section 26. Subordination of liens after agreement with owner

In case an
  owner of real property shall execute  to  one  or  more  persons,  or  a
  corporation,  as  trustee or trustees, a bond and mortgage or a note and
  mortgage affecting such property in whole or in part, or  an  assignment
  of  the moneys due or to become due under a contract for a building loan
  in relation to such property, and in case such mortgage, if  any,  shall
  be  recorded in the office of the register of the county where such real
  property is situated, or if such county has  no  register  then  in  the
  office of the clerk of such county, and in case such assignment, if any,
  shall  be filed in the office of the clerk of the county where such real
  property is situated;  and  in  case  lienors  having  mechanics'  liens
  against  said  real property, notices of which have been filed up to and
  not later than fifteen days after the recording of such mortgage or  the
  filing  of  such assignment, and which liens have not been discharged as
  in this article provided, shall, to the extent of  at  least  fifty-five
  per  centum of the aggregate amount for which such notices of liens have
  been so filed, approve such bond and mortgage or such note and mortgage,
  if any, and such assignment, if any, by an instrument or instruments  in
  writing, duly acknowledged and filed in the office of such county clerk,
  then  all  mechanics'  liens  for  labor performed or material furnished
  prior to the recording of such mortgage or filing  of  such  assignment,
  whether  notices  thereof  have been theretofore or are thereafter filed
  and which have not been discharged as in this article provided, shall be
  subordinate to the lien of such trust bond and mortgage  or  such  trust
  note  and  mortgage  to  the  extent  of  the  aggregate  amount  of all
  certificates of interest therein issued by such trustee or trustees,  or
  their   successors,   for  moneys  loaned,  materials  furnished,  labor
  performed and any other indebtedness incurred after said trust  mortgage
  shall have been recorded, and for expenses in connection with said trust
  mortgage,  and  shall  also  be  subordinate to the lien of the bond and
  mortgage or note and mortgage, given to secure the amount agreed  to  be
  advanced  under  such  contract for a building loan to the extent of the
  amount which shall be advanced by the holder of such bond  and  mortgage
  or  such  note  and  mortgage  to  the  trustee  or  trustees,  or their
  successors, under such assignment. The provisions of this section  shall
  apply  to  all  bonds  and  mortgages  and  notes  and mortgages and all
  assignments of  moneys  due,  or  to  become  due  under  building  loan
  contracts executed by such owner, in like manner, and recorded or filed,
  from  time to time as hereinbefore provided. In case of an assignment to
  trustees under the provisions of this section, the  trustees  and  their
  successors  shall  be  the agents of the assignor to receive and receipt
  for any and all sums advanced by the holder of the  building  loan  bond
  and  mortgage  or the building loan note and mortgage under the building
  loan contract and such assignment. No lienor  shall  have  any  priority
  over  the  bond  and  mortgage  or note and mortgage given to secure the
  money agreed to be advanced under a building loan contract or  over  the
  advances  made thereunder, by reason of any act preceding the making and
  approval of such assignment.