NS - Loan Suborrdination of Deed of Trust - Chrysalis Foundation

Browse Search

ioiztioa oa:oa Pax ~ooa SUBORb)NAT)ON OF AI:ED OF TRUST (Continued) Pago 3 Subordination, Lender shall ba entitled to recover such sum as the court may adjudge reasonable as attorney§' fees at trial and upon any appeal. Whether or not any court action is.InvoNed, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion ore necassery at any time for the protection of its interest or the entorcament of its rights shall become a part of the Indebtedness payable on demand and"shah beer Interest at the Nota rate from the date of the expenditure until repaid. Expenses eoverod by this paragraph include. without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses, whetter or not there is a lawsuit, including reasonable attorneys' tees and expanses for bankruptcy proceedings linclutling efforts to modify or vacate any automatic stay of injunction), appeals, and any anticipated poet-judgment ' collection services, the coal of searching rerorda, obtairrng title reports Gncluding foreclosure reports}. surveyors' raporta, eruf appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable taw. Beneficiary also wlil pay any court costa, in addition to ell other sums provided by law. Authority. The person who signs this Subordination as or on behalf of Beneficiary represents and warrants the[ he or site has authority to execute this Subordination and to subordinate the Subordinated indebtedness and the Eanaficiary's security interests in Beneficiary's property, if any. Caption Headingc. Caption headings in this Subordination are for convenience purposes only and are not to be used to imarprat or define the provisions of this Subordination. Goveming Law. This Subordination will be governed by federal law applicable to Lender end, to she extant not preempted by federal few, the laws of the Stets of•North Carolina without regard to its oontlicta of law provisions. This 3ubwd-natlon has been accepted by Lender Itt the State of Nortlt Caroline. Choloe of Venue. If tharv is a lawauif, Beneficiary agrees upon Lender's request to submit to the jurisdiction of the courts of Person County, State of Nor[h Carolina. Successors. This Subordination shall extend to and bind the respective heirs, personal representatives, successors and assigns of the parties to this Subordination, and the covenants of 8enetfciary hereto to favor of Lender shall extend to, include, and be enforceable by any transferee or endorsee to whom Lender may transfer any Or all of the Superior Indebtedness. No Waiver by Lentler. Lender sh4g~n be deemed to have waived any rights under this Subetdinetion unless such waiver is given in w~~frg e s d by Lender. No daisy or omission on the part of Lender in exercising any right shall oporetd'bLtN. er suoh right or any other right. A waiver by Lender of v provision of this 5ubordlnatlon sria11 a or cohstitufs a waiver of Lender's right otherwise to demand suict compliance with that pro sion~5r a t~ter provision of thi8 Subordination. No prior waiver by Lander, nor any co[vae of dealing betwaYin.,~ a natlclary, shall constitute a waiver of any of Lender's rights or of any ot• Benflflciery's obligtitia[ s an + Curs trensec[lons. Whenever the consent of Lender is required under this Subordination, the 6f au nsent by Lender In any Instance shah not constitute continuing consent to subsequent insta ees wher consent is required and in aN cases such consent may be granted or withl'feld In the sole discretion ~ Lender. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE HXPENDL-O FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND, EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS Ot: TH13 SUBORDINATION, ANp EACH PARTY AGREES TO IT3 TERM3. THIS SUBORDINATION !S GATED OCTOBER Z0, Z6P8. THIS SUBORDINATION !S OIYEN UNDER SEAL AND IT 15 INTENDED THAT THIS SUBORDINATION IS AND SHALL CONSTITUTE AND HAVE: THE EFFECT OF A SEALED INSTRUMENT ACCORDING TO LAW. BORROWER: THE CHRYSALtB FOUNDATION FOR MENTAL I~EALTH, INC. gy; jSeall Alan Meltbia. Chair of The Chrysalis Foundation for Mental Health, inc. gyc -_.."Jseal) Curtle McLaughlin, Treasurer of Tfie Chrysalis Foundation for Mental Health, inc.