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<br />North Carolina
<br />Orange County
<br />SUBORDINATION AGREEMENT
<br />THIS SUBORDINATION AGREEMENT, made and entered into this day of
<br />March, 1999, by and between GEOFFREY GLEDHILL, acting as Trustee, and ORANGE
<br />COUNTY for the ORANGE COUNTY DEPARTMENT OF HOUSING AND COh~IlVIUNITY
<br />DEVELOPMENT, parties of the first part, and JAMES C. BLAINE, Trustee, and STATE
<br />EMPLOYEES' CREDIT UNION, parties of the second part;
<br />WITNESSETH:
<br />WHEREAS, the parties of the first part aze the trustee and noteholder under a deed of
<br />trust executed by MICHAEL G. WOOD AND DOROTHY H. WOOD, recorded in Book 1460,
<br />Page 296 in the Orange County Registry, NC; and
<br />WHEREAS, said parties of the second part aze trustee and noteholder under a certain
<br />deed of trust securing an indebtedness in the principal sum of Eighty Three Thousand Dollars
<br />($83,000.00), such indebtedness accruing interest at the initial interest rate of Five and One-
<br />Quarter per cent (5.250%) per annum, executed by Michael G. Wood and Dorothy H. Wood,
<br />dated Mazch 16, 1999, and recorded in Book 1893 , at Page 539 in the Office of the Register
<br />of Deeds for Orange County, North Carolina, describing the same real property as that included
<br />in the aforesaid deed of trust recorded in Book 1460, Page 296:
<br />NOW THEREFORE, the parties of the first part, in consideration of the sum of Ten
<br />Dollars ($10.00) and other good and valuable consideration to it paid, the receipt of which is
<br />hereby acknowledged, do covenant and agree to and with the parties of the second part, its
<br />successors and assigns, that the lien of the aforesaid deed of trust recorded in Book 1460, Page
<br />296 in their favor shall be and remain subordinate, junior, and inferior at all times to the lien of
<br />the said deed of trust in favor of the parties of the second part, recorded in the Office of the
<br />Register of Deeds for Orange County, North Carolina, as to the following interest in real
<br />property described as follows:
<br />BEING all of Lot 18, MAGNOLIA PLACE SUBDIVISION, according to that plat
<br />and survey thereof recorded in Plat Book 73, Page 47, Orange County Registry, to which
<br />plat reference is hereby made for a more particular description of the same.
<br />Said lien shall remain subordinate, junior, and inferior thereto, notwithstanding any
<br />extension of time for the payment of the indebtedness secured thereby or any inaction by or
<br />failure on the part of the parties of the second part to assert any legal rights available to them in
<br />connection with said deed of trust and the note secured thereby; and
<br />The parties of the first part release, remise, and forever quitclaim unto the parties of the
<br />second part, their successors and assigns, any rights they may have under the aforesaid deed of
<br />trust as to the property described hereinabove to the extent only that the same aze senior to those
<br />of the parties of the first part to the end that said rights shall be and remain subordinate to the
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