2016-180 Housing - Subordination Agreement between OC and Elliott F. and Rosemary Williams

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PiN: 9749-95-8865 TMBL:6.28A C..27 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 AGREEMENT made and entered into this the day of , 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 Elliott F. and Rosemary Williams, whose address is 2607 Overland Passage, Chapel Hill,North Carolina 27516 "Obligors"). WITNESSETH WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of $34, 750 secured by a deed of trust and executed by the Obligors in favor of Lender, said deed of trust having been recorded June 21, 2007, in Book 4312 at Page 174, Orange County Registry ("the County Deed of Trust"), and WHEREAS, Obligors now desires to borrow money from Peoples Banking Unusual, whose address is 3535 Hyland Avenue, First Floor, Costa Mesa, California 92626 the sum of which is $111,000; 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, Obligors 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 Peoples Banking Unusual; and WHEREAS, Lender is willing to subordinate the County Deeds of Trust recorded at Book 4312 at Page 174 to Peoples Banking Unusual' 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 Obligors may execute to Peoples Banking Unusual, a Deed of Trust