HomeMy WebLinkAbout2016-180 Housing - Subordination Agreement between OC and Elliott F. and Rosemary Williams PiN: 9749-95-8865 TMBL:6.28A C..27
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 AGREEMENT made and entered into this the day of , 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 Elliott F. and
Rosemary Williams, whose address is 2607 Overland Passage, Chapel Hill,North Carolina
27516 "Obligors").
WITNESSETH
WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of
$34, 750 secured by a deed of trust and executed by the Obligors in favor of Lender, said deed of
trust having been recorded June 21, 2007, in Book 4312 at Page 174, Orange County Registry
("the County Deed of Trust"), and
WHEREAS, Obligors now desires to borrow money from Peoples Banking Unusual,
whose address is 3535 Hyland Avenue, First Floor, Costa Mesa, California 92626 the sum of
which is $111,000; 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, Obligors 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 Peoples Banking
Unusual; and
WHEREAS, Lender is willing to subordinate the County Deeds of Trust recorded at
Book 4312 at Page 174 to Peoples Banking Unusual' 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 Obligors may execute to Peoples Banking Unusual, a Deed of Trust
upon the land hereinafter described to secure a note given by Obligors to Lender and such Deed
of Trust, dated , 20 , in the principal amount of$111,000, recorded in Book ,
Page , Orange County Registry ("the Peoples Banking Unusual 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 Obligors, 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 Peoples Banking Unusual 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.
ORANGE COUNTY
i7 52 BY: �awt' fl'")ZAW,
arl McKee, Chair
opt¢ da range County Board of Commissioners
ATTEST:
Clerk/Deputy Clerk to the Board of Commissioners
STATE OF NORTH CAROLINA
COUNTY OF ORANGE
I, S . a Notary Public of O a+W County, do hereby
certify that personally came before me this day and
acknowledged that s/he is the Clerk/Deputy 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 CAL Chair f the Orange
County Board of Commissioners, and attested to by rYA
Clerk/Deputy Clerk to the Board of Commissioners.
Witness my hand and notarial seal this the lb day of AYVA ' 20 A,
�S.Lbvd
Notary Public AUunanoe Public
County
North Carolina
M Commission
My commission expires: M'1 "y�n b R
EXHIBIT "A"
PROPERTY DESCRIPTION
Being all of Lot 63, The Trails according to the Plat recoided at Plat Book 30, Page 70, Ozange
County Registry to which reference is made for a more particular description.
PIN: 9749-95-8865
TMBL: 6..28A C.27