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HomeMy WebLinkAbout2016-179 Housing - Subordination Agreement between OC and Pearline Ruffin PIN: 9863-87-0253 TMBL: Prepared by and Return to: Annette M. Moore,Staff Attorney,Orange County Attorney's Office, Post Office Box 8181,Hillsborough,North Carolina 27278 STATE OF NORTH CAROLINA SUBORDINATION AGREEMENT COUNTY OF ORANGE THIS SUBORDINATION AGREEMENT made and entered into this the 29th day of December, by and between John Roberts, Trustee for Orange County, "Lender" of"Grantor," whose address is 200 S. Cameron Street, Hillsborough, North Carolina 27278 ("Lender"), to Pearline Ruffin, whose address is 305 Oakdale Drive, Hillsborough, North Carolina 27278 "Obligor"). WITNESSETH WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of $20,000 secured by a deed of trust and executed by the Obligor in favor of Lender, said deed of trust having been recorded August 23, 2006, in Book 4110 at Page 141, Orange County Registry ("the County Deed of Trust"). WHEREAS, Obligor now desires to borrow money from State Employees' Credit Union ("SECU"), whose address is 2313 Old Highway 86, Hillsborough, North Carolina 27278, the sum of which is $94,000; which includes closing costs and fees and secures the same by the execution of a Deed of Trust upon the land hereinafter described; and. WHEREAS, Obligor can procure said loan only upon the condition that the County Deed of Trust be subordinated to the lien of the Deed of Trust in favor of SECU ; and WHEREAS, Lender is willing to subordinate the County Deed of Trust recorded at Book 4110, Page 141 to 144's Deed of Trust. NOW, THEREFORE, in consideration of the sum of One ($1.00) Dollar in hand paid, the receipt of which is hereby acknowledged and in consideration of the premises, Lender hereby covenants and agrees that Obligor may execute to SECU, a Deed of Trust upon the land hereinafter described to secure a note given by Obligor to Lender and such Deed of Trust, dated 20_, in the principal amount of $94,000, recorded in Book , Page , Orange County Registry ("the SECU Deed of Trust"), which shall be a lien upon the land specifically described herein superior to the County Deed of Trust now held by the Lender. To carry out said purpose, Lender does hereby release, remise, and forever quitclaim unto Obligor, its successors, heirs and assigns, Lender's title to a lien upon said land to the extent that the County Deed of Trust now held by Lender shall be subordinated to the SECU Deed of Trust. But it is expressly understood and agreed that except for this subordination, the County Deed of Trust, and all the terms and conditions thereof, shall be and remain in full force and affect. The land above referred to lies in Orange County, North Carolina, and is more particularly described as: SEE EXHIBIT "A" WHICH IS ATTACHED AND INCORPORATED BY REFERENCE. IN WITNESS WHEREOF, the Lender has caused this Subordination Deed to be duly executed on the day and year first written above. Ohlisa • Qloq�f ORANGE COUNTY arl McKee, Chair ` Orange County Board of Commissioners ATTEST: Donna Baker Clerk to the Board of Commissioners STATE OF NORTH CAROLINA COUNTY OF ORANGE �larrprl�e I, a Notary Public of Urauga County, do hereby certify that 5 personally came before me this day and acknowledged that s/he is the Clerk to the Orange County Board of Commissioners, and that by authority duly given and as the act of Orange County, the foregoing instrument was signed in its name by Q._ hair of the Orange County Board of Commissioners, and attested to by , , Clerk to the Board of Commissioners. Witness my d and notarial seal this the / y - -day of&bxL Donn S.LJo d Notary Pu lic 7 Alanoe County North Carolina My commission expires: /6-/b `a6 aD EXHIBIT "A" PROPERTY DESCRIPTION Being all of Lot 3, Magnolia Place Subdivision, according to that Plat and survey thereof recorded in Plat Book 73 at Page 47, Orange County registry, to which Plat reference is hereby made for a more particular description of the same.