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Prepared by and RETURN to: <br />LINNIE W. CAUSEY, ATTORNEY. <br />1829 E. Franklin Street, 600 Franklin Square <br />Chapel Hill, North Carolina 27514 <br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br />SUBORDINATION AGREEMENT <br />THIS SUBORDINATION AGREEMENT, made this the s~ day of , 2003, <br />by and between ,ORANGE COUNTY (HEREINAFTER "COUNTY") and LINNIE W. CAUSEY, <br />(HEREINAFTER "CAUSEY") Trustee for ORANGE COUNTY, parties of the first part, and ALEX L. <br />HESS, III AND FRANCES B. HESS (HEREINAFTER "BORROWER"), and STATE EMPLOYEES' <br />CREDIT UNION (HEREINAFTER "SECU") its successors andlor assigns, parties of the second part; <br />WITNESSETH• <br />WHEREAS, SECU has agreed to make a loan to BORROWER in the amount of $197,000.00, and <br />secured by a deed of trust to SECU on the property described as <br />BEING ALL OF LOT NO. 176, SECTION III, COLONY WOODS SUBDIVISION, <br />ACCORDING TO PLAT BOOK 17, AT PAGE 98, ORANGE COUNTY REGISTRY, TO WHICH <br />REFERENCE IS HEREBY MADE FOR A MORE PARTICULAR DESCRIPTION OF SAME. <br />PIN: 9799-84-5412 <br />TM: 7.52E.C.5; <br />which has an address of 1907 WHITE PLAINS ROAD, CHAPEL HILL, ORANGE COUNTY, <br />NC. <br />WHEREAS, there is a prior deed of trust on said premises bearing date of OCTOBER 29, 2001, <br />executed by BORROWER, to CAUSEY, Trustee for COUNTY, recorded in Book 2407, Page 440 <br />ORANGE County Registry, which instrument secures an original indebtedness therein described of <br />$17,070.00 evidenced by a promissory note, whose terms and conditions are referenced herein and are <br />incorporated and made a part of this Agreement,; and . <br />