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HomeMy WebLinkAboutAgenda - 09-20-2005-5jORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 20, 2005 SUBJECT: Subordination Reouest -UCC Livi DEPARTMENT: Housing/Comm. Development Action Agenda Item No. ~_~_ ;enters, Inc. PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Tara L. Fikes, ext, 2490 Letter from Corporate Office Consent Agreement TELEPHONE NUMBERS: Map of Area Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To consider the execution of a Deed of Trust Beneficiary and Trustee Consent and Subordination to Grant of Access Easement as requested by UCC Living Centers, Incorporated. BACKGROUND: On April 7, 1998, the Qrange County Board of Commissioners approved the reimbursement of school facilities impact fees in the amount of $120,000 to UCC Living Centers, Inc, This reimbursement was made in support of the development of a 40-unit apartment complex for the low-income elderly constnacted at the corner of Smith Level Road and Culbreth Roads in Carrboro known as Covenant Place Apartments. As required, UCC Living Centers, Inc, executed an Agreement and Deed of Tnist securing the $120,000 reimbursement and the requirement that the property would be maintained as affordable housing to families with incomes at or below 50% of the area median income far a period of 99 years, At this time, UCG Living Centers, Inc. is requesting that the County execute a Deed of Trust Beneficiary and Tnastee Consent and Subordination to Grant of Access Easement that is required for a FHA insured refinancing of the adjacent property where the Shepherd House Assisted Living is currently located, A copy of the request to the County Manager is enclosed along with a copy of the Consent and Subordination Request document and a map of the area. The County Attorney has reviewed this request and has determined that execution of this document does not materially affect or weaken the County's lien position, FINANCIAL IMPACT: None RECOMMENDATION(S): The Manager recommends approving the execution of a Deed of Trust Beneficiary and Trustee Consent and Subordination to Grant of Access Easement for the UCC Living Centers, Inc, and authorizing the County Attorney to execute the document as Trustee, Shepherd House Carparate Office William G. Benton 1105 Brookstown Avenue Winrton-Salem, North Carolina 27101 336-724-1000 ext, 102 336-724-6765 fax Apri122, 2005 Mr..John Link Change Gounty Manager too Cameron St, Hillsborough, NC 2'J2g8 Re: Covenant Apartments and Shepherd House, Chapel Hill Request for Consent and Subordination to Grant of Access Easement Dear Sir: Enclosed please find a "Deed of Trust Beneficiary and Trustee Consent and Subordination to Grant of Access Easement", which I respectfully request that Grange County execute. The County holds a mortgage against Covenant Place Apartments, UCC Living Center, Inc, As I understand it, your mortgage was put in place in lieu of cash to cover a school impact fee which was applied to the low income apartments at Covenant Place, I include a copy of a letter from Mr.,John Lister, Chair of UCC Living Center explaining the situation, The consent is needed in conjunction with an FHA insured refinancing of the adjacent property, Shepherd House Assisted Living, If you would please be good enough to have the appropriate parties execute the consent on behalf of the County, and return to me in the enclosed self-addressed stamped envelope, I would be most appreciative. I note that Mr, Geoffrey E. Gledhill is Trustee, Please contact me if you have any questions or comments, With best regards, I am Sin y you , ., Will' m G. Benton WC>B/lwl Copy: Steve Garland Henry A. Lister, PhD Rick Edens DEED OF TRUST BENEFICIARY AND TRUSTEE CONSENT AND SUBORDINATION TO GRANT OF ACCESS EASEMENT The undersigned, as the holder of and the trustee under that certain Deed of Trust recorded in Book 2766, Page 377, Orange County, North Cazolina Register of Deeds (the "Deed of Trust"), do hereby enter into this Consent and Subordination to Grant of Access Easement (the "Consent") to acknowledge their consent to the Easement by and between UCC Living Centers, Incorporated and Chapel Hill Assisted Living, Inc. recorded at Book RB3541, Page 1 (the "Easement") and to subordinate their rights as the holder and Trustee of said Deed of Trust to the Easement and all of the rights created thereby, IN WITNESS WHEREOF, the undersigned have executed this Consent to the Easement as of the day of , 2005 by authority duly given. ORANGE COUNTY By: Authorized Signatory Geoffrey E. Gledhill, Trustee STATE OF NORTH CAROLINA COUNTY OF I, ,Notary Public for said County and State, do hereby certify that personally appeazed before me this day and acknowledged that (s)he is the of Orange County, a North Cazolina body politic, and that (s)he, as being authorized to de so, executed the foregoing on behalf of the County, Witness my hand and official seal, this the _, day of Notary Public My commission expires: (Notary Seal/Stamp] DTCM/259607 v t 4 x********~******************~****************************************x~* STATE OF NORTII CAROLINA COI7N'rY OF I, , a Notary Public of the County and State aforesaid, certify that GEOFFREY E. GLEDHILL, Trustee, personally appeared before me this day and aclmowledged the due execution of the foregoing instrument, WITNESS my hand and Notarial Seal or Stamp, this the day of .2005. Notary Public My Commission Expires: [Notarial Seal/Stamp) BTCM/282t65 v 1 2 ~~~El`~ Frc L DORGNJAitN D6u! a tine l N ^ t >Na 1 w e u aletl J! 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