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HomeMy WebLinkAbout2016-181 Housing - Subordination Agreement between OC and Brenda and Johnnie Johnson PIN: 9851-90-3828 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 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 Brenda and Johnnie Johnson, whose address is 6728 Rocky Ridge Road, Hillsborough, North Carolina 27278 "Obligors"). WITNESSETH WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of $32,720 secured by a deed of trust and executed by the Obligors in favor of Lender, said deed of trust having been recorded November 12, 2012, in Book 5484 at Page 84, Orange County Registry("the County Deed of Trust"), and WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of $15,975 secured by a deed of trust and executed by the Obligors in favor of Lender, said deed of trust having been recorded May 20, 2013, in Book 5609 at Page 489, Orange County Registry ("the County Deed of Trust"), and WHEREAS, Obligors now desires to borrow money from Bank of America Home Equity Line of Credit, whose address is 70 Batterson Park Road, Farmington, Connecticut 06032 the sum of which is $86,000; 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 Bank of America Home Equity Line of Credit; and WHEREAS, Lender is willing to subordinate the County Deeds of Trust recorded at Book 5609 at Page 489 and Book 5484 at Page 84 to Bank of America Home Equity Line of Credit'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 Bank of America Home Equity Line of Credit, 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 $86,000, recorded in Book , Page , Orange County Registry ("the Bank of America Home Equity Line of Credit 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 Bank of America Home Equity Line of Credit 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 WIT HEREOF, the Lender has caused this Subordination Deed to be duly executed on t first written above. # ORANGE COUNTY 17 52 BY: artjl ���o� Earl McKee, Chair Orange County Board of Commissioners ATTEST: Clerk/Deputy Clerk to the Board of Commissioners STATE OF NORTH CAROLINA COUNTY OF ORANGE dllR/?('2 I, � (� a Notary Public o a 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 E , Chair of the Orange County Board of Commissioners, and attested to by axmna , Clerk/Deputy Clerk to the Board of Commissioners. Witness my hand and notarial seal this the��` day of Q(° , 20/� Notary Public -Donna bl c NortCard nina My commission expires: - D M mmissbn Fx EXHIBIT "A" PROPERTY DESCRIPTION All those certain parcels of land lyin on the South side of State Road 1113 kr,ogm and designated as Lot "A" and Iot "B" of the property of John H. Johnson as is mare particularly shown on plat by Robert J. Ayers. dated April 24, 1973, recorded in Plat Book 21 at page 88, Orange County Registry, to which plat reference is bereby made ficz- a more particular description of said lots. There is also conveyed herd, to fun with the land conveyed herein, the right of easement over and across the sixty (601) foot strip lying along the kathwest side of Lot "A", for the purpose of providing access to and from State Road 1113 for said Lot "A", and the right of easement over and across the sixty. (60*) foot strip lying aioig the Southwast side of Lot "B" for tbie purpose of providing access to and from state Road 1113 for said Lot "V.