HomeMy WebLinkAbout2016-380 Housing - Veronica J. Stevens - Subordination Agreement d0ltp-
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PiN: 9778-97-9205 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 12 day of July 2016, 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 Veronica J. Stevens,
whose address is 218 Broad Street, Carrboro,North Carolina 27510-1810 "Obligor").
WITNESSETH
WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of
$22,500 secured by a deed of trust and executed by the Obligor in favor of Lender, said deed of
trust having been recorded July 25, 2000, in Book 2110 at Page 68, Orange County Registry
("the County Deed of Trust").
WHEREAS, Obligor now desires to borrow money from Mortgage Electronic
Registration Systems, Inc. as nominee for Quicken Loans Inc. ("Quicken Loans"), whose address
is 1050 Woodward Avenue, Detroit, Michigan 48226-1906, the sum of which is $76,026.00;
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 Quicken Loans ; and
WHEREAS, Lender is willing to subordinate the County Deed of Trust recorded at
Book 2110, Page 68 to Quicken Loan'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 Quicken Loan, 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$76,026.00, recorded in Book , Page ,
Orange County Registry ("the Quicken Loan 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 Quicken Loan 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 "
BY: Zw/® l, �A�
Earl McKee, Chair
Orange County Board of Commissioners
ATTEST: Signature
Printed Name
epeputy Clerk to the Board of Commissioners
STATE OF NORTH CAROLINA
COUNTY OF ORANGE
a Notary Public of Orange 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 , Chair f he Orange
County Board of Commissioners, and attested to by ,
Clerk/Deputy Clerk to the Board of Commissioners.
Witness my hand and notarial seal this the day of , 20
Notary Publi Donna S.L1d
Notary Pubhc
Alamance County
My commission expires: 9Ca,ine
EXHIBIT 6(A99
PROPERTY DESCRIPTION
BEING ALL of that tract or parcel of land lying on the east side of Broad Street, in the Town
of Carrboro, Chapel Hill Township, North Carolina, and being more particularly described
as follows*
BEGINNING at an iron found in the eastern boundary line of Broad Street, a public right
of way, said iron labeled "Control" on the unrecorded plat and survey entitled "Client or
Owner:EmPOWERment, Inc..,"dated July 8, 1999,and prepared by Autry Land Surveying,
and from said iron beginning and running along and with the eastern boundary line of
Broad Street North 3 degrees 15 minutes West 50.00 feet to a mathematical point lying in
the eastern boundary line of Broad Street, said point being the northwestern corner of Lot
14, Block A, and the southwestern corner of Lot 15, Block A, as shown on a plat recorded
in Plat Book 64, Page 173, Orange County Registry, running thence North 86 degrees 24
minutes 33 seconds East 164,23 feet t'o a mathematical point, said point being the
northeastern comer of Lot 14, Block A,and the southwestern corner of Lot 15, Block A, as
shown on the plat referenced herein, running thence South 3 degrees 11 minutes 46
seconds East 50,00 feet to an iron found, said iron also being labeled"Control", as shown
on the plat and survey prepared by Autry Land Surveys referenced herein, and running
from said iron South 86 degrees 24 minutes 32 seconds West 164.23 feet to the point and
place of BEGINNING, as shown on that unrecorded plat and survey thereof entitled"Client
or Owner: EmPOWERment, Inc,," dated July 8, 1999, and prepared by Autry Land
Surveying, and also being Lot 14, Block A, Herbert Lloyd Property, as shown in Plat Book
64, Page 173, Orange County Registry, and being the southern portion of the property
conveyed to EmPOWERment, Inc., by Stanley Foushee and Valerie P.Foushee,Husband
and Wife, dated October 22, 1999, and recorded in Deed Book 2003, Page 477, Orange
County Registry.
PIN#: 9778-97-9205
TM#: 7.M].,112