2016-179 Housing - Subordination Agreement between OC and Pearline Ruffin

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PIN: 9863-87-0253 TMBL: Prepared by and Return to: Annette M. Moore,Staff Attorney,Orange County Attorney's Office, Post Office Box 8181,Hillsborough,North Carolina 27278 STATE OF NORTH CAROLINA SUBORDINATION AGREEMENT COUNTY OF ORANGE THIS SUBORDINATION AGREEMENT made and entered into this the 29th day of December, by and between John Roberts, Trustee for Orange County, "Lender" of"Grantor," whose address is 200 S. Cameron Street, Hillsborough, North Carolina 27278 ("Lender"), to Pearline Ruffin, whose address is 305 Oakdale Drive, Hillsborough, North Carolina 27278 "Obligor"). WITNESSETH WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of $20,000 secured by a deed of trust and executed by the Obligor in favor of Lender, said deed of trust having been recorded August 23, 2006, in Book 4110 at Page 141, Orange County Registry ("the County Deed of Trust"). WHEREAS, Obligor now desires to borrow money from State Employees' Credit Union ("SECU"), whose address is 2313 Old Highway 86, Hillsborough, North Carolina 27278, the sum of which is $94,000; which includes closing costs and fees and secures the same by the execution of a Deed of Trust upon the land hereinafter described; and. WHEREAS, Obligor can procure said loan only upon the condition that the County Deed of Trust be subordinated to the lien of the Deed of Trust in favor of SECU ; and WHEREAS, Lender is willing to subordinate the County Deed of Trust recorded at Book 4110, Page 141 to 144's Deed of Trust. NOW, THEREFORE, in consideration of the sum of One ($1.00) Dollar in hand paid, the receipt of which is hereby acknowledged and in consideration of the premises, Lender hereby covenants and agrees that Obligor may execute to SECU, a Deed of Trust upon the land hereinafter described to secure a note given by Obligor to Lender and such Deed of Trust, dated