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WHEREAS, the aforesaid borrower can procure said loan from LENDER only upon condition <br />that the aforesaid .existing deed of trust to CAUSEY, TRUSTEE FOR COUNTY be subordinated to the <br />lien of said proposed deed of trust to ,Trustee for LENDER; and <br />WHEREAS, the aforesaid borrowers have requested the party of the first part to execute this <br />subordination agreement and the party of the first part has agreed to such subordination; and <br />WHEREAS, the party of the first part represents that the .aforesaid promissory note from <br />BORROWER, and the aforesaid deed of trust to CAUSEY, Trustee, are in the possession of COUNTY, <br />and is controlled by it to such extent as to absolutely bind all assignees, transferees and grantees to the <br />terms of this subordination agreement; <br />NOW THEREFORE, in consideration of the aforesaid premises and of LENDER making a loan to <br />ALEX L. HESS, III AND FRANCES B. HESS, the party of the first part, binding its successors and <br />assigns, do by the execution of this instrument, subordinate the aforesaid deed of trust dated OCTOBER <br />29, 2001 to CAUSEY Trustee for ORANGE COUNTY, recorded in Book 2407, Page 440 of the <br />ORANGE County Registry, to the lien, operation and effect of that certain deed of trust to be executed by <br />the aforesaid borrower to ,Trustee for LENDER securing an <br />indebtedness of $197,000.00 so that the aforesaid deed of trust shall be a Lien and charge superior to the <br />lien and charge of that certain deed of trust to CAUSEY Trustee for COUNTY, recorded in Book 2407 <br />Page 440 of the ORANGE County Registry, and for no other purpose. <br />That except for the terms of this subordination agreement, the rights of the parties of the first part <br />in and to the aforesaid recorded deed of trust in Book -2407 Page 440 the ORANGE County Registry and <br />the note evidenced thereby are and shall be in.full force and effect. <br />IN TESTIMONY WHEREOF, LIIVNIE W. CAUSEY Trustee, has caused this instrument to be <br />executed in its name, and ORANGE COUNTY, has caused this instrument to be executed in its name by <br />BARRY JACOBS; Chair, Orange County Board of Commissioners, all by authority duly given this the <br />day and year first .above written. <br />LINNIE W. CAUSEY <br />TRUSTEE <br />