An instrument subordinating a mortgage presented for filing and recording must:

1. (a) Be signed by or on behalf of each mortgagee whose mortgage is being subordinated; and

2. (b) Recite the following:

   1. (1) The name and address of each mortgagee whose mortgage is being subordinated; and
   2. (2) The name and address of each party holding an interest in the instrument subordinating the mortgage.