HomeMy WebLinkAbout2017-397 Housing - Subordination Agreement between Orange County and Jane Tuohey PIN: 9778-38-6896 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 Jane Tuohey, whose
address is 100 B Pine Hill Drive, Carrboro,North Carolina 27510 "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, Jane Tuohey, in favor of Lender,
said deed of trust having been recorded July 26, 2001, in Book 2321 at Page 227, Orange County
Registry ("the County Deed of Trust").
WHEREAS, Obligor now desires to borrow money from Branch Banking and Trust
Company, whose address is 100 N. Elliott Road, Chapel Hill, North Carolina 27514, the sum of
which is $60,000; 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 Branch Banking and
Trust Company ; and
WHEREAS, Lender is willing to subordinate the County Deed of Trust recorded at
Book 2321, Page 227 to Branch Banking and Trust Company'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 Branch Banking and Trust Company, a Deed
of Trust upon the land hereinafter described to secure a note given by Obligor to Lender and
such Deed of Trust, dated 120 , in the principal amount of$60,000, recorded in Book
Page , Orange County Registry ("the 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 Branch Banking
and Trust Company 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:
Mark Dorosin, ha'
Orange County Board of Commissioners
ATTEST: L�—t_..�
Clerk/Deputy 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 to the Orange County Board of Commissioners, and
that by authority duly given and a act of Orange County, the foregoing instrument was
signed in its name by Y D 5 1, Chair of the Orange County Board of
Commissioners, and attested to by r 4 Clerk/Deputy to the Board
of Commissioners.
Wi s ha d notari seal this the day of_4he�m T , 20
Notary Pub is �R
My commission expires: �� � NOTARY
PU6UC �
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EXHIBIT "A"
PROPERTY DESCRIPTION
BEING known and designated as 100B as shown on a plat or plats entitled "Pine Hill Condominium",
recorded in Plat Book 88, Pages 92 and 493, in the Register of Deeds for Orange County, North Carolina,
to which plat references are hereby made for a more particular description of said unit.
TOGETHER with all rights and easements appurtenant to said unit as specifically enumerated in the
"Declaration of Unit Ownership For Pine Hill Condominium" recorded in Deed Book 2296, Page 317,
Orange County Registry, and as amended ("Declaration"), and pursuant thereto membership in Pine Hill
Unit Owners Association, Inc.,a North Carolina Non-Profit Corporation,
TOGETHER with all rights of Grantor in and to the limited common areas and facilities appurtenant to
said unit;and
SUBJECT to the Declaration and the By-Laws annexed thereto, which with all attachments thereto and
Incorporated herein as if set forth in then entirety, and by way of illustration and not by way of limitation,
provide for: (1)2ffj as the percentage of undivided fee simple interest appertaining to the above unit In
the Common Areas and Facilities, (2) Use and restriction of use of the unit for residential purposes, and
other uses reasonably incidental thereto; (3) Property rights of Grantee as a unit owner, and any guests
or invitees of Grantee In and to the Common Areas and Facilities;(4)Obligations and responsibility of the
Grantee for regular monthly assessments and special assessments and the effect of non-payment thereof
as set forth in the Declaration and By-Laws annexed thereto; (5) Limitations upon use of the Common
Areas and Facilities, (6) Obligations of.Grantee and the Association, mentioned in said By-Laws, for
maintenance; (7) Restrictions upon use bf the unit ownership in real property conveyed hereby; and (8)
Reservation of Declarant Rights as specified in the Declaration.
PINM 9778-38-6896.002 TM:7.107.13.33A