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<br /> North Carolina )
<br /> } SUBORDINATION AGREEMENT
<br /> Orange County )
<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 COMMUNITY
<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 are 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 are 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 March 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 remainn 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 are 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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